As business navigates a way through the current challenges they are facing, I have put together some ideas which may assist in your thinking process and hopefully enable you to not only weather the storm but grow both in Revenue (Sales) and Income (Profit) on a sustainable basis.
No matter what your business is and although products and processes may duffer, the principles pf management and recovery are all the same.
Most businesses need to establish recession/covid resistant strategies knowing that the number one challenge today is to secure the future by increasing both revenue and income.
The question everyone seems to ask is ‘HOW DO I ACHIEVE THIS’? Well, you can start by seriously looking at cost cutting and management processes.
Experience shows that businesses are generally experts in the management of core activities such as markets and processes, however in other areas they have capabilities but are missing the finer yet necessary knowledge. These areas are usually cash-flow, finance, and customer service.
BUT, there are also areas in which the business lacks the competency skills which detracts from sustainable management achievements – people, systems, sales, performance measurement.
These are the KPI’s which usually require urgent attention in order to stabilize and enhance a strategic business plan and a sustainable business future.
My next post will provide what I believe is a test mechanism for liquidity and solvency including a guide to cost cutting which I have utilised with tremendous success in both large and small businesses and multi-nationals.