24-Mar-09 11:00 PM CST

Six Ways to Achieve an Edge in Tough Times

Focus on opportunities created by a single-minded approach to excellence.

Having been involved in the green industry for more than 30 years, I’m challenged to remember a time so difficult for our industry. In particular, we are facing a very difficult economy in which fewer projects and less business activity tend to highlight the competitive nature of our business. Though competition is nothing new, tendencies to focus on lower pricing is a temptation that companies often succumb to.

With this in mind, focus on seeking out the opportunities that are available to you. Believe it or not, opportunities do exist. These opportunities present themselves through effort, commitment and a single-minded approach to create excellence.

Let’s talk about six ways to create excellence and get an EDGE in difficult times.

1. Organizational qualities. Understand that businesses get in trouble in good times, not always in bad times. With this in mind use this period to create a more effectively run organization. This means doing the right things.

Think about structuring your organization as follows:
• Project long-term plans.
• Think quality and do not compromise.
• Be a part of a solution not a problem.
• Concentrate on building market share; now is the time.
• Stress planning for survival; get companywide buy-in.
• Revisit and/or formulate your mission statement.

2. Business development. Now is the time to really get involved and get active in your business. Be a leader, understand your market, find important sales opportunities and develop marketing strategies.

Consider the following:
• Create an identity.
• Think quality and provide value in what you do.
• Be prepared.
• Know your competition.
• Keep your margins and articulate why.
• React to changing market conditions.

3. Your staff. Know that employees are your biggest asset. Staff evaluations may be one of the most important activities facing your business today. It is imperative that you evaluate each position with an eye toward assuring that every job takes 125 percent effort.

Only through this commitment will your business properly manage your single largest expense – people. Remember,
• Leadership starts with you.
• The top must sacrifice first.
• Create a team approach.
• Communicate your objectives.
• Emphasize training.
• Evaluate your human resources as you would material resources.

4. Financial well-being. Your cash flow is critical. Explore all options to make this happen. This is a time to get involved with your finances, make your business as lean as possible, make sure you – personally – sign all of your own checks, and keep your records in order.

When possible:
• Take terms when you can get them.
• Never ignore creditors and negotiate appropriate terms.
• Know your banker.
• Work hard to keep your receivables current.
• Be a tyrant with collectibles and beg forbearance with payables.
• Keep all of your financial records current and organized.

5. Laser focus on your customers. Make sure that everything you do in your business provides value for your customers. Know each customer, seek their input and understand what services you provide that best assist in your customers’ success.

Treat your customers well and enjoy their loyalty by:
• Growing from your absolute core.
• Never assuming you can grow your way out of trouble.
• Positioning your business in its niche.
• Developing a strategy to service this niche.
• Asking for feedback.
• Creating value for your customers.

6. Strategic planning. Nothing you will do in your business matters if you do not plan for success and create an environment where your entire company pulls the same rope. This is an opportunity to really break your business down and capture a full team approach.

Your strategic planning session should examine the following areas:
• Define the purpose of your meeting.
• Create/evaluate your mission statement.
• Discuss your firm’s goals.
• Define your customers.
• Evaluate your vendors.
• Discuss what’s going well with your business.
• Discuss what isn’t going as well as you would like.
• Develop individual and organizational goals.
• Explore opportunities.
• Develop positive steps and a course of action.

Click a star to rate!

Rating: 0.00 / 5.00 - Not yet rated.
0 ratings