Keeping Your Business on Track
Where’s your focus right now? What would happen if you took the time to find just one area of your business where you could have a “laser” like review of your processes? You might have to make some pretty tough decisions at the end of it – right?
Well that’s exactly the reason why you must take the opportunity to regularly review the way you work.
This could be the start of something big!
1) Keeping Your Customers/Clients
Do you get feedback from you current customers?
How do you know what they want?
Do you take their suggestions on board?
Create a feedback form that you can send to them asking for their ideas and thoughts, it could make you a lot of money.
2) Cashflow
What can you do to make sure your business is cash rich? – This simply means you have enough money to pay your bills, suppliers and employees every month.
Understand the difference between PROFIT and CASHFLOW – Profit is what you make at the end of every transaction and is measured maybe weekly, monthly and annually. Cashflow is about how much cash you have at any point in time during this period.
A positive cash flow will mean you can invest in your business and continually develop and grow.
Increasing sales is the obvious key, improving payment terms with suppliers and customers is another and a good hard look at cost controls can yield massive benefits.
3) People Performance
Are you getting the most out of your management team?
Do employees understand productivity and what it means for your specific business?
Are you measuring the performance of everyone involved?
Communicate, communicate, communicate – It works!
4) Sales and Marketing
Do you have a process that is totally embedded and works? – This means from every point of contact that you may have with customers. Everyone involved with your businessshed is a salesman whether they like it or not – They represent your “brand” inside and outside work. It also includes the actual process and techniques your sales people need to adopt.