the Business Doctors antidote to the The Antidote

the Business Doctors antidote to the … The Antidote to the Credit Crunch New Video and image

So, how will your business stand up to the Recession?

ARE YOU. . . “Battening Down the Hatches”? • Putting on hold critical purchasing decisions • Freezing training, consultancy, advertising and sales budgets • Chasing debtors unreasonably • Keeping creditors waiting • Discounting to win business • Reacting to the competition • Constantly re-assuring your staff

This is NOT the antidote to the Credit Crunch – it’s the. . “Slippery Slope to Insolvency”

So what is the antidote to the Credit Crunch? ? “Recession – What Recession”

Stand Out From The Crowd Seize this as the best excuse you will ever have to. . . • • Press the Reset Button Make those really tough decisions Get on with making the changes – act now! Start planning a more successful business

This is not a time for COMPLACENCY ! Well planned and organised businesses will survive and thrive during difficult times

So how do we Recession Proof our business? “The 10 steps to survive and thrive during recession”

Step 1: “Get positive and focus on the opportunities” • Marketing becomes more affordable • Liquidation sales create opportunity to acquire capital equipment at massively reduced prices • Office space gets cheaper and more accessible • Your competition may fail and hand customers to you • Target clients will review established suppliers more readily • Acquisitions/mergers become more achievable • Exchange rates make you more competitive for exports • Interest rates make borrowings more affordable.

Step 2: “Conduct a Strategic Review” • • Take time out to review your business Forget the business plan – create a Strategy! Don’t be tempted to change your core business principles Don’t undervalue your services – price reduction is still the most ineffective and short term selling tool! • Take this time to get closer to your Staff, Customers, Suppliers and re-emphasise your core values.

Step 3: “Understand what business you are in” • Think customer need before product or service • Become flexible in how you fulfil this to stay competitive • Make sure your staff fully understand this!

Step 4: “Create a clear VISION for your business” • • Keep it in sight – no more than 3 years Set measurable objectives for next month/quarter/year Make it stretching and achievable Share it with your staff

Step 5: “Know your Market ” • • Look at your current business mix Understand your product/service profitability Work out who your Most Valuable Customers are Analyse your current clients Work out your share of their spend and INCREASE IT! Understand what is most important to them during recession Become a “business critical” supplier SUPERSERVE before someone else does!

Step 6: Address the “So What Factor” Ask yourself the 4 Crunch questions 1. What makes us DIFFERENT? 2. What makes us BETTER? 3. Is this really important to our CUSTOMERS? 4. If it is are we SHOUTING about it? Only businesses with a “Sustainable Competitive Advantage” will survive!!!

Step 7: “Create a Sales Plan ” • • Define your “most valuable customer” Super-serve them Map sales by product/service/revenue stream Arrange a “review meeting” with your Top 10 Create Lead generation (marketing) Double your existing Sales Activity Work out your conversion ratios – it’s a numbers game Set short term Sales Targets

Step 8: “Take a good look in the mirror ” – – Where are we Where can we Where are we Where’s our Great I m p r o ve V u l n e rable Edge • Be honest when evaluating your weaknesses • This is no time for complacency!

Step 9: “Make your suppliers accountable” • Organise a Supplier Forum – – Share your strategy Explain what’s important to you Explore mutual cost savings Create more profitable relationships

Step 10: “Make your People Profitable ” Involve the rest of the company • Share the challenges • Get their input and ideas • Use their input constructively • Give them ownership of the strategy

Press the “Reset Button” • • • Blank Sheet Approach STOP building the business around the people START building the people around the business Define Roles, set objectives, measure performance Make them Accountable!

Square Pegs in Square Holes!! • The Four R’s – Retain – Retrain – Recruit – Release

Stay on Track • Define KPI’s – by company and department • Set targets – Leads, Sales, Cash, Debtor Days, Net Profit, Delivery, Stock Turnover • Measure performance – by department and by company • Evaluate - weekly/monthly • Review “What gets measured gets done; companies using Business Performance Measurement effectively get their strategy implemented in full”

Remember. . This is not a time for COMPLACENCY ! Only well planned and organised businesses WILL survive and thrive during difficult times

How can Business Doctors help? • • • Get a free Strategic Health Check Strategy - Full facilitation and support Focus – Sales and Profit Growth People – Engagement – Organisation - Performance Implementation and Interim Support – Management, Sales, Operations, HR and Finance • Recruitment Advice and Psychometric Assessment • Access to Funding and Financial Support • Friendly, practical down to earth support

And Finally…. What if we don’t do it? “If you don’t know where you are going – any road will get you there” “Even if you are on the right track, you’ll get run over if you stand still”

ANY QUESTIONS?