Its all about business.

Archive for category Growth

Blitz your business now…

Aug 6

Posted by Steve Gray in Excellence!, Growth, Planning | No Comments

If you are like many people in business you are probably flat out keeping your business ticking over and doing your best to get and keep, ahead in tough times. you have all the usual things you do to keep things going and if you have a profit happening then you are doing some things right.

However it is also easy to miss out on getting things right in your business and in fact it can be VERY difficult to get ALL things right. Perhaps this “Blitz” idea might make a difference to how you go about things.

Businesses often have “blind spots”, in retail circles it’s often called “Store blindness”. It’s where particular parts of the business are not up to scratch and often go unnoticed, it might be one area of a display which has become tardy but is not noticed so we form a blond spot to it. My answer, “blitz your business”.

How to do it? Simple, in retail for instance, draw a rough plan of your store, and have a blitz type attack on sorting things out in that section, check cleanliness, stock levels, layout, lighting, signage etc… Then to other business aspects, marketing, operational systems, and management to name a few. Go through all of these one at a time and sort them out bit by bit.

Perhaps set up a blitz team to work on each part of  the business so the organisation can see the fruits of its knowing it has taken solid action to get those results. Start now with a simple checklist of areas to focus on.

Tags: , , , , ,

Evaluating Your Small Business Strategy

Jul 8

Posted by Bren Ryan in Excellence!, Growth, Innovation and Creativity, Planning, Risk Management, Starting out in business, The Board Room, The Operations Dept | No Comments

Countless people set themselves personal goals in life, but in many cases, small business owners don’t do themselves the same favour.  Without setting time aside to consider, plan and implement a solid strategy for any business, its success can be often hindered or compromised.

In these tough economic times, owners are struggling to make their business grow, but strangely enough, there is great opportunity for companies to make leaps and bounds while the market is down.

Take a Step Back

Being in the day-to-day running of your business can alter your perception of how effectively it is run.  Take the time to look at every facet of your business to gain the most unbiased perspective.

What kind of relationships do you have with suppliers? Is there any way you can leverage the associations you have with them to gain better pricing or additional extras (like longer trading terms to increase cash flow) that they don’t usually provide?

Do employees see their position as a job or a career? One of the most difficult tasks an employer can face is motivating their staff so that they are more productive.  Try to introduce creative, cost effective ideas to improve staff morale, which will ultimately allow your business to be more successful in so many different ways – higher customer satisfaction, increased work output, less mistakes and a much nicer place for everyone to work.

What are your sales margins? Taking a realistic look at how much you are making on your products and services is crucial to allowing your business to grow.  A small increase in sales margin may not seem like much in isolation, but calculated over a year, this additional profit can make quite a difference to your bottom line.

In many cases, customers will expect to see increases in prices every few years, purely because of inflation.  If you do apply increases, be transparent to your valued clientele – it will only reaffirm why they should continue to spend their money with you.

What are your competitors doing? If they are blazing trails in your area or industry, find out why and how.  Start to follow their lead and see where you can even improve on their practises.  But another, far more powerful way to knock down competition is to find out what they are doing badly.  By being exceptionally great at what your competitors do badly, it will soon put you miles in front.

Planning – What to Consider

After all the research has been done, it’s important to spend some time planning how you will turn all of these findings into meaningful actions.  There is a fine balance between continuing to maintain a high service level in your business and being able to implement new processes, procedures and projects.  Figure out what elements can be immediately implemented into your business and what will take more time and resources. Once you’ve determined this, you can then allocate timelines to these more lengthy projects so as not to interrupt the flow of your business.  Many strategies tend to stretch over several years, so make sure you build some level of flexibility in to allow for changes in your business, the economy and the marketplace.

Implementation – Getting Your Hands Dirty

It’s all well and good to research and develop business strategy, but sometimes the hardest part can actually be doing the work involved.  The best way to avoid being overwhelmed with implementing the strategy is to break up each task and set key goals and milestones.  Once you have completed the task or project successfully, make sure you take the time to look back on what you have done and be constructively critical.  If you have an upcoming project of a similar nature, it will allow you to become more efficient in implementing your business strategy.

All in all, developing a business strategy gives you the chance to recognise opportunities and shortcomings that may not have been realised otherwise.  While each business can be very different, the foundations of a solid business strategy are ultimately the same and can be applied to most companies, regardless of their service offering or industry.

An article provided to us by one of our site sponsors – NRMA Business Insurance

Tags: , , , , , ,

Do you do this with your marketing?

Aug 20

Posted by Steve Gray in Growth, The Marketing Dept | No Comments

I’ve seen it done a lot, I’ve seen it done really well and I’ve seen it work exceptionally even in a down market.

I call it Marketing overlap, there is probably a fancy name for it in market speak but for now that covers it.

Many businesses rely on just a few forms of marketing and can measure the results of those, however what most fail to do is overlap the marketing so that as one method of marketing runs out of stem the next one kicks in.

An example of this is when you have a range of great products, and this month you have a special on one of them, the next month another special with a  different item and so on. By focusing on one product special then another people can get excited about coming to check out what you have on offer, often to get the special, but guess what they do, they often buy more than just the special.

If your business is expanding and offering new products you can launch them as the “special” then as you move to the next special the first one has nearly run its course, and so the overlap effect occurs.

This method generally ups your average dollar sale, keeps people interested in what you have to offer and if you can couple it with a range of marketing devices you will probably see great results.

So on, get out your marketing plan and cram a few extra marketing devices into the mix and overlap each campaign to keep the punters interested, if you don’t, your competition just might and take your customers out from under you. Chances are you may not notice until it’s too late.

Basics are basics…

Jun 1

Posted by Steve Gray in Finance, Growth, Leadership, Risk Management, Starting out in business | No Comments

It’s June 2009 the global financial crisis is still happening. Watched a documentary on Chinese businesses going under, huge factories closed down, lots of out of region migrant workers now displaced. Sure this was one province (Guangdong) and particularly one city Dong Guan, so probably not a big cross section to measure by. The show was on SBS Australia’s Dateline (May 31) and showed a range of businesses closed and gutted out.

Here’s a quote from the show “In Guangdong province alone, 60,000 factories have now closed down and millions of migrant workers are searching for work.”

My first thought was what were they making? well it’s interesting the businesses included a printing plant, toy factories, and jewelry manufacturing… My second thought was do they make for the local market or export, export… third question, is the product a need or a want, mainly want.

So it comes down to the basics if the majority of what is produced is not for needs when a downturn comes the wants are dropped first. When an external order from overseas is pulled then the whole thing can collapse quickly. as the local economy is hanging on wants, the failure of one is felt across all.

Learn from this huge scale disaster and make sure you have a balance of income from needs based sources as well as wants based sources. If you have shares in a grocery company Co for example it seems logical that they supply the needs of people, then take your own business think about how you can supply to the needs based customers. Think carefully about this as a form of insurance to ensure you can balance your wants and needs to ensure sustainability.

Business is…

May 23

Posted by Steve Gray in Excellence!, Growth, Planning, Risk Management, Starting out in business, The Board Room | No Comments

There are many types of business primary, secondary etc… but I have just had a thought about other “types” of business and felt it useful to share.

In the most part a business is about creating a device to provide a product or service and make a profit from it, however it goes a bit further than that. I feel it’s important to make a few distinctions.

  • Job – not a Biz – Turn up – do work – go home – repeat.
  • Low level Biz Operator – as above – not much scope to get ahead – Some franchises can feel like this.
  • Low level Biz Owner – Some growth as the biz operator gets some leverage by having staff do the work, with input from the owner.
  • Mid level Biz Owner – Better growth limited input to the biz as the staff do it all with a manager in place or similar – perhaps develops other businesses or franchises of one business.
  • Upper level Biz Owner – As previous but developing assets to utilise the growth’s potential.
  • Top level Biz Owner – Utilises others to do the work, from developing more assets to creating more businesses.
Which level do you want to be at and what will it take to get you there? Notice it’s all about growth and profit leading to leverage, with leverage you can do more. When you learn the skills and mindset required to do this you get to play at a new level each time learning more skills and mindset tweaks to assist you. Note at each level and with more leverage you can assist more people, develop greater security and achieve more.

Arts based recovery?

Apr 19

Posted by Steve Gray in Growth, Planning, Starting out in business, The Board Room | No Comments

Years ago when the “recession we had to have” was on (late 80′s) there was a push at one stage for an Arts Led Recovery. Perhaps it’s time to look at it again and try a fresh tack in the “G.F.Crisis”.

Locally there is a small Arts following with a few commercial galleries and a regional one with some contemporary artists hiding in the bushes somewhere.

However on the Weekend I was in Melbourne for “Art 09″ a giant expo of art from a range of Commercial Art Galleries and a lot of “art” was bought, thousands flock in, thrashed their credit cards and went off with smiles and art in hand.

A lot of discussion took place (and will for a few weeks to come) about the merits of the event and the possibilities for those wanting to have display spaces next time, as well as other ways to “make art pay”. It’s a topic dear to my heart (being an Artist might do that…)

To get on with the process it’s probably important to say, it’s about income (when people buy stuff that’s what happens folks…) then about the art (the product), then the artist (the producer…) The flow on is therefore about sustainability to be able to then have a profit and see the spread of the income to the wider community. Note with no margin there is no spread so the profit is important (both monetary and other).

I’m thinking that not everyone wants a contemporary piece in their home, (well not a big 1 X 3 metre piece anyway). However there is sure to be ways to encourage people to consider the works (at the moment much is hidden under the bed of Artists wanting to become the next big thing…) to enlighten them etc…

One initiative I saw a while back, was art in vending machines, (clearly very small pieces). however it is not until people start to explore ideas that ways to “make Art pay.” will we see the flow on. Also the flow on of interest in creative endeavours and not just the cash transaction.

There is scope for exploration for ways to make it pay, for now lets consider the fact that we have a solid core of artists, galleries and punters willing to purchase. So lets find ways to get the ball rolling.

Always make the “little bit extra”.

Apr 11

Posted by Steve Gray in Finance, Growth | No Comments

Business, Enterprises, Co-operatives, not for profit groups etc… I implore you to ALWAYS make that little bit extra, that “profit” that “margin”, that bit on the end left over after EVERYTHING is paid for.

Here’s why… In tough economic times, those who can stand the test of time are those who put away for a rainy day, simple. Those with that “bit extra” can grow their business, provide more resources for their customers, give themselves more leverage and build an enterprise which is more sustainable.

I guess in an ideal world your “business” should be such others want to buy it, they covet it’s uniqueness, its service ethic and so on, to really do this you need to have the margin built in so the future of the business is assured, either for you or others who take it on as a franchise or as a “straight” business.

Know what your industry standard is for margins, then beat it by a bigger chunk (so you can have a greater edge in the long run.) It’s all about longevity, sustainability, offering the right stuff at the right time to the right customer mix… it’s up to you but a margin goes a long way to assisting you to be a business owner rather than a business operator.

A margin or cash asset can be the ultimate strength you need to borrow funds to grow with, and let the asset grow, let it provide other investment opportunities without having to spend it, let it be the vehicle to propel you forward ad give yo the edge. Most people when they get a profit spend it and enjoy the rewards (short term usually) that brings. I am advocating you put the money away and leave it away, watch it grow and provide the sort of stability every business needs.

Think carefully about the way you build your business and maybe you even have to alter your mindset/s about Cash and finance to be able to effectively put this sort of plan in place, no matter what, make sure you have a margin of some kind.

Down up, left right which way & what next!?

Mar 12

Posted by Steve Gray in Finance, Growth, Risk Management | No Comments

Positives and negatives abound in the new found financial meltdown news, some people have lost value but not $$ (Big business CEO’s who find their stock options are “a little short on value”) while others have lost $$ but not value (e.g. work has dropped off for some contractors).

Despite all this the average “Joe” is now fighting to keep their jobs or hoping to get another one where the boss is not giving them grief and so the applications for positions has gone down but the number of applicants has gone up. Strange times call for strange answers…

Ages ago I wrote about a tourist town in New Zealand doing Ok, but what would happen in tough times? they supplied to the “wants” of the world and not the “needs” of the world. This put a few noses out of joint, but unfortunately the minute things went haywire so to did the tourists… bye bye, back another day when things pick up. 

It comes down to balance (yeah too easy for me to say huh…) if the overview of the situation is too much one way (providing just wants) then  hassles occur… if you provide to just needs then there are no want type situations to be taken advantage of. (imagine a supermarket, which just provided basics and NOTHING else… It equates to all work and no play.

So much for macro economic theory (of which I know little formally) what about Micro? Well the situation is this. You are in charge of the $$ at home and the things under your control, so you had better figure out how to balance things there (strangely similar? yep!)

Basic investing 101 says “Have a balanced portfolio” so you buy shares across a range of areas, resources banking etc… This helps to balance things if one goes up and the others go down, but if the HWOLE share market goes down, stiff luck. What it really means is, have some $$ in shares, some in business, some in Investment properties, some in the bank. In tough times you can shift things about to suit.

For most people the balanced portfolio idea outlined is nice but few have the ability to fund this many investment options. Challenging and frustrating all at once, so this is where a BIGGER picture plan comes into being. If you have just shares what are you saving for? An investment property… or the chance to put profits into the bank. Either way your plan should show you the way.

Lets face it many people have been caught out by the current financial dilemma and many more will feel pain before it’s over, but there are those who have taken a balanced approach and will not be doing things so tough as others. Half their luck. let’s hope in the positive future we can all heed their wisdom and build a sustainable portfolio for long term financial support.

Jobs slashed, businesses fold… NEXT!

Feb 26

Posted by Steve Gray in Excellence!, Growth, Planning, Risk Management | No Comments

Pacific Brands Australia announced over 1800 jobs to go in the next 18 months.. jobs to go off shore.

Those who  are regulars here will know I have sprouted wistfully about the doom and gloom, however this time I want to take a “positive swipe” at the situation and ignore the nay sayers cutting jobs and propping up the shareholders (or so it might seem). 

I have long been a proponent for the Cooperative business model, it has shareholders like most businesses however they generally have a vested interest in the business and provide a “different” backbone or foundation for the business, as opposed to a seemingly “slash and burn” approach of some public organisations.

So I ask…

  • What if the workers were able to form a cooperative and take over from where their employer has left off.
  • What if the Company was to utilise the strength of unity of the workers and explore sourcing the goods from a Coop they assist to set up to keep the jobs here and not ship them OS.
  • What if people were put down as a profit and not as a liability…
Lots to explore, but in the end we let this stuff happen, perhaps it’s time to take a stance, set up some great business models to be able to handle these situations better. After all 1800+ jobs can be a bit much.

We are dumb… USE IT!

Feb 4

Posted by Steve Gray in Growth, Innovation and Creativity, People!, Starting out in business, The Board Room, The Marketing Dept | 1 Comment

Ok.. some of you are… (not you specifically…)

I wanted to raise your interest in a thought I had this morning watching the news, someone did something dumb and I thought “Derrh! what an idiot”, then I started to mentally add up the dumb stuff…

  • Stop violence against women, great idea, but why not just Stop Violence…
  • War, probably the dumbest concept of all time…
  • Teachers stand and deliver to classes with an attention span of two seconds, heck cut the crap give the kids engaging material which causes them to want to be interested.
  • Cigarettes, no nutritional value, no other value, not even cool anymore… BUT people buy them. I don’t get it, never have, never will, dumb…
  • Barriers on high bridges to stop suiciders jumping, no biggy put them in NOW! Or give them a trampoline to make it a fun exit… (apologies if that offends).
  • Transport ticketing systems that cost millions and don’t work, hmm other countries have systems that work, copy them…
  • Solar panels for power on roofs, umm, hey guys someone start a publicly listed energy Co that wants to put them on the roofs of businesses, let alone houses, the economy of scale makes it useful surely. Could be a way of stimulating the share market again…
  • Cars that burglars can break into easily still. just set a std guideline that says the car Co’s have to fix the problem now… how long has this been an issue… grr DUMB.
  • Paperless offices, great idea, simple answer, stop selling printers… then watch people sort out the issue fast.
  • Empty shops, as long as shops are owned by private enterprise there will be issues. Too many too expensive and in poor order. Too many are running at a loss so they don’t have to pay too much tax, yep that’s why there are so many crap ones about.
  • Too many grumpy old guys, over fifty, out of work, become grumpy and a burden somehow. No one likes a grumpy person, and too many guys over fifty (oops that’s me too!) have to contend with being redundant and replaced (young kids are cheaper, faster and tech savvy…. grr!) run down… I call it “Death of a Salesman syndrome” (after the play and book of the same name.) The wisdom these guys can have collectively should be used (somehow) and not shelved.
  • Councils… (I guess that speaks for itself in some ways.) many people whinge about them…
  • Defence forces (perhaps that should be offence forces) what if they were peace keeping forces that if a hostile situation broke out they could be quickly retrained to shoot etc… a humanitarin force not in combat camoflague.
  • Water, it’s every where, but not a drop to drink (too salty) but hey we have to import the technology and use up precious power to run a desalination plant… (when we get it) and will it be enough? and hey why not put the water in to the top of the river system so the whole state can benefit… dumb, and why not investigate a solar powered one? Anyone go a prototype of a portable model?
  • Too much alcohol is causing major punch ups and violence… so stop serving it in ways where people can consume too much.
  • No power, we are running out of power on hot days to run airconditioners, they still sell heaps of them though… any solar power cells in your area? What about a wind turbine? Heck there are enough power poles, can we have mini turbines to mount atop these?
  • We have water usage issues, yet they still sell inefficient washing machines, dishwashers etc. DUMB, just sell us the best, hey do that for power too.
  • Every year thousands of new businesses start up and lose HEAPS of money when they go belly up in a few months… DUMB! Lets come up with ways to set up these start ups so they have the BEST chance of thriving. lets create “thinkubators” to make it easy for them to learn about business, research, get started and supported in the all too important start up phase. heck a stimulus package for businesses like this could have BRILLIANT flow on effects… I guess this means the government ins DUMB for not thinking of it.
  • $2 shops, heck I can buy all sorts of garbage for next to nothing, do we need it? nope, do we want it? not really does it help the economy? hmm ask people in local manufacturing if it helps them… does it help the businesses in high st anywhere look good? nup… dumb…
  • Op shops that open in main streets next to or near fashion shops… ooh nothing drags down retail areas more than an op shop. OKAY! they have their place BUT can we have some control please… and why so many…(It’s a sign of the times I guess…) DUMB (perhaps it’s the council for not providing guidelines here.)
  • Hand done signs on windows of stores, sure Uncle Harry is a dab hand with a brush, but your specials painted by him on the window look like garbage… you saved how much? and made how much? Nup not bright… in fact DUMB.
  • Bullying… As the economy slips further down the gurgler, Bullies everywhere are able to inflict more pain and hassle on their victims… “they can’t go elsewhere, so they have to put up with me…” (sinister chuckle ensues). Its an OHS ISSUE plan for it, do something and kick their butts.
  • I need a license for a car but not to be a parent, that makes sense… NOT, DUMB… how many dysfunctional families can the world take! Teacher’s everywhere will be able to tell you the hassles they cause. Simple tip folks, a parent’s key role is to build the child’s self esteem… Does it happen enough… nope.
  • Welfare organisations, why so many? Surely five admin departments is better than 25… The cost saving surely is worth it. DUMB! “Oh lets help more people… oops no money left… oh what a pity…”

Go on add to the list (in the comments section please.)

BUT figure out ways to make money out of any of these ideas and you might well be sitting on a goldmine… :)

A thought to finish on… Frank Zappa (musician) in one of his songs loosely said “If we are created in gods image, therefore if we are DUMB then GOD IS DUMB, and maybe even a little ugly on the side…”

 

  • You are currently browsing the archives for the Growth category.