Businesses make the best changes when they really need to!
At the moment many people are worried about the recession, increases in costs and the continued challenges with recruitment but rather than focusing on the negative and obsessing over things that you cannot control, instead you could use this time as an opportunity to make some really positive changes to strengthen and grow your business?
Recently whilst listening to a podcast I heard something that inspired me. “Businesses don’t make their best decisions when everything is going well” There is a lot of sense in this statement, when everything is going well in our businesses, we don’t always stay on top of changes that need to be made, as we are so busy getting on with the day-to-day tasks. Unfortunately, we can then end up with a number of legacy procedures, that whilst are fine they are probably not the best for our businesses to keep growing and get through challenging times.
I am very focused on processes and procedures within my own businesses and also when working with my clients. For some business owners, documenting these processes and implementing them along with procedures can be a daunting task because they simply don’t know where to start.. Business owners often become so consumed by running the business that it’s difficult to step out of the day-to-day to work ON the business, or perhaps they set out with the intention of doing so and something or someone distracts them and it gets pushed back to another day, week or month… Before they know it a year has passed and they find themselves going round in circles, still struggling with the same challenges!
Are you ready to make some changes in your business?
The next year will throw us many challenges so it is vital that we are prepared to deal with what may come, but where do you start?
Firstly you need to get a true picture of your business and look at it from a different perspective….. A business health check does exactly that. I do a full assessment of the business and understand what’s affecting it and then build a clear and simple plan of action on how to resolve some challenges.
Are you spending money in the right places? When was the last time that you seriously reviewed all your suppliers, everything from your rent and software through to your outsourced support and or contractors. Everything you spend money on needs to either be an essential part of running your business or needs to provide you with a return on your investment.. Knowing your numbers is an essential part of running a sustainable business and there is a really simple way to calculate this and review it regularly.
How do you manage your debtors (people who owe you money)? I worked with a local company recently and changed their debtor management process. As a result they were able to reduce the money they were owed by over £50k in only a few short weeks, some of which had been overdue for months.
How efficient is your business operating? Things such as systems, outsourcing, people, and even bringing in strategic support can be a substantial change to you you and your business but it could also have hugely positive and even transformational impact on your business operations and your profitability.
It is the perfect time to look at your business and see where you could make some changes. Not only will it strengthen your business and help you to weather the storm, it will also give you solid foundations so that when you are ready to grow you can do it with ease..
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