Uncertain Times

We are operating in an uncertain economic environment; one that is likely to remain so for some time.  Therefore, all businesses need to review their readiness, not just to survive these circumstances, but to grow.

Here are 10 tips for you to consider for your business:

0. Carefully examine bad debts.
0. Re-run regular credit checks on key and new customers.
0. Review your relationship with your bank
   • How is your relationship with your bank manager?
   • Are other banks offering more attractive terms and/or more relevant services?
0. Review staff performance – especially the weakest (bottom 10%) performers
   • Can you afford to retain poor performers in a tight market?
0. Make sure all your staff know how to promote your business (everyone sells!)
   • The ones who best respond to your needs in these uncertain times are the ones you most want to retain.
0. Review your supply arrangements - your suppliers may be under pressure too
   • Do you have security of supply?  Don’t lose custom because a competitor can supply faster;
   • Are you getting the best terms from your current supplier?  He may be feeling the pinch too but may be more accommodating in order to keep your account;
   • It can be a 2-way street – you may both be able to get efficiency improvements by working together differently.
0. Can you change your product or service to be more attractive to customers who need to spend less?
0. Are there other markets that are currently less constrained (e.g. public sector, export, high net worth individuals or others who provide services to these) for which your product or service could be (made more) attractive?
0. What could you do to better promote your company, at modest cost?
   • Have you made calls or sent reminders to your customer base recently?
   • What links could you establish with providers of related products or services?
   • Now is the time to take more market share – some of your competitors will fold!
0. Delight every customer – whatever business you are in, the better the experience each customer has with your business, the more they are likely to come back and the less likely they are to seek out your competitors.

If you would like help to implement any of these actions in your business please contact us for a no obligation, exploratory meeting.