Over the next few weeks we are going to discuss how to gain the most from your resources to help your capital go further and increase your profit margin.
Today we’ll cover three different ways to maximise what you already have. These include:
- Recognizing the obvious
- Unconventional breakthroughs
- Facing the facts
Recognizing the Obvious
Sometimes when you are too close to something, you can’t see the big picture. You need to take a step back and really 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.
Don’t sit around waiting for breakthroughs, you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or 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 a side effect of a product that can be re-marketed and sold.
- A company creates a roll-on deodorant inspired by the shape and size of a ball point pen.
- 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. These are:
- Look for the hidden opportunity in every situation.
- Look for at least one cash windfall for your business every three months.
- The more value for your client, the better your breakthrough.
- Create multiple streams of ideas to find the best breakthroughs.
- Effective breakthroughs can remove risks and resistance.
Face the Facts
Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work on correcting them or get rid of them all together. System analysis is a good way to do this. Create a list of your strengths and weaknesses, and compare them 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. These 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?
- Why are my customers/clients buying from me right now?
- How did I generate new customers/clients then?
- Which of my marketing efforts were bringing in the best results?
Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.
These three areas we’ve discussed will give you a starting point to begin utilizing your current resources to their fullest potential. If you need any help with your strategic or systems analysis, try our GUIDED TOUR to work with one of our amazing business coaches.