Thinking Outside the Box. I know it might be a cliche, but if the shoe fits…then you should wear it :-)
Reality is times are tough for a lot of businesses…small, midsize and large corporations are facing times of struggle. We work a lot with companies in the oil and gas industry and have seen businesses of all sizes struggle to maintain their business and not file bankruptcy. So what is the magic pill? There isn’t one. I wish there was, I’d offer it to all my clients so they wouldn’t have to struggle so much every day to make ends meet. Reality is that no matter what size of business you are, you are constantly having to think outside the box and reinvent yourself to stay current and stay profitable.
Here are 5 tips I share with my clients when reviewing the current year and planning for the next:
1. Change is inevitable. What do your clients need from you and are you providing it? What can you do to sell more to your existing clientele? You can’t be the same business you were last month, last year, last decade and expect profits and the business to survive. You have to change and adapt to the needs and wants of the people buying your product or service.
2. Look at your competition. Yes, we like to say we are unique and we have no competition, but that is not reality. There is always another way our customers could be spending their money on versus spending it on us. Take time to assess what is happening with your competition. What are the good and bad things happening in your industry and with your competition. That doesn’t mean you have to do what they are doing, but a savvy business person is always aware of what is happening in their industry and what their competition is doing.
3. Assess your business model. Does your business model work? Do you have the appropriate staff and technology to meet your company’s needs? What can you do to streamline your business model and improve the customer experience while saving money by cutting expenses that are not adding value?
4. Additional revenue streams. Where can you build additional revenue streams? Diversification with purpose can be wise. Random acts of unplanned behavior can cause unnecessary stress and decrease your bottom line. With purposeful and strategic planning, you can diversify your revenue stream and help ensure you are not too reliant on any one customer or industry. This will help balance out your risk should that customer or industry have a decline in performance.
5. What are your personal goals? Every business person has business and personal goals. How I would run a business is different than how you run a business. We start a business, operate a business or go to work every day for someone else for our own personal reasons. It can be as simple as paying the mortgage or saving for retirement but usually it’s not that simplistic in reality. We all have personal goals that come in to play and influence our decisions. Balancing those personal goals with the work goals are necessary for you to have good work/life balance. No amount of money makes us happy if we don’t have balance and aren’t achieving our personal goals along the way.
My goal is to help each client find their balance and achieve their personal and business goals. Thinking outside the box is often necessary to find the right mix for each client. What is your right mix?
About the author: Pam Newman Morin, MBA, is a Certified Management Accountant, Author, and Advanced Certified QuickBooks® ProAdvisor. She is the President of RPPC, Inc, which is an Accounting Firm that specializes in QuickBooks® services. For more information: Website is www.quickbooksinformation.com, Follow on Twitter @RPPCInc, YouTube Channel is RPPCInc, or call Toll Free at 888-536-9690.