About 130 or so years ago, noted British Naturist and author Charles Darwin was allegedly quoted as saying that "It is not the strongest of the species that survives or the most intelligent but the one most adaptable to change." As you are only too aware the market is constantly changing; dairy prices up then down, fuel prices down then up and exchange rates all over the place. To 'survive' this uncertainty means adapting quickly to the altering needs, wants and/or expectations of your current and potential market(s). How can I grow production, develop my team, improve the use of technology and/or reduce costs to increase the value and reputation of my business?
The top ten things you need to think about in whatever the industry you are in are:
- Who is my customer and what do they need or want?
- Are my current products and/or services meeting the needs and/or wants of my customers?
- Do I have excellent systems?
- Do I have targets and budgets and am I measuring whether I am achieving them or not?
- Do I know what my business costs and am I controlling these costs?
- Do I manage my cash well?
- Am I managing my stock well?
- Am I managing WIP well and do I have other programmed work ahead of me?
- Am I managing my debtors and creditors properly?
- What capacity do we have and what development do my Team and I need?
The priority order that you should consider these will be dependent on the type of industry, the level of competition and the individual circumstances of your business. Ask yourself and those advisors you trust the right questions to ensure you are continually adapting and improving your business. Please give us a call here at accounted4 if we can help you answer the right questions.
All the best with your Business,