For many businesses, 2009 so far has been tough, unpredictable and unstable. With the UK and global economy currently amidst what some are calling the ‘worst recession for over 100 years'; it is proving difficult for businesses to predict for the future. However, it is possible for small firms to utilise the current market conditions and continue to show year on year growth and profits.
Focus on your core business
Sell and promote products and services that are core to your business. In a competitive market place and tough market conditions, it is vital that you are able to maintain & increase sales of your core products & services.
Get key staff that you can trust
Establish a core set of staff that you are able to trust and who can help you grow your business to its full potential. It is important to have senior employees who share the same business goals as its owners.
Utilise the 80/20 Principle
The 80/20 principle can be used in many different concepts/scenarios. In business, it can be used to describe ways to utilise how customers spend with you. The principle outlines that ‘80% of your revenue comes from 20% of your customers'. It is important for businesses; especially SMEs to maintain a high customer retention rate and try to utilise spend from current customers. Businesses should use cross-selling & upgrading as a key driver to maximise current customer spend. Your customers are one of your greatest assets.
Outsource areas that aren't core to your business
Outsourcing business functions has become more and more popular, especially in the current climate as businesses try to cut down on costs. Quantix has become a popular avenue for many businesses that are looking to cut costs and save money on supporting mission critical IT systems. It may be cheaper for businesses to outsource functions that are not core to their business.
Incentivise staff so that they are aligned to business goals
It is important to keep staff aligned and motivated to achieve overall business aims and targets. Create incentives for your employees that allow them to showcase their talent in exchange for a reward. This will help keep them motivated and targeted towards achieving overall business goals.
Create a vision statement and make sure everyone knows about it
Outline your plans for the future success of your business. Create a vision/mission statement that all of your employees and customers know about. By doing this, you are showing your customers & employees your intentions, plans and that you have a structure on how you will achieve growth and future success. It is also important to emphasise that both your customers and employees will be a part of the future.
For more information visit www.quantix-uk.com
