In business, there always comes a time when you, the business owner, starts to feel like your enterprise is not performing like it should. You start to feel like it is suffering from entrepreneurial arthritis.
Sales seem to stagnate, costs are surely but steadily increasing and your market share doesn’t seem to be in any hurry to increase. Is you business in such a stage? Then it is high time you turbo boosted it back into its glory days and here is how.
1. It all starts with a plan
A clear strategic plan is the foundation of any successful business. A detailed, forward-looking plan covering all key business facets will ensure your activities are geared towards growing your profitability. Regularly review and update your plan to ensure it takes into account any new opportunities you expect to work on this year such as growing your market share or improving your market intelligence.
2. Seek professional advice
The mix of business commitments such as compliance, accounting, payroll, export rules, council codes and employment relations are a headache for many business owners. Get in touch with business advisers such as accountants and business coaches for advice on how to manoeuvre your way around them.
3. Review your supplier base
Review your current contracts and suppliers and check if you’re getting your money’s worth. Look into your suppliers’ competitors to find out their service offering, prices, discounts on regular bulk orders, referrals, and ongoing loyalty to their business. Also consider whether a service you currently outsource can be carried out cheaper internally, or whether you can consolidate your suppliers.
4. Diversify your range
Innovation in products and services is a sure-fire way to stay well ahead of the competition. Offer a new or improved range to your existing customers. This will not only help retain them but can also attract new customers. Immediately cut loose any non-profitable activities and back the winners. Talk to a professional who can help identify what strategies, products and services deliver the healthiest returns.
5. Spruce up your systems and processes
With all the different hats that a business owner wears, getting your systems and processes right is vital to business success. SME operators are spoilt for choice when it comes to technologies that will improve your efficiencies, such as MYOB’s range of business management solutions. When it comes to improving processes, consider building a comprehensive operations manual or fine tuning the one you have, and then have your staff contribute to improving it.
6. Be where your customers are: online
With more than 80% of consumers researching online prior to making a purchase, being online offers a huge opportunity to connect with more customers. The latest MYOB Business Monitor survey revealed SMEs with a website were 53% more likely to experience a revenue rise over the last financial year.