Standing still means going backwards. Growth is a must.
If you think your business is in great shape, you’re wrong. That kind of thinking can take you on a downward spiral quickly. You may have healthy profit margins, good inventory turns or a great customer base, but in todays’ market, that is short-lived. Your competitors are right behind you waiting for you to flinch.
Here are three reasons (of many) to keep evaluating your business:
- Employees – no matter how secure you think they are or they think they are with their present employment, companies are recruiting like never before. With qualified, skilled employees in high demand, companies will go pretty far to steal them away from you. The talent that moves out of state is a result of our lack of having paid attention to them in the past. What have we done to make our communities attractive to live in?
- Competition – it’s not just the other guy down the street anymore. New businesses are starting up as employees turn into entrepreneurs and “from away” businesses expand into your back yard. As businesses figure out that multiple locations are key to turning profits, it’s a take no prisoners mentality for expansion.
- Marketing/Advertising and Sales – If you haven’t noticed, it’s not about newspaper ads any more. Connecting with potential customers is all about ‘how’ you advertise or market your company. It changes on a regular basis and if no one saying attention to it, it’ll turn your revenues around in a month.
As my fourth grade teacher used to say, “PAY ATTENTION”. Stay with it and you’ll be fine. Don’t be afraid to try different things. Talk (and listen) to your customers and find out what they pay attention to, that is where your marketing needs to be. Talk (and listen) to your employees, show them gratitude, keep them happy. Happy employees create happy customers.
Paul Beaudette is President of Leading Edge Business Strategies, LLC, a business consulting firm working with companies to fortify their bottom lines through financial analysis, sales coaching and employee development. He can be reached at firstname.lastname@example.org or (207) 577-1948