R is for Recession...

It is unfortunate that when business is good we believe that it is due to our knowledge, passion and entrepreneurial skills, however, when business is not so good we blame the recession, the government or our customers.  On an incoming tide,  all boats rise and so it is with companies in a strong market; whatever we do will probably work, and sometimes a business can be successful in spite of the owners knowledge passion and skills…

When business is tough we realise that what we used to do simply doesn’t work, the tide is flowing against us and we have to find “new” ways of attracting customers and growing our sales. In reality we don’t need to find any “new” ways at all – we just need to go back the basic principles that the levels of our previous success had afforded us the luxury of ignoring.

R is for Results – there are 5 Principles to follow to get Results…

1.       Philosophy – be clear on your goals, standards and values. Your business will be a reflection of you and it may be that you need to change, learn new skills or think differently.

2.       Product – is your product or service truly excellent? Is what you do attractive and valuable to your clients, is it unique and different from your competition?

3.       Process – does your business only run when you are there? Remember, it is not what you supply but the context in which you supply it that makes the difference – is excellence systemised, or is it a lucky random occurrence?

4.       Promotion – are you marketing your business effectively? Are you sending compelling messages to your defined target market and can you measure the results you are achieving?

5.       Profit – is not your objective. Profit is a symptom of everything else that happens in your business, the outcome of the first 4 Principles. If your profit is not where you need it to be, simply look at your Philosophy, Product, Process or Promotion to find the solution.

The 5 Principles should be approached in sequence – it is no good having great Promotional activity if your Product and Process is not up to scratch for example. In my experience, we must start with ourselves – challenge ourselves to learn adapt and change at the same pace as the environment changes around us; only then will everything else fall into place.