Business Improvement Strategies
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Transcript of Business Improvement Strategies
![Page 1: Business Improvement Strategies](https://reader034.fdocuments.net/reader034/viewer/2022052400/5599b1591a28ab262b8b4886/html5/thumbnails/1.jpg)
Business ImprovementBusiness Improvement
• Biggest long term threat to small businesses is driftBiggest long term threat to small businesses is driftLack of focusLack of focus
Vague planningVague planning
Reliant on luckReliant on luck
• Manifested in:Manifested in:Moribund or patchy growthMoribund or patchy growth
Falling sales, margins & profitsFalling sales, margins & profits
Poor customer retention and satisfactionPoor customer retention and satisfaction
Problematic cashflowProblematic cashflow
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SolutionSolution
• PlanPlan
• MeasureMeasure
• FocusFocus
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PlanPlan
• Where do you want to be in:Where do you want to be in:12 months?12 months?
2 years?2 years?
5 years?5 years?
• Write down your targetsWrite down your targets
• Break down into smaller chunksBreak down into smaller chunks
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TargetsTargets
• On a beach in the BahamasOn a beach in the Bahamas
• SMARTSMART
• 5 more customers by the year end each 5 more customers by the year end each spending £5,000 per monthspending £5,000 per month
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How will you get there?How will you get there?
• Where are you now?Where are you now?
• How do you run the business now?How do you run the business now?
• What behaviours do you need to change?What behaviours do you need to change?
• What extra resources do you need?What extra resources do you need?
• Concepts e.g.Concepts e.g.• Power of 1%Power of 1%• Operational leverageOperational leverage• Cash cycleCash cycle• Value chain analysisValue chain analysis
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MeasureMeasure
• Find out where you are now Find out where you are now
• Where do you best apply resources to get where Where do you best apply resources to get where you want to go?you want to go?
• Financial measures (mostly)Financial measures (mostly)
• Key weekly / monthly measuresKey weekly / monthly measures
• Leading indicatorsLeading indicators
• Structured around achieving set targetsStructured around achieving set targets
• CommunicateCommunicate
• What gets measured gets doneWhat gets measured gets done
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Measurement vs. PlanMeasurement vs. Plan
• Feed back into your planFeed back into your plan
• Compare & actCompare & act
• How does it relate to success?How does it relate to success?
• Cash is a key measureCash is a key measure
• PredictionPredictionKnow your leading indicatorsKnow your leading indicators
What influences them?What influences them?
Roll them forwardRoll them forward
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FocusFocus
• Stay on planStay on plan
• Stick to the knitting – don’t be distractedStick to the knitting – don’t be distracted
• Know your marketKnow your market
• Know your customersKnow your customers
• Know your competitionKnow your competition
• Organic vs. acquisitiveOrganic vs. acquisitive
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ConclusionConclusion
• PlanPlan
• MeasureMeasure
• FocusFocus
• Take expert advice – enlist professional helpTake expert advice – enlist professional help
• Realise your own limitationsRealise your own limitations
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ContactContact
Steve GriceSteve Grice
Business Development ManagerBusiness Development Manager
Black Country Reinvestment SocietyBlack Country Reinvestment Society
07875 76265907875 762659
[email protected]@bcrs.org.uk
http://stevegrice.wordpress.comhttp://stevegrice.wordpress.com