By Colin Wilson, Director Key Business Advisors
Timing is everything, and with this being the last quarter of the Financial Year, how are you going to make certain it counts in achieving your financial targets?
According to trading economics business confidence is at an all-time low. Already this quarter we have had two weeks of school holidays and the Easter break, which has meant developing business and maintaining a steady cash flow has put many business owners on the back foot. With just over ten weeks remaining this quarter, business owners need to focus more so than ever to make sure their managers and staff are 100% committed to achieving the desired results.
April is an ideal time to put in the extra effort and challenge yourself and others. Businesses that do nothing are exposed and are often left behind wondering what happened when it is too late, leading to increased frustration.
Here are seven tips to ensure everyone in your company is fully committed to making the last quarter count financially:
- Do what is necessary NOW in either hiring staff, downsizing or restructuring in order to achieve the profits your business needs to survive and grow
- Have the whole company together and explain where your business is at, asking your staff to go to that extra effort in helping the company achieve all of its KPI’s and Financial Targets. Show them the GAPS you need to close as appose to doom and gloom!
- Create a sense of urgency and motivation towards the customer service and sales process by creating sprints, incentives and challenges for your staff to go above and beyond in recommending all products and services through cross-selling and upselling techniques
- Have the hard conversations with staff who are not performing and start the process NOW on performance counselling, including expected outcomes for non-performance
- Advertise only when it is cost effective to your business and you are confident it will pay off in extra revenue i.e. direct marketing with a call to action to buy now!
- Value add to your products or services as appose to using discounts so you don’t lose as much margin on your profits
- Ask your customers for referrals and make contact with past customers in an attempt to bring them back to the business
No matter how you feel as a business owner, never let your emotions or lack of confidence show, you need to be tough, resilient and determined to lift your company and staff with you. Should SME’s stop spending, investing and trying to grow their businesses, then we will all end up making our economy worse for ourselves and our businesses.
Be an inspiration to your company and provide your staff with the support they need to stay motivated and perform at their best. When all your staff are committed and successful, your business will thrive, so create that winning team feeling and finish off this quarter by taking on the challenge and making it count.
To find out more information on how to achieve your desired financial results contact our Director, Colin Wilson at Key Business Advisors on 1300 4 ADVICE or email firstname.lastname@example.org
*Register for our free Webinar on Tuesday 9th June 11am – 11:45am (AEDT) to learn more about how to improve staff performance and increase profit for your business