With newspapers optimistically starting to talk about the end of the recession, it’s time to start preparing your business for turnaround.
Because when an upturn comes you want to be sure that your business is prepared to capitalise on the opportunities presented to it.
In these dark days of the last couple of years it’s easy to think that the economy will never turnaround, but it will and in this ‘mini series’ of 10 posts we’ll show you your business can capitalise when it does.
In this first post I’m going to encourage you to take a fresh look at your business so that you know what works and understand what makes it tick:
Here’s 5 things to do to assess the current position of your business:
Over the last 3 years, what products/services have been the real driving force of performance in your business portfolio?
How do your products or services compare in price/quality or value compared to your competitors products or services?
3. Ask customers
When did you last talk to your customers? Go and make appointments with your top 5 customers and bottom 5 customers. Why are your top 5 buying and why aren’t your bottom 5?
Important: don’t try to justify what you’re doing, don’t get defensive just ask questions and listen to what their problems are.
4. Where’s the value?
What makes your products or services truely unique? What value do they give the customer?
5. What are competitors doing?
Do you know who your competitors are?
What are your competitors offers? How are they promoting their products are they growing or struggling?
Once you’ve got answers to the questions you can then start to form a plan of what you need to do.
Some tasks will be easy. Some will be difficult. So, split them up into tasks to do in the next 7, 14, 30 and 90 days.
What do you think? Anything to add?