Tech-I-M enVISIONing Process™
It’s the middle of the year. First half has gone okay. But, you need to make a difference in the second half of the year. It’s not over yet. You’ve still got a chance. And, you need to get ready for the next year or two. What are you going to do? You need a short term order/revenue plan, and a longer term operating plan, and an even longer strategic plan. These are all parts of the Tech-I-M enVISIONing Process™.
For the short term improvement, start with Income and focus on getting out and talking with your existing customers. Find out what the prospects are for the remainder of the year. Do they have some money they will need to spend before the year is out? Does their fiscal year end in September or October? Do they know all the good things you have to offer? What effective and cost efficient advertising can you do? For retail, it’s often about the 4th quarter. Advertising needs to be bought and placed early enough to be in the market before the 4th quarter.
Move onto operations and make sure you set a new budget for the next fiscal year. Look at every expense you have and determine if you can improve it in some way. It may seem trivial, but ink is still very expensive. Printing in color only when you need to can save some dollars–and it gets more people treating your business like it is their own.
Net income then is all about watching your cash flow. Too many companies go out of business because they are unable to manage the flow of cash into and out of their accounts. Talk to people that owe you money. You might go so far as to offer them a discount for paying earlier.
Once you have the short term issues under control, you can move to looking at your strategy. That’s assuming you have one. What is it today? Do you have a competitive advantage? Have you looked at how the market is changing? Consider using the Tech-I-M 7 Forces Analysis™ to get a clearer picture. Use the Voice of the Customer M.D.™ to be sure you understand your customer’s wants and needs.
Armed with all that information, what is your vision for 3-5 years from now. What is it that drives you, that motivates you. What do you want your people to be motivated by? It’s rarely to make a lot of money. The human spirit needs more than that to get intense passion that translates into powerful results.
Now, innovate your business and products to get from Point A to Point B (.A2.B™). Find the value your customers will appreciate and create your unique selling proposition. Take your business plan and check it out with the Plan Predictor™.
It certainly does not end there. But it is a fantastic start!!!