With the Chancellor’s Autumn
Statement predicting more borrowing and less growth, the Eurozone crisis
dragging on and talk of a “double dip” recession, one starts to wonder: “where
is the good news?!”
Well there IS good news, but YOU have
to make it happen!
Our most successful business clients have one trait
in common: they understand that they cannot control global economic events,
they can only control events local and relevant to them. But how do you remain
successful locally?
Firstly, it takes time for global economic events
to filter down to local markets. When an event happens there is always a
certain amount of time to alter your business strategy. If you haven’t set
targets then you can get carried along like a paper cup on the ocean, which can
lead to you as a business owner feeling out of control. This is what happens
without targets and a strategy for long term survival, so please talk to us
about your goals for the future.
Secondly, successful business people understand the
need to be flexible with the way they deal with suppliers, employees and
customers. Brainstorm with your team
about how you can be more efficient in your daily operations and consider how
you can deal with your customer’s needs more effectively. Then set an action
plan for change. Our most successful clients do this regularly and are prepared
to change their methodologies – in essence, they are flexible in the way they
operate. Remember to focus on what you can change and don’t worry about what
you can’t! We work with them regularly to ensure they are on top of their strategies and in front of the action, wherever it is.
There is a well-known principle called the “Parato
Principle”, which is also known as the 80:20 rule:
Ø 80% of sales come from 20% of customers;
Ø 80% of complaints come from 20% of customers;
Ø 80% of your profits come from 20% of the time you
spend;
Ø 80% of your sales come from 20% of your products;
Ø 80% of your sales are made by 20% of your sales
staff
Therefore focus on the most effective areas and
eliminate, ignore, automate, delegate or re-training the rest.
Set targets,
focus on what you can change, ignore the rest and you will create your own good
news!
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