IS THERE ANY GOOD NEWS?

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!