Adapting to the marketplace
As we move into 2012/13 New Financial Year I am sure many business owners lay awake at night worrying about 3 things:
- Business Growth โ Winning more business and losing their quality customers to competition
- Staff โ Why are some performing to expectation and others not
- Cash Flow โ Not enough Net Profit; wages are high and quarterly BAS is due!
How does a business owner implement change to improve their business and address the issues above?ย Has the way youโve always done business been effective or do you need to make some changes to increase cash flow and growth?ย Or are you reluctant to have a go and experiment in doing things differently to improve the business as you do not want to get out of your comfort zone?
Advice
Sales, Marketing and Business Development have always been about being creative, trying different things and taking different approaches with a bit of risk taking.ย When things work – they pay off and when things donโt you simply go back to the basics and start again.ย However, unless you have business confidence then this will not happen.
Sometimes you need to take a different approach and make some changes in your business to stay competitive because suppliers may change their margins which affect your profit.ย Or you may be battling with the everyday online marketing that is attracting your customers to buy cheaper online – which you know will not go away.
Relationships
In todayโs marketplace relationships are key critical for developing new customers.ย Building rapport with your customers and providing excellent customer service is essential. Has your business ever asked your close customers what else you can do for them as a valued partner to increase revenue and productivity for each other?
I train in many companies and I find for a lot of sales staff they believe if the customer is not buying then itโs because of the companyโs marketing, products or pricing. They should also look at their own approach when dealing with their customers.ย With this new Financial Year commencing it is a great time to explore and experiment on how your business can improve or do things better.ย Set some new standards and expectations with change and go for it. If youโre confused on what to do then seek some help because a little bit of fine tuning in your business or doing things differently can be extremely rewarding in return.
For help and information please contact Key Business Advisors on 1300 4 ADVICE
