Any thoughts on where to focus my company”™s efforts this coming year? We”™re hanging in there and think things are looking up. What can we do to help the company succeed?
Thoughts of the day: Things are looking up. There will be more deals and more opportunities coming. Make sure your sales team is the best it can be. Keep a careful watch on the purse strings. Invest in marketing. Deliver top quality. Reward performance. Add employees.
Most of the business owners we talk to are cautiously optimistic about 2012. Caution continues because 2010 ended stronger than it began, followed by a very weak first quarter in 2011. That was frustrating. But not a pattern.
Frustration over the first quarter dip in 2011 drove many business owners to rethink how to get their businesses back on track. Actions taken in 2011 are starting to show fruit. The momentum is picking up, especially for those companies that have retooled.
Make sure your company isn”™t left behind. Weeding out lackluster customers should be pretty much done. Focus on adding more of the right customers in order to drive growth and profit. Attention paid to cleaning up financials should be delivering a stronger bottom line. Changes in personnel, keeping the best and most committed, should be showing productivity improvements and waste reductions.
It”™s time to shift into the next gear. Start with your sales force. Ask yourself these questions:
- Are the goals clear, with everyone bought in, committed to delivering?
- Do I have enough of the right people calling on the best targets?
- Do customers get what they need?
- Are my referral sources strong enough to help me get additional business?
Focus on building the strongest sales organization possible.
As you build up sales, make sure you hold onto the purse strings. Set up reports to tell you what”™s going on financially. Build a budget that channels profits into getting more growth. Consider using profits to buy market share. Put money into reserves so that you can self-fund, rather than having to borrow; that way you”™ll have choices.
Take a look at how well your company tells its story. Ask yourself this:
- Are we innovating to serve the needs of our best customers?
- Are sales tools helping get us deals?
- Are we taking advantage of what we”™re good at or expanding on that?
- Where else should we be telling our story? What is our story?
- Is the phone ringing; are leads coming in over the Internet?
This is the year of competition. Someone will meet the slowly expanding needs of buyers. Make sure your company is in line to get more than its fair share of opportunity.
Any products or services that aren”™t making you proud? Now is the time to finish them off. Sell them to someone else or shut them down. Channel energy into your company”™s future.
Your best customers will likely be more demanding. Marry quality with great customer service to protect and build your margins. Use customer service as a vehicle to gather intel on what else customers want, so you can get a head start on creating exactly that. Look for opportunities to increase prices as competitors with less depth, focus and ability fall away.
Employees are also looking for improvements. Use a portion of the profits to reward behaviors that are likely to help the company grow and become even more profitable. Not sure how to do that? Get help.
Figure out who are your keepers, but don’t be afraid of change. As the economy turns up, employees will get other offers. Make sure jobs are documented, and build a Rolodex of candidates for key positions, just in case. Reward initiative and results by moving people up. Bring in new blood at the bottom of the pyramid. Encourage change.
By all means, have a written plan. Know where you”™re going. Keep focus by working the plan. Be patiently demanding. Measure progress and make corrections regularly as needed.
Looking for a good book? Try “The Right-Brain Business Plan: A Creative, Visual Map for Success” by Jennifer Less, Kate Prentiss, Chris Guillebeau.
Andi Gray is president of Strategy Leaders Inc., https://www.strategyleaders.com, a business consulting firm that specializes in helping entrepreneurial firms grow. She can be reached by phone at 877-238-3535. Do you have a question for Andi? Please send it to her, via e-mail at AskAndi@StrategyLeaders.com or by mail to Andi Gray, Strategy Leaders Inc., 5 Crossways, Chappaqua, NY 10514. Visit www.AskAndi.com for an entire library of Ask Andi articles.
