Did you ever wonder who is changing the rules in business? When your effort is high but your performance is low, it seems the only time you think about your business issues. So it will continue until you are made aware of the problems and what to do about them.
Significant differences come about with global competition and driven by technology? Most of the advances in the technology world did not begin until just over a century ago. Yet now it seems there is something new every time you look. Cloud computing, social media, mobility, robotics, big data, and the list goes on. The world’s information is now doubling every few months.
There is so much happening today. It has become more critical to have the basics in place to take advantage. Disruptions can make you lose control,
The population is also surging ahead, between 1860 to 1935 the world population doubled and in the next forty years, it doubled again, despite the wars and other problems. The world population is now over eight billion, and it seems we will reach ten billion before the end of this century. So today, what is perfect for one business might harm another.
Who drives the fundamental changes in the modern economy?
The Millennials are now pushing the edges of what work looks like, as each generation makes up new rules for business. With all these significant changes taking place
, we, too, need to change to survive and thrive in business.
Technology has changed many of the accepted fundamentals of business, like working 9 to 5, we can now work from anywhere 24/7. We no longer work at the same job or run the same company for years on end. Today people only hang about while learning, growing and making the money they want or need. Remember that fear stops you, and courage keeps you going, but having the basics in place gives you confidence.
The primary profit drivers are still the same.
Imagine if you had all your marketing at your fingertips, you could see what strategies were working and which weren’t. Then, you could address the basics by determining the impact of any marketing changes on your bottom line profit. Don’t mistake daydreaming for following your dream. Always keep your eye on the key profit drivers, even when your figures are small:
- Increase the number of enquiries.
- Improve conversion of enquiries to actual sales.
- Increase average value per sale.
- Increase the number of times customers buy.
- Watch your margins (increase the price or cut your expenses).
The performance begins by ensuring the basics are in place.
Setting up the right working environment will attract the right people to help you when you’re ready. It is valuable to have people give you good feedback on how you are doing things.
You might think you are doing well, but how much better could you do with a bit of help? Unfortunately, poor performance will persist until feedback, awareness and the continuing struggle confronts you.
“All too often, people resort to hand waving and random hopes for the things they want to build. It is thinking, asserting their enthusiasm and focus will make them successful”. Peter Sergeant
“Most people love Chinese food, and isn’t that what you want them to think about your business”. Peter Sergeant