Business Improvement Business Improvement • Biggest long term threat to small businesses is drift Biggest long term threat to small businesses is drift Lack of focus Lack of focus Vague planning Vague planning Reliant on luck Reliant on luck • Manifested in: Manifested in: Moribund or patchy growth Moribund or patchy growth Falling sales, margins & profits Falling sales, margins & profits Poor customer retention and satisfaction Poor customer retention and satisfaction Problematic cashflow Problematic cashflow
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Business ImprovementBusiness Improvement
• Biggest long term threat to small businesses is driftBiggest long term threat to small businesses is driftLack of focusLack of focus
Vague planningVague planning
Reliant on luckReliant on luck
• Manifested in:Manifested in:Moribund or patchy growthMoribund or patchy growth
Poor customer retention and satisfactionPoor customer retention and satisfaction
Problematic cashflowProblematic cashflow
SolutionSolution
• PlanPlan
• MeasureMeasure
• FocusFocus
PlanPlan
• Where do you want to be in:Where do you want to be in:12 months?12 months?
2 years?2 years?
5 years?5 years?
• Write down your targetsWrite down your targets
• Break down into smaller chunksBreak down into smaller chunks
TargetsTargets
• On a beach in the BahamasOn a beach in the Bahamas
• SMARTSMART
• 5 more customers by the year end each 5 more customers by the year end each spending £5,000 per monthspending £5,000 per month
How will you get there?How will you get there?
• Where are you now?Where are you now?
• How do you run the business now?How do you run the business now?
• What behaviours do you need to change?What behaviours do you need to change?
• What extra resources do you need?What extra resources do you need?
• Concepts e.g.Concepts e.g.• Power of 1%Power of 1%• Operational leverageOperational leverage• Cash cycleCash cycle• Value chain analysisValue chain analysis
MeasureMeasure
• Find out where you are now Find out where you are now
• Where do you best apply resources to get where Where do you best apply resources to get where you want to go?you want to go?