Some thoughts below focus on areas that can lead to huge changes in a business’s performance.
Some business improvement thoughts
- Rationalise product and service lines
- Development of new marketing channels
- Improve the productivity of staff
- Look at your pricing model
- Analyse your current financial position
- Control your expenses
- Sell more to existing customers
- Be better at chasing debtors
- Reduce waste
- Improve processes and systems
- Improve client retention rate
- Ensure your business strategy is clear and goals are in place
- Reduce staff turnover (improve retention)
- Improve your setting and monitoring of KPI’s
- Ensure you have identified your key profit drivers
- Improve your financial reporting (quality, consistency and timing)
- Access new profitable clients.
- Look at benefits of outsourcing in some areas.
- Develop and or improve your online strategy.
- Ensure your budgeting is analysed monthly.
- Ensure operational and strategic milestones are monitored.
- Increase your presence let people know who you are and what you do
- Embrace innovation and a continuous improvement culture
- Understand and ensure better utilisation of cash resources.
- Know what your profit margins and ROI should be.
This group of ideas touches on the importance of business improvement so think about how it applies to you while reading, and feel free to give me a call or email with any questions.