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3. Operational Inefficiencies Uncorrected

We live in a world of instant gratification and that trend is sure to continue. With that in mind, are there any opportunities within your organization, to reduce waste, or eliminate inefficiencies?

As cash flow because more important than ever, it’s paramount that businesses always be mindful of how their mousetrap is operating. I believe that one of the most overlooked operational blunders is the mistake of using old technology, with an expectation of an increasing productivity.

It’s not secret that payroll is the number one expense of most businesses, and when the workforce is restricted, the entire organization becomes inefficient. A simplistic example of this is the use of old, slow, computers and software. When an employee uses equipment with a slower rate of output, then operations are sure to suffer inefficiencies.

2. Remember Your Current Customers

An organization’s current customer base is its life-blood. Current clients will remain loyal, even through economic hardships, if you are committed to understanding their needs.

Many sales gurus will tell you to analyze the size, profitability, and potential of your current customers, to determine the level of attention that you give, but my advice is to treat your entire client base equally.

When my wife and I married, I thought that her family was a typical medium income family. It wasn’t until sometime later that I realized that her retired, 50 year old, father was a multi-millionaire. I knew that he has some properties that he collected rent from, but who knew that this man standing in the bank (wearing jean shorts, a t-shirt, and a straw hat) was depositing $100,000 a week into his account.

The final thought here is that you NEVER know the state of your current clients, and to treat them differently because of your perception is just plain stupid. Your customer know a lot of people and through your response of sincere focus on their needs, will spread your business-name like wildfire.

This will be a six-part blog post that discusses the six most common mistakes that companies often make.

The economy today is a turbulent and uncertain one and many companies choose to react, rather than respond. Looking from a different angle, if we react to a certain medication…it’s bad, but if we respond-that’s good. The decisions that are made during a slow economy will impact your business for years to come, so take some time to ensure your actions are a response, not a reaction. Some of the items listed below are areas where organizations often react, instead of respond.

1. Capitalize on Market Opportunities

Thanks should be given to the small business owner, because it’s those companies who continue to reinvent the economy on a regular basis. Many new Brands are launched during a slow economy and many of those Brands continue to perform successfully. A good way to capitalize on market opportunities is to analyze trends, perform market analysis, and spend considerable time with nothing more than your imagination. Einstein said, “Logic will get you from A to B. Imagination will take you everywhere.”