Seizing Opportunities
When money gets tight, you certainly want to cut some areas of your budget, but not every area. In fact, many reputable companies look to grow their market share during a negative economy. Your business can also increase its market share by focusing on these three areas:
Marketing. So many businesses start slashing their marketing budgets when money gets tight. But when you think about it, this practice is counterproductive. Don't you want to bring in new business at a time like this? While you should certainly re-evaluate how effective your marketing weapons are and cut which ones are not working for you, you should not cut them all.
Training.You have to stay on top of what's happening in your industry. By not continuing to invest in training, you may be giving business away to your competition. And, if you do invest in training and your competitor does not, you will have the competitive edge.
Recruiting.Always keep your eye out for good employees. And, you may need to hire a few good employees if you let your poor-performing employees go (No. 3 in the above article).
By making the most out of a bad situation, you may not only help your business survive, but you may also have positioned it for a promising future.
Contact me for more: Tom Long 708-524-0886, SolidOakConsulting.com.
Wednesday, September 28, 2011
Wednesday, September 21, 2011
When Times Get Tough ...
When Times Get Tough ...
It's easy to feel a little helpless with what's happening with our economy. But the good news is that not all businesses are in financial trouble right now, and there is plenty that you can do to keep your business financially stable.
Paying bills when times get tough, our instincts tell us to cut where we can. This is a good idea as long as you cut from the right spots. Here are three areas that you may want to consider trimming:
Vendor contracts. Examine the terms of your contracts to make sure you're getting the best deal possible. It's amazing how much money you can save when you do a little research. And, you may find that your existing vendors may be willing to negotiate with you knowing they may lose your business to someone else.
Clients. This may be hard to believe, but you may have clients who cost more than they are worth. If you aren't making a reasonable profit, or a profit at all, from every client, it may be time to refer some of them elsewhere.
Poor-performing employees. In a shaky economy, you cannot afford to keep employees who aren't performing up to your standards. Hard workers are easy to come by these days, so don't settle for people who are not working hard for you.
Economists tell us this rough economic time will pass and history has proven this to be true. If there is anything I can do to help your business get through this economic malaise, please contact me, Tom Long 708-524-0886, SolidOakConsulting.com.
It's easy to feel a little helpless with what's happening with our economy. But the good news is that not all businesses are in financial trouble right now, and there is plenty that you can do to keep your business financially stable.
Paying bills when times get tough, our instincts tell us to cut where we can. This is a good idea as long as you cut from the right spots. Here are three areas that you may want to consider trimming:
Vendor contracts. Examine the terms of your contracts to make sure you're getting the best deal possible. It's amazing how much money you can save when you do a little research. And, you may find that your existing vendors may be willing to negotiate with you knowing they may lose your business to someone else.
Clients. This may be hard to believe, but you may have clients who cost more than they are worth. If you aren't making a reasonable profit, or a profit at all, from every client, it may be time to refer some of them elsewhere.
Poor-performing employees. In a shaky economy, you cannot afford to keep employees who aren't performing up to your standards. Hard workers are easy to come by these days, so don't settle for people who are not working hard for you.
Economists tell us this rough economic time will pass and history has proven this to be true. If there is anything I can do to help your business get through this economic malaise, please contact me, Tom Long 708-524-0886, SolidOakConsulting.com.
Wednesday, September 14, 2011
Mapping Out Your Future
Mapping Out Your Future
If your survival needs are taken care of - food, shelter, relative safety - chances are excellent that you have at least one or more goals you'd like to see blossom into reality. Your goals might be related to your housing, location, wellness, relationships, livelihood or something else.
Yet, many people who want to create new outcomes or new realities sabotage themselves from the beginning by failing to realize that if you want new outcomes, you need new road maps and routes.
The great physicist, Albert Einstein, said, "Insanity is doing the same thing over and over again and expecting different results."
He also said the problems you face can't be solved by the same level of thinking that created the problems in the first place. Jesus commented that you can't put new wine into an old wine-skin; the Buddha counseled that "with your thoughts, you make your world."
In other words, to change your reality or your outcomes, you must first transform your thoughts and your 'ways of doing' things.
Change your road maps and routes, and you'll arrive at new destinations - some you planned and some you only dreamed about.
To discuss further, contact Tom Long 708-524--0886, SolidOakConsulting.com
If your survival needs are taken care of - food, shelter, relative safety - chances are excellent that you have at least one or more goals you'd like to see blossom into reality. Your goals might be related to your housing, location, wellness, relationships, livelihood or something else.
Yet, many people who want to create new outcomes or new realities sabotage themselves from the beginning by failing to realize that if you want new outcomes, you need new road maps and routes.
The great physicist, Albert Einstein, said, "Insanity is doing the same thing over and over again and expecting different results."
He also said the problems you face can't be solved by the same level of thinking that created the problems in the first place. Jesus commented that you can't put new wine into an old wine-skin; the Buddha counseled that "with your thoughts, you make your world."
In other words, to change your reality or your outcomes, you must first transform your thoughts and your 'ways of doing' things.
Change your road maps and routes, and you'll arrive at new destinations - some you planned and some you only dreamed about.
To discuss further, contact Tom Long 708-524--0886, SolidOakConsulting.com
Wednesday, September 07, 2011
The Dynamics of Change
The Dynamics of Change
If you look at most successful businesses, you can attribute much of their success to their ability to embrace change. When they see a better or more efficient way of doing business, they do it. When the market changes, they adapt. When opportunities arise, they go after them.
planning Most successful businesses approach change using a system called change management. This means they follow a specific process for planning, implementing and adjusting to change. Basically, they control the change - change does not control them.
No matter how big or small your business, a change management system is crucial when implementing and managing change. Below are six essential steps of a successful and effective change management system.
Preparation . Identify the urgency for the change and communicate the need to those who will be affected by the change. Evaluate both positive and negative aspects of the change, and ascertain the true impact of the change.
Vision and Commentary. Since you likely will need support to implement the change, gather input from the people most affected. Use written and spoken communication to convey your vision to the stakeholders. They not only need to understand the change, they need to embrace it.
Strategy . Once you and your staff understand the change, develop a strategy for implementing it. Establish both short- and long-term goals throughout your plan to measure your progress and the effectiveness of your change management.
Tactics . Once you develop a strategy, establish tactics to achieve it. How will you implement the change? What procedure will your staff follow? Also, allow for a tactical withdraw and reorganization if your plan hits a roadblock.
Implementation. Now it's time to employ your tactics. Implement the change while following your strategy and using your tactics. Monitor the change and continue to manage it as it progresses through the change process. Your staff's input will be an important measure of the change's progress and effectiveness.
Adjustment. With every change comes the need for a period of adjustment. Both your employees, and possibly your clients, will need some time to adjust to and acclimate themselves to the change. Make sure your plan allows for these adjustments, whether it means phasing in employees and clients, or allocating money for extra training if needed.
A trusted business advisor who is experienced at managing organizational change can be critical to the success of your change. For more information about change management, contact Tom Long at Solid Oak Consulting.
Think: What Can Go Wrong?
If you want your change to go right, you have to think about how your change can go wrong. Thinking this way will allow you to handle those blips that often come with change, and even preventing those blips from happening in the the first place.
Change can affect many parts of your organization, even the ones not directly associated with the change. For instance, you may think changing computer systems only will affect your staff, but it also might affect your clients who may experience service delays as your staff adjusts to the new system. Examine change from a business-wide vantage point, and make sure all your employees are aware of and understand the change. You may even want to make clients aware so they can offer their insight and outside perspective. Being aware of and planning for the potential negative effects will streamline and strengthen the change itself.
As you progress through the change management process, always consider what can go wrong. Put yourself on the other side of the change and play devil's advocate. Thinking about the negatives will enhance the positives and keep the process moving forward.
If you look at most successful businesses, you can attribute much of their success to their ability to embrace change. When they see a better or more efficient way of doing business, they do it. When the market changes, they adapt. When opportunities arise, they go after them.
planning Most successful businesses approach change using a system called change management. This means they follow a specific process for planning, implementing and adjusting to change. Basically, they control the change - change does not control them.
No matter how big or small your business, a change management system is crucial when implementing and managing change. Below are six essential steps of a successful and effective change management system.
Preparation . Identify the urgency for the change and communicate the need to those who will be affected by the change. Evaluate both positive and negative aspects of the change, and ascertain the true impact of the change.
Vision and Commentary. Since you likely will need support to implement the change, gather input from the people most affected. Use written and spoken communication to convey your vision to the stakeholders. They not only need to understand the change, they need to embrace it.
Strategy . Once you and your staff understand the change, develop a strategy for implementing it. Establish both short- and long-term goals throughout your plan to measure your progress and the effectiveness of your change management.
Tactics . Once you develop a strategy, establish tactics to achieve it. How will you implement the change? What procedure will your staff follow? Also, allow for a tactical withdraw and reorganization if your plan hits a roadblock.
Implementation. Now it's time to employ your tactics. Implement the change while following your strategy and using your tactics. Monitor the change and continue to manage it as it progresses through the change process. Your staff's input will be an important measure of the change's progress and effectiveness.
Adjustment. With every change comes the need for a period of adjustment. Both your employees, and possibly your clients, will need some time to adjust to and acclimate themselves to the change. Make sure your plan allows for these adjustments, whether it means phasing in employees and clients, or allocating money for extra training if needed.
A trusted business advisor who is experienced at managing organizational change can be critical to the success of your change. For more information about change management, contact Tom Long at Solid Oak Consulting.
Think: What Can Go Wrong?
If you want your change to go right, you have to think about how your change can go wrong. Thinking this way will allow you to handle those blips that often come with change, and even preventing those blips from happening in the the first place.
Change can affect many parts of your organization, even the ones not directly associated with the change. For instance, you may think changing computer systems only will affect your staff, but it also might affect your clients who may experience service delays as your staff adjusts to the new system. Examine change from a business-wide vantage point, and make sure all your employees are aware of and understand the change. You may even want to make clients aware so they can offer their insight and outside perspective. Being aware of and planning for the potential negative effects will streamline and strengthen the change itself.
As you progress through the change management process, always consider what can go wrong. Put yourself on the other side of the change and play devil's advocate. Thinking about the negatives will enhance the positives and keep the process moving forward.
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