Five minutes a day!

Five minutes a day!

Five minutes a day!

With the recession still banging on the walls I am sure that we find five minutes to spare during the day to help our business remain on the right track. I don't believe that 5 minutes is asking too much. You will ask though, what are the 5 minutes for. Hers's the explanation. Just ask yourself on a daily basis what is working? What is not working within our business? Strange but these two simple questions can lead to very important answers.

If something is working then the answer should be to do more of it. That's sounds easy, but are you actually doing it?

On the other hand if things are not working out well, if dark clouds are looming and you don't seem to be making any steps forward (recession or no recession), if sales and profitability are not matching the projectionsthen it's time to push the pause. Take a break and examine everything from product, the service or related services, the process, basically everything! Be ready to make some changes, and fast, as times are tough!

Discuss the matter with your sales and marketing people. Get their version of what is working and what is not. Is the problem related to one of the 4P's; product, place, promotion or price? Is the problem a constant, or is it seasonal, or has it happened after the recession? Are there any occasions, places or individual sales people that are still selling ... whilst others are not? Why? What is different? Aha, now you are getting some answers ... now you can act!

Now take a deeper look inside your organisation. Look at the cash flow (scary thing), your levels of profitability for each product and or service. Do you need those products and or service which give you no or ow profitability? Ask your accountant to tell you what your ROE (return on equity) is, what your ROI (return on investment) and also return on sales.

Next be ready to answer some even more difficult questions. Take a good look around you and ask the question "Who are those people in your organisation that add value to the business?" What comes next is rather obvious isn't it ...who are those people who are no longer adding value to the business? Who are those that are just warming up their chairs and resulting in a loss for the organisation rather than adding value?

After that you should also look outside of your organisation and ask questions about your client base. Question yourself who is/are your best clients. Why are they the best? What do your clients expect as customer satisfaction? What do they complain about? Are you tackling these areas?

Whilst you are looking outside don't forget to ask yourself if you know what your competition is doing. If not, stop reading and just get out there.

If you think you can't ask yourself all this in just five minutes, just give it a try. You'll be surprised how many questions you can drill yourself in just five minutes. The trick is to keep it up regularly!

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