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Eight Basics To Strenthen Youf Business For The Comming Recission
Business owners are becoming increasingly concerned about what might happen to their business if this dreaded recession actually settles in. By focusing on the business fundamentals, you can actually THRIVE during such a crisis! Here's how.
Copyright (c) 2008 Schauffler Associates LLC
Small Businesses are worried about what will happen to their business in this dreaded recession. By focusing on business basics, you can actually GROW during such a crisis! Here’s how:
Focus on the Eight Essentials For Business Success. Now you may say, “This is really old stuff, Henri - every MBA tells me to work on these!” Bear with me, please…
Do a quick check-up on your business. How are you actually doing in these Eight Essential Areas?
Essential Area 1: Operations - Have you optimized the way your company delivers your product or service so that it’s the absolute best it can be? Do you know what the best is? If not, you’re going to continue to lose business to companies who have this area nailed down!
Essential Area 2: Human Resources - Your People Do your employees, vendors and other service providers know exactly what they should be doing for you, and are you providing these people with the critical resources they need to excel in their job? Watch out - your competitors are empowering their employees while you sleep!
Essential Area 3: Sales - Do you know what your sales system is? Have you written it down? Have you created customers who are raving fans that enthusiastically spread the word about your company? The future of your business is riding on your ability to soar in this Area. Learn to create a rock solid Sales foundation you can build upon for years to come. Essential Area 4: Finance and Accounting: Do you know what your net margin is on each product/service you sell? Too many creative entrepreneurs let finances and basic principles of business management sit on the back burner, to their ultimate peril. Hint: your accountant is not providing you this!
Essential Area 5: Future Product Development - Are you thinking for the future? Are you spotting trends and making plans to act on them? What will you be selling when your present “hot product” has completed its sales cycle? You can be sure that yourcompetitors are thinking ahead, and you should too!
Essential Area 6: Your Leadership - as the CEO Have you crafted the long-term vision of your company? Are all your people on the same sheet of music with that vision? Do they see you as an inspiring leader or as just another client or boss? This is at the core of what all the great CEOs and “big companies” do. Do you even fully accept that you are the LEADER of your small business?
Essential Area 7: Marketing - How you will fill your sales pipeline in the future? Next year? You’d better start that pipeline growing now - your competitors are already doing it! Hone in like a laser on your market with targeted, strategic marketing. Understand the basics of targeting, strategies, tactics and implementation - they will give you what you need to create your own powerful marketing plan.
Essential Area 8: Strategic Planning - How much money do you want to make and how do you plan to get there? Have you mapped out your five and ten year business plans? Do you know how to get there? What about your legacy? All successful companies have strategic plans. Your competitors are doing it - now it’s time for you!
How does all this relate to the possible coming recession? It’s very simple! If you are strong in all eight of these areas, then you will handle any downturn well. Chances are, you have some work to do. If so, get busy!