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Priorities in difficult times

Priorities in difficult times

PART

John Maxwell says, "People are so resistant: must be stretched to be effective. "

We have to look at what is happening in the world today as a challenge and an

Opportunity to improve …

"The reason why so many people never get anywhere in life because when the opportunity arises, are in the yard looking for four-leaf clovers." – Walter P. Chrysler

Stop Leaks –
Improved cash flow

Here are some practical ideas to improve the cash NOW

Check Prices

Now maybe not the best time to raise prices but look at how

◦ Adding value with a better service, warranties, installation or delivery. Just phone calls and turning when you say is so great victory (try to get a tree arborist to cite a moment!)
◦ prices in the industry for a better return – often say to franchisees in markets of age have a small selection (medium) slices of cake or offers better margin per unit, because customers are often tempted to buy smaller portions.
◦ education about the value rather than price – Train staff sales and product value and attributes
◦ Have unique selling propositions – eg. For food products, coffee beans, etc, with a sampling special introductory offer of coffee and knowledge accompanying brochures, etc, still works fine
◦ Watch some no more exclusive lines can offer
◦ change some of their products or packaging to generate interest and the price again. Low prices and cheap you will be considered, especially so largely under other products on the market.
◦ Create bundles or packages of products at low price with high perceived value

• Reduce the cost of goods

◦ The first step – the amount of work you need to say in the next two years, and discuss with suppliers. You must be able to negotiate better prices if they can provide the fulfillment of business.
Look for alternatives Suppliers ◦
◦ Goal of reducing all costs by 10%
◦ Buy in bulk, pay and receive the benefit over time. Most providers are looking for long-term orders. We did at the beginning of Gloria Jean's Coffees see the rates of reduction of tariffs and also to help our storage space by receiving (and paid) over time.
◦ Increase operating speed. One company we know cash flow has improved considerably, reducing production lead times / (it took a change of personnel to do it!)

• reduce inventory

◦ stock copy.
◦ gifts – eg. buy one get one free or issues Media groups at a discount or give all customers something free with the purchase or visit.
◦ Try before you buy, samples free trial periods etc.
◦ Special – local ads, radio, streaming charts, records of purchasers, direct mail, dealing with other companies, cinemas, etc.
Improving the accuracy ◦ Inventory – What Stocktake regularly to find out what order, what sells and what is nonsense.
◦ Reduce your inventory. Find ways to get rid of slow-moving old inventory – before starting to happen that can not be sold.
◦ Rejuvenation based on market demand.
◦ Getting rid of the storage area above. retail values in the back room do not see and not sold! I often ask the retailers have opened their store room for guests because it is maintained everything.

• Collect Accounts

◦ Look at your needs. Change in terms of cash instead of sending a bill or reduce from 30 to less than seven days.
◦ Increase the price paid over 7 days, 14 days, etc.
◦ overcome fear of the library – Make sure that whoever who has done this work is polite, but firm and persistent.
◦ Have a clear procedure for the collection of phone.
◦ Having a reliable control and maintain accounts.
◦ Is a trained staff in the collection and technical advice
◦ Visit your client.
◦ propose an alternative it is difficult – to obtain payment slower than nothing, everything helps the cash.
◦ Be aware and ask – the worst, I will not, but may be necessary for debt collectors, lawyers, etc.

• Pay in cash

◦ Automate your system and payment of invoices should be
Extend ◦ accounts payable period
Try before you buy ◦
◦ If you pay only when a sale is possible
◦ pay the minimum
◦ Develop a bonus card points/55 days without interest or points that can be used for travel.

• And more

◦ Getting deposits
◦ Payments in advance – as the old model by the system.
◦ telemarket existing customers – Call to see how the product / service performs. Updated offer replacement or additions or special prices for customers.
◦ Finance Organize easy.
◦ Sell your system (or product) in other territories.
◦ events to highlight the product – will not be an excuse: birthdays, No. 1,000,000 customers, local events seasonal celebrations, new buildings or renovated under new management or new owner – a game, if only for the fun of it!
◦ Look for the free publicity and PR to local media stories. Offering products or services as prizes for local media to launch a promotion.
◦ Accepts all credit cards and POS terminals. This is a large number of smaller companies need to hear! A sign that says cash only these days undoubtedly lead to people and / or sales performance in small single point.
◦ The acceptance of checks.
◦ increase sales, customers who are willing to buy, or have made a case often will be happy to buy more.
◦ Cross-sell or add on sales. One of our franchisees weekly sales have increased just $ 3,500 offering $ 1.95 small complement of power to each customer, increasing the average transaction $ 4.05 to $ 5.05.
◦ VIP club membership or special benefits
◦ extra copy of the guarantees and contracts
◦ have a number 1800 phone and a trained receptionist
◦ Website – Maintain and useful, easy to find and negotiate. See for example uses it more. Site Offers

Remember that these are just some ideas to stimulate reflection. Be creative, not defeatist is now a good time to take a good overview of the flows cash, creating new ways to price, sell, promote, improve the level of inventories and accounts.

"We will develop all the strategies about how work can be done, compared to notify the other reason why you can not do. "
 – Melissa Gonsales

A budget does not is a plan

The other day, a huge Excel spreadsheet located on the front of the other similar business advisor.

Here is our plan year, proudly announced the e-mail address of the owner of the company do you think?

He looked at the mass numbers, the only words he could find were the titles of the columns, called the owner of the company immediately:

"I think the budget told the owner of the company.
"You're right, is the budget. Our plan for the annual budget. "

"But what are the steps you take will actually the budget? "
"Oh, I do not know yet."

This June Business owners are buried in the budgets, muttering for control costs and stabilize revenue. Plans are revsited or born.

Or are they? A budget is not a plan, it is simply an interpretation a financial plan. If you are serious about making 2010 a good year, must be serious about planning. It's not too late to do things, but you should start now.

Here's how:

1.Book annual planning days in the daily management of their equipment and all remember to include your representative sales. And do not let anyone to slip, despite what can thought, no one is too important to the daily management of the company to participate in this meeting.

2.Hold annual day offsite planning. If you do not lose half the team to your computer. In our experience an offsite meeting in a small mountain stage works very well – at least not because the iPhone / Blackberry does not work. The best way to start the meal out of the office and sleep during the day, what all this social fact before that day.

3.Start planning days with a summary of the basics business object (the passion, the driver of profits, brand promise and capabilities basic) and strategic intent ("big hairy goal" Bold, five goals for the year). If you are a little rusty on these we suggest you take a day strategic planning days before the annual planning work up to them.

4.We believe a high level SWOT analysis is a tool next business. Not only was everyone in the right mood for business planning, but also gives them the opportunity to their concerns.

5.A review the year that has ended is a good article on the next agenda. But the extensive coverage of three top and bottom. If you want this in more detail we suggest do so during dinner the night before.

Now ready to begin planning a successful business. We suggest you begin with the question "What do we achieve by the end of the year? "If you want to end up with measurable goals of this section, leaving wide open to start. Want to find targets such as" X in the market for new products, if not addressed directly to the objectives of revenue gains and ROI.

The decision, for example, five measurable objectives. Perhaps the three financial metrics (revenue, earnings, working capital) and two on something that is important for the future business, but not unit profit this year (as a foot in the door "to the list of customers" and geography, new products).

Once armed with the objectives, spend some time identifying five strategies to be taken to get there. Remember, after Planning Day, there will be no action unless someone is responsible, we suggest that you assign a person responsible for each strategy at this time.

Take five basic strategies and tactics to work on each quarter. You probably want to focus on the tactics of their efforts in the quarter, while noting the quarters to come, when you start things to be started by year. You can complete the tactics for the next quarter, its next quarterly meeting. You obviously going to hold these meetings now right?.

At the end of the day the plan, you must have agreed on five annual targets, the five strategic thrusts for the year and a handful of tactics for the first quarter. You can quickly this document on a sheet of a single page.

It is likely that it is hard to believe that covered in one day, and we tend to accept. We recommend that regular day "Annual Planning is a two-day event, but we also know how difficult that is to get the management team away for a day, much less two, so it is your decision.

And then? Well there is plenty to do to its annual plan to life in the company. First, you should work on creating a budget that reflects the plan, rather than a plan that reflects the budget here is where your business advisor can provide invaluable help and assistance. This article was provided by Icon Business solutions that Tony GATT is an accredited business advisor

About the Author

Tony Gattari is a
business keynote speaker
and guest speaker. His passionate enthusiastic style makes him ideal as your next guest speaker, sales speaker, marketing speaker or
keynote speaker
. Achievers group provide marketing and sales training, consulting, marketing workshops and keynote speaking services. See http://www.achieversgroup.com.au for more.

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