 10 Helpful Tips for 2010
(New Zealand) - January 2010
By Ian Skelton
Here are 10 business tips to help you prepare for a successful 2010 ...
1. Create Enthusiasm for 2010
Relook at your vision for the business and how it aligns with your core values and goals for the new year. Remember your goals are used to capture and ensure the support of and enthusiasm of your stakeholders - your staff, business partners, suppliers, customers, family, friends and your bank manager!
Make sure they understand their role and the benefits they'll enjoy as a result of their efforts. Doing it alone won't get you very far. With a strong and motivated team, you can achieve just about anything. Get help planning for 2010 >>
2. Come up for a Fresh Perspective
Delegate and focus on business improvement to avoid falling into the trap of spending too much of your time working in the business instead of working on the business.
3. Be Prepared - Plan for Better or for Worse
Look at your business plan and think about the likely profits and expected cash balances. We advise clients to prepare not just one financial forecast, but three - Likely, Worst, and Best case scenarios. View our scenario planning tool >>
4. Consider the Big Picture
Times have changed. A SWOT (strengths, weaknesses, opportunities and threats) analysis should be done annually to help refine and understand the key issues and opportunities facing your business. Get help planning for 2010 >>
5. Review and Understand Key Business and Profit Drivers
Work relentlessly on the key drivers of your business, including:
- Maximising price
- Increasing customer numbers
- Increasing customer spend and frequency of visit
- Decreasing costs - fixed and variable
Not finance savvy? We provide finance training for non-financial managers >>
6. Review your Key Performance Indicators (KPI's)
Review the KPI's for your business - as the business environment changes, so you will need to review the way you plan to track business performance against budgeted targets over the next 12 months. Have you undertaken any business Benchmarking? This will allow you to understand how your business is performing relative to other similar businesses. It will allow you to identify areas of improvement, and give you a new perspective.
Not sure how to go about "Benchmarking?" Contact adrian.dixon@whk.co.nz to get the ball rolling.
7. Don't put off What you Need
Invest in something that will help move your business forward. Think about the time and money that could be saved as well as the positive impact on customers. Whether it's upgrading a website that is difficult to use, or introducing a new point of sale system to lighten the workload, make a resolution to stop putting off getting what you need.
8. Fire-Up Customer Service
With each new year more competitive than the last it is important to continually improve the service you provide your customers. Conduct a customer service evaluation on your business to find out how they perceive your customer service, what they think is most important to them and what they would change for the better. Call your business to enquire about a product or offer featured on your website. Do you have to jump through a number of hoops before talking to the right person? Use mystery shoppers to test in-store policies and procedures to make sure they are customer-friendly. Train your staff in good customer service >>
9. Review your Reporting Systems
Successful businesses have reporting systems that deliver accurate and timely information, both financial and non financial. Know what information you need and when, in order to drive the business and aid your decision making.
10. Create Action Plans
Implementation is everything. Close the execution gap and deliver on your business plan. Great action plans include a description of the action, responsibility for completing the action, the target outcome, the start date and the target completion date. Get a business coach to make sure you follow through on those actions plan >>
At WHK we work with export businesses to better prepare them for success both strategically and financially, so when you commit to growth, you're in the right markets, executing the right strategy and delivering the right financial results at the right time. If you want to start right now please contact ian.skelton@whk.co.nz
Please note that the information provided is general and should always be discussed with your accountant, lawyer or trusted business adviser who will be able to put it into context around your business needs.
WHK Business Growth is specialist division of WHK, providing award winning coaching, training and consulting solutions. For more information please visit www.whk.co.nz and www.whkbusinessgrowth.com.
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