Facing the Challenges of Business
Owning or managing a business, irrespective of size, presents constant challenges, no matter how skilled or experienced you are.
Whilst we would all like to think we can do it alone, there are times in business when taking advice, seeking support or simply looking for a second opinion from someone with a heart for business will kick start the next phase of your business growth or help eliminate that niggling concern of risk.
If it is simply one on one high level strategic business training you want, then you probably need a mentor or a business consultant. However, will this get the job done? From our experience, not always. What is often required is someone to work with you through a challenge or a task, without the need for you to take on long term or permanent resource.
- Are you maximising the profit potential of your business?
- Are your systems designed to maximise your cashflows?
- Are your financial relationships strong and your financial skills sound?
Business growth depends on sufficient capital and daily operation needs cashflow. The efficient use of internal financial resources together with a friendly bank manager are essential. Likewise using the financial methods and products available these days is important.
- Do you have the best people in the right places?
- Are you skilled in recruiting the right people?
- Are your staff engaged in your business?
- Is performance recognition and reward a key focus?
Good staff are difficult to find in a strong economy. Equally, retaining the best people requires care and attention. Strong business development requires a committed team of engaged staff.
When things go wrong in people management, you can stray into a minefield without the right skills and experience to fall back on.
- Are you and your team actively focused on sales programmes for growth?
- Do you have a sales champion leading the way?
Businesses that stand still are really going backwards. None will survive without increasing income from sales. Having a plan and a leader for your sales approach is imperative.
- Are you aware of the strength of your competitors?
- Have you considered growth by competitor acquisition?
- Could you expand by acquiring in sectors adjacent to your business?
- Have you the experience to initiate and complete an acquisition?
Growth by acquisition can be a very beneficial approach for a company if the right choices are made, for the right reasons. Many shy away from acquisition for fear of the unknown however it is often an opportunity not to be missed.
- Are you personally involved in your business's Health and Safety?
- Is your Health and Safety regime adequately designed and managed to protect your employees and your customers?
- Do you and your employees understand the requirements and ramifications of new H&S legislation?
Perhaps Health and Safety Management is at the top of management’s list of concerns. New regulations have increased the need for far greater involvement by directors, management and senior staff in H&S in your business. Of course everyone will have advised you that the penalties are now much greater for insufficient H&S management.
- Is quality customer service a leading goal in your business?
- Do you have policies and procedures designed to listen to your customers’ responses?
The companies which do best are those that listen to their customers. Ignore complaints at your peril, as loss of business driven by word of mouth or speedy social media can cost you your future. Have procedures in place to ensure you know how your customers rank your business.
- Is your business ahead of the pack or simply a follower?
- Do you know where to seek assistance in developing the right platform for your business?
- Are your systems and procedures saving or costing your business money?
Technology has a significant part to play in successful business nowadays. You can be certain that your competitors will always be looking for advantage, and gains are often made technologically.