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NOW IS THE TIME TO SEEK OPPORTUNITY
By Joe Milevsky,
CEO This is not the time
to give up. This is the scariest economic time that most of us have
ever been through. I speak with many business owners every day both
in the U.S. and abroad. Many appear to be frozen. They do not want
to do anything but try to make it to the next day. Some do not even
want to do that.
Many appear to be in
denial. In a recent conversation with the owner of a
multi-generational family-owned business the owner told me:
“Our company is
over 50 years old. We have gone through tough times before. We
have a good company. We have always done things well. We will stay
the course and keep on doing the things that have brought us our
success. These are the things my father taught me and the things
that I have learned on my own. It will get better. It always has.”
It may not. Our
country may bail out big businesses, but they will not bail out the
independent business owner. Times have changed. Our industry has
changed. There are distribution channels for our products that
never existed before. The things that brought you success in the
past will not get you where you want to be in the future.
Now is the time to
build the infrastructure of your business. During great economic
times we are often too busy to look objectively at our own company
to seek opportunities for improvement.
Now is the time to
build:
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Your sales team into top
professionals that you will need both now and in the future.
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Your merchandising processes that
will position you to get the greatest return on investment now
and especially in the future; These are processes that will
position you to be less dependent of floor planning and product
dating. These processes will ensure that you become more
dependent on sound merchandising principles leading to improved
product flow and increased cash-flow.
-
Your marketing processes that will
drive as many customers as possible away from those alternative
distribution channels and into your stores; As an example,
many of the big box merchants are feeling significant pain right
now.
-
Your organizational structure to
ensure that your company operates to the upmost efficiency and
will be a great place to work for years to come
-
Your financial controls that will
enable you to properly set financial goals so you will be able
to cut or add expenses intelligently, leading to the achievement
of those goals
-
Your operational process to ensure
optimal customer satisfaction in a cost efficient environment
The businesses that
are able to look at themselves objectively and make appropriate
changes to their business model are the companies that will not only
survive this scary economic time but will gain dramatic market
share. The businesses that remain in denial, that remain frozen and
that will not change, will free up that market share for the
proactive businesses that take advantage of the current
opportunity.
The opportunity
is extraordinary right now! Will you take advantage of it or will
you provide the market share improvement for your competition?
Contact JRM |
