Foundational Activities to Optimize your Business - Part 1
Over the next few posts, we will discuss how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.
Today we’ll cover two different perspectives to consider in order to maximize what you already have. These include:
Identify and Accept Where you are Now
Brainstorm for Unconventional Breakthroughs
Identify and Accept Where you are Now
Sometimes when you are too close to something, you lose sight of the big picture. You need to challenge yourself and your team to step back and really take a hard look at the resources you currently have in front of you. You may be surrounded by opportunities that can boost your career and help your business become more successful.
Before you can put your breakthroughs to work, you need to identify the processes and systems that are not working for you in order to correct or eliminate them. Current state process flow evaluation is a good way to do this. Additionally, you should have a current listing of your strengths and weaknesses-- you need to compare those to the strengths and weaknesses of your competitors.
There are some great questions you can present to your team to get a handle on where your business is right now. They are:
Why did I first start this business? Why am I in this industry?
What products/services did I offer then?
Which were the most popular then?
How did I generate new customers/clients then?
Which of my marketing efforts were bringing in the best results?
Why are my customers/clients buying from me now?
What are my customers/clients buying from me now?
Once you’ve got some answers to these questions, you’ll know better how to currently address your weaknesses.
Generate Unconventional Breakthroughs
Don’t sit around waiting for breakthroughs--you and your team members need to create them yourselves. A breakthrough is merely a new way of doing things or finding a new process for better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.
Some great examples of breakthroughs are:
A health and beauty company discovers an additional use for a product that can be re-marketed and sold in a different product category and market segment.
The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.
When attracting or strategizing for a breakthrough, there are some key objectives you need to keep in mind. They are:
Look for the hidden opportunity(s) in every situation.
Look for one cash windfall for your business every three months, at a minimum.
The more value for your client, the better your breakthrough.
Create multiple streams of idea inputs to find the best breakthroughs.
Effective breakthroughs usually positively affect risk or resistance.
These areas give you a launch point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, simply contact us today!