Questions for all Business Directors to ask themselves:
Updated: Aug 28, 2019
In the 21st Century, with technology undermining retail shop sales with internet shopping / deliveries, price comparison shopping at customer's finger tips and suppliers wanting to cut you out of sales by directly supplying your customers, how often do you ask yourself:-
Could we do things better, more efficiently, make more sales per employee, get the staff to work better together, maybe reduce the amount of times things are done twice, can we work more collaboratively, do we need to increase our social media profile locally to get more sales etc.?
What do I need to do change to recover my sales (and more importantly my profits)?
How can I pass on this Pain of lower sales (and much lower profits) to my own suppliers?
This means you need to Change ? But what should you change ? Here's some suggestions:
Now I know the longer I remain with my energy supplier the more they’ll charge me, Loyalty does not pay, but does it also apply to my accountant, my solicitor, my landlord ? Probably.
When was the last time I checked my accountants bills and why does her bills not follow my lower profits, she’s not really doing anything extra to produce my accounts than she did last year?
When was the last time I checked my solicitor’s hourly rate and if I could find another one just as good but a lot cheaper?
Do I use all the space I lease / own, all the time ? Can I release or sub lease any of my space ? Does this 21st Century GIG economy need some of my office space ?
If any of my staff leave / retire, can we cover them, do I need to automatically replace them, or can l ask my other staff to Step Up and carry the extra?
As Discounting is rarely the answer, if ever, how can I improve the customer value? Should I apply for an industry award, would we win a Customer service award? Are we good, great or mediocre ?
How much better are my competitors, at customer service, at delivery, at Customer follow up? How do we engage with our Customers when they’re not buying, do we, should we, what’s the point?
In the 21st century, how will technology affect my business, but more importantly, how will it affect my customers, will my company be hit like the High Street retailers, what can I do about it?
You need to take a long, hard look at your business. What can we do better? What can we do cheaper? Are all my staff working all the time, how can they become more Productive ? How can we do the same work with less effort? Do I need all these staff, all of the time ?
Will any of them rather work 4 days or 3 day each week rather than all 5? Probably, should I ask them ? YES YOU SHOULD