Out and about helping YOU succeed

When times become tough it is all the more important to KNOW where your business is and what it is doing.

Do you know if you are breaking even?

Do you know what your cash position and forecast are?

Do you know how you are going to get that work done over the holiday period with less staff?

How long can you survive hoping those orders are coming in?

These are just some of the Hard questions we need to ask ourselves, understand the answer and then decide the appropriate actions we need to take.

Despite all the statistics and information telling us how businesses with business plans are more successful than those without we still don’t have a plan. BUT when times get tough the slack or optimism in any of our businesses goes. It can turn very quickly into decline and we need to know what is going on and respond. The “patient” can get sick to terminal in a very short timescale without the right treatment.

This is a time when it is all the more important that you are working “ON” the business and not “IN” the business. Work out your costs and work out your forecast sales and income. BE REALISTIC. Then work it out again assuming the worst case and the lowest of all your assumptions. Take note or when it is that you start losing money and not making money. Look at what actions you need to take to slim down or address unnecessary costs and what you need to do to drive up the income.

Whatever the outcome of your review, the important thing is that you have increased KNOWLEDGE and the information upon which, to make decisions and take actions.

Your chances of survival just increased.

This is not about negative actions but positive actions. They are positive because they are proactive – thought through, in advance and considered.

If this is something you are not used to doing, unsure about how to go about it don’t hesitate – just ask us.

Carol

Call Yorkshire Business Services on 01943-607851 and visit our website and learn more at www.yorkshirebusinessservices.com for more news of what is happening in your own Yorkshire business community.

Labels: business, Change, Growth, planning, Profit, success

I had the great pleasure to go along and hear Tim Campbell of apprentice fame, speak at an event in Harrogate last Thursday evening.

He is an excellent speaker and and went through his experiences and challenges and also some of the lessons learnt through the Mentors - such as Alan Sugar have shared with him and that he has experienced.

Out of this excellent session one of the messages Tim spoke about rang out loud and clear.

Are you in a business or do you just have a hobby? A business makes money and a hobby just gives you money to live on.

How many of us run our businesses as a hobby? Its not wrong or right but it is important we know what we are doing and act accordingly. If we are in it to make money and run a business then we must have a plan and clear deliverables on the way.

Which is it that you have? When you are thinking about starting up in business or working for yourself are you clear where you want to go?

If you are not sure or you cannot answer this then how do you expect to get there!

Look closely at yourself and your proposition and ask yourself these questions and be honest!

Labels: business, planning, Profit, success

Are you really spending your time on what is important? Do you even know where that time goes and why you never have enough?

These are common gripes and questions which come up with all the people and businesses we deal with. A lot of people have even been on “Time Management” courses to help them organise themselves even better than they did before!

We then ask, “what are you spending the time on and what did you get done today”. More often than not it is difficult to answer – “but I know I have been busy”.

My question to you is are you focussed and effective? I do not mean are you busy or well organised, I mean are you EFFECTIVE? Does what you spend time and money on deliver any measurable benefit and could you do it an easier or more effective way. For example – A door to door salesperson can be very efficient, excellent and selling door to door, BUT are they effective? They could sell much more using a better method such as e-mail or direct mail.

Let me tell you about Pareto’s law which I use all the time when working with businesses. A simple definition is ……80% of the outputs result from 20% of the inputs. Think of it this way:

80% of the results flow from 20% of the actions

80% of the profits come from 20% of the customers

80% of the business comes from 20% of your product lines

And I could go on – most of the time its even more extreme.

Think about this in relation to what you do day by day and how much time you spend doing it. Let me give you an example: Do you check your emails every 10 minutes and break off from what you were doing? Why? Most of them are junk anyway and if you ignored the 80% of dross and concentrated on the 20% important think what would happen. Don’t let that pop up box, telling you an email has arrived, run your life. Turn it off. Check your email when you want and stop the interruptions. Its a lot easier to ignore the rubbish all in one go and then concentrate on the important.

Think about it – what is the 20% which really generates value and profit for your business and stop doing all the rest. Challenge yourself to change and become EFFECTIVE and transform your life.

Carol Buchan

Labels: business, Change, Growth, Profit, Time, usiness