In this blog, we’ll delve into strategies to help you not only embrace change but thrive in the face of lower-cost competitors.
- Five Key Areas of Business Begin by assessing your business in five key areas:
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- Your offering to the market
- Your marketing and sales strategies
- Operational and financial processes
- Staff management
- Customer service
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Your offering, whether a product or service, is the core of your business. Understand how it’s evolving and how changes may impact your business.
2. Embrace Efficient Systems Investing in systems may seem daunting, but it’s a vital step towards efficiency. Consider the return on investment for each system you implement. For instance, saving a few hours of service staff admin time can significantly boost revenue. Streamline tasks and consider using online systems for various aspects of your business, from manuals to project management.
3. Key Performance Indicators (KPIs) Systems make it easier to capture and report on KPIs, which are essential for tracking your business’s health. Identify leading KPIs that measure activities contributing to results. Break down KPIs for each key area of your business, such as product/service, marketing, sales, operations, staff, and customer service.
4. Cost Management Digital disruption has empowered smaller competitors with lower cost bases. To stay competitive, you may need to reduce costs. Consider changing your business model, optimizing expenses, and embracing flexibility. Transitioning to virtual assistants, part-time staff, and flexible work arrangements can cut fixed costs.
5. Achieving Longevity – monitor activities and trends constantly. When you see a downward trend, address it promptly. Encourage team discussions for constant improvement. Advocate group discussions, utilise tools like Slack, and stay informed about industry changes through magazines, blogs, events, associations, and networking.
6. SWOT Analysis and Action Plans. Regular SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis can guide your business. Create action plans to capitalise on strengths, address weaknesses, seize opportunities, and mitigate threats. Include your team in brainstorming sessions; they often offer valuable insights.
Embrace Change and Leadership. Be ready to make tough decisions and lead your business through change. Downsizing, upsizing, and automation are part of a business’s lifecycle. Combining your experience with modern approaches ensures you can compete effectively against newcomers.
In today’s rapidly evolving business landscape, the willingness to adapt and innovate is your greatest asset. So, don’t just survive; thrive, be that ‘Lean Mean Fighting Machine,’ and outshine your low-cost competitors.
For more ways to improve your business cash flow download our eBook ‘How to be a lean mean fighting machine and survive uncertain times’
