21 August 2014 category: strategy & business planning
Since 2008 the economies around the world have suffered and it is only this year that the developed economies have got close to reaching pre-2008 levels of activity.
If you are running a business, there is a serious danger that you will have become so used to keeping everything “tight” that you will not be able to take advantage of the opportunities that exist to make higher profits as the economy grows.
IT IS VITAL THAT YOU BREAK THIS HABIT!
It is only by making higher profits now that you can claw back some of the money that you could not earn in the leaner years.
There are three things that you can do now to make things better.
- Look at your strategy
- Work smarter on marketing and sales
- Start planning to employ more people.
The world of business has changed dramatically in the last few years. If your strategy has not changed, then you are probably missing a trick. You should consider whether or not you need to re-position your business so that it is fit for the current market.
It is amazing how many businesses stick to very few marketing and sales channels, when there are so many available, including direct mail, telesales, social media, advertising and many more.
You only have to spend a little bit of time on the internet to see how poor the majority of websites are. They often look “pretty” because website designers consider that this is the main criteria by which they should be judged. However, they make no sense if they do not contribute towards you getting a sale!
If your business has survived the last few years, it is likely that you have weathered the worst of the financial storm. You have probably been able to reduce your level of staffing, keeping the best of your people, who have worked harder and harder to help the business and keep their job.
THIS IS GREAT NEWS BUT NO LONGER GOOD FOR YOUR FUTURE
If you resolve to look at your strategy and do better at marketing and sales in an improved economy, you will get more business. If this is the case, your people will not be able to keep up with the work. You will either make mistakes that lead to upset customers or you will turn business (and profit) away.
Now is the time to prepare to take more people on.
With these three actions, you can plan to make your business bigger, better and more profitable.