Improve your bottom line in just weeks

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  • 7/31/2019 Improve your bottom line in just weeks

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    Is your business at a road block? Are you not reaching your set goals and receiving the results you initially aimed for? Here are 6 steps you should follow, which will work wonders in putting your business back into shape.Week 1. Take a good Assessment of your Business FiguresGive your business figures a realistic assessment. Size up your business againstothers in the industry and come to a feasible conclusion as to where you wouldpicture yourself. Are you content being at the level you are now or would like to reach out to bigger targets? The goal you set for yourself will determine howto restructure your business. To get the best advice and help in this assessmentyou can contact the SME Counselling Centers and other local resources for benchmarking information. A good accounting counsellor will help gauge where your business stands and will help you forecast revenue, sales , measure profit marginsand assist you in setting out on the path from where you are to where you aim tobe.

    Week 2: Identify your market nicheThe next step in the strategy is to figure out your place in the market. To establish ones presence in the market small businesses have to be inventive and resourceful. Capturing even a small share of any given market gives your business a firm foothold. According to a well experienced professional, pinpointing a profitable niche and owning it is the best way to stay thrive in business. To carve yourown niche you first have to find out if there is any possibility of exploitingone particular zone exclusively, in your specialty. One sure shot method is to study your customers. Who are the most loyal, who are the most profitable and whe

    ther there is an area where these two groups have common characteristics. You can examine your products and services in the same manner. Which products are in demand and which are the most profitable. Your niche lies in that magic area where loyalty, demand and profitability coincide.

    Week 3: Send out a clear and impactful marketing messageTo stay in the race, you need to communicate. You know who your loyal customersare, and now its time to expand this customer base. Create a message which describes your business USP in effective, incisive and simple words. Find out from your customers, how they came to know about you and why they prefer to buy from you. This will give you the best idea for creating a marketing theme which will bring in more customers looking for your product or services. Develop customer related programs, online or print newsletters. This way you can quickly update custo

    mers with information, offers and expertise. Keep track of which products are producing the best results and focus on that strong area for future investment, advertising and growth.

    Week 4: Use the Latest technology to your AdvantageStudy your business processes keenly and decide whether updating the technologywould bring in better outcomes. Most importantly it should improve cash flow, customer service or both. The technology upgrade should be able to increase overall sales by 20 percent or cut down on cost of field operations by 15%. Only thencan it be called a must have investment. Generally, it is always an advantage to automate good business practices. When going in for an upgrade, the best option is to identify that area of your business which is holding you back, figure out abetter way to get it done and then choose hardware and software based on your t

    rue needs. Make sure that your staff are well trained to use this technology.

    Week 5: Strengthen Your teamGetting the right people in the right jobs is the only recipe for success. You could start off with writing or updating job descriptions for your key people andsee if your current employees fit the bill. Compiling clear job description will give concrete shape to your expectations. Once this is done, you can decide whether additional training will benefit the employees existing skills or whether they are better suited to another position. Dont take your most invaluable employees for granted and find ways to retain them. Dont recruit until youve prepared the

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    job description and specific requirements for education, training, experience and salary. Ask a set of prepared interview questions to each applicant. Pay attention to what candidates are hesitant to discuss- This can be a clue to weaknesses. Document their responses, and take notes. Always check references before settling on a candidate, but trust your instinct as well.

    Week 6: Keep Money in the BusinessIf marketing, technology and employees are burdening your budget, then its high time you made some wise cuts. Keep money in the business as much as possible because youre not able to just go out and borrow. Anything that distracts from running the businessany cash that you use to do anything that doesnt move the business forward, even paying yourself excess cashis going to inhibit your growth. Meet with your bank anyway to build relationships and keep apprised of options such as small-business credit cards or lease-to-buy programs with tax advantages.

    So take these regular checks on your customer relations, marketing strategy, technology plan and human resources to stay in business and expand with confidence.

    Entrepreneurial LearningThis infallible six week strategy will help you make a practical assessment of your business and enable you to identify and rectify the non performing areas which are resource draining, and will help accelerate your progress beyond your expectations.

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