|
Dear Reader,
So you have battened down the hatches and weathered the storm - what
next? We hope that this issue of Game Plans for Growth provides you with
a few helpful ideas about taking your business forward to the next level.
Most markets still remain challenging, so is now a good
time to start thinking 'Outside the Box'? The saying "if you
carry on doing the things you always have done then you will get the same
results you got before" certainly holds good today. In most
businesses time spent on working on your business is seldom wasted. In any market there are winners and
losers so below we provide some ideas which may help your creative
thinking!
Here are some options to consider:
1.
Determine
which are you most profitable customers and then
set out to attract more customers like them.
2.
Consider
re-engineering your business model by switching fixed
overheads to variable costs so making reducing your breakeven point.
3. Evaluate your businesses core strengths and then review your marketing material
to ensure that it properly reflects them.
4. What about a strategic
Acquisition? If you have available funding (or a business with
good debt capacity) then you may be able to take advantage of the historic
low valuations for businesses which won't last for much longer.
5. If cash is tight then how about a Merger? You could join forces with a respected
competitor and reduce the combined overhead base as a reaction to a subdued
market.
6. Now may be a good time to bring an external investor on board, one which brings not only
much needed funding but also might be a great door opener.
7. Look out for key
managers who may become available; their expectations may be more
realistic and the smaller company can look attractive after big co's
headcount reductions.
8. What is your
"Out of the Box" thought?
Just after the 9/11 attacks on the twin towers many UK
travel companies cut back their activities and cancelled contracts with
hotel and villa owners. A Greek business owner saw this moment as a
great opportunity, signed up these properties and then set up a UK
marketing arm. As a result he achieved a market share which would
have taken years to build in normal times.
As Virtual Finance Directors we often facilitate
workshops or discussions with business owners where they can bounce ideas
around before airing them to their employees; we enjoy working with owners
an acting as a 'sounding board'. If you would like a chat about
organising such a workshop please email me.
I wish you well with your Creative Thinking!
Kind Regards
James Shand
|
