Increase Your Business’s Income
Many of the Wall Street “mechanics” are finishing up their repair job on the economy. They are saying it is finally fixed. As true as that prognosis may be, your business could end up broke if you aren’t careful. In fact, if your income as an organization has not moved upward over the last three months you have a problem on your hands. If the income of your business is fixed then your business is broke. The greatest imperative currently is to be operationally smart. If you want to avoid being in the red, your business has to be particularly financially aware as to avoid a fixed income as our economy returns from repairs.
Three moves will keep your business ahead of the game as the nation starts really running again. The organization that capitalizes the most over the next few months will:
- 1)Stay Focused-Financially speaking; it is time to go after the biggest bang for the buck. No matter where your company’s money goes, it must move in the direction of the best and most necessary of investments. The best organization in your industry will be the one who goes for the very best buy possible and waits on all other opportunities until later.
2)Cut Costs-This is a call to cut costs, not people. Stick with the items in your budget that create the greatest outcome for the income. Eliminate the fringe costs that are swallowing up your margin.
3)Do Business with Those Who Will Do Business On Your Terms-Many organizations have that pesky set of vendors who will only ship a items in a quantity not friendly to you, will require payment at a time not good for your company, or will cost you money by not delivering on their promises. It is time to direct your business to the vendors who will work with you. If someone needs to be flexible, it is the one providing the product or service. Therefore, work with people who will work with you.
The American economy is almost back to full tilt. A few months of cost awareness will put your organization in the driver’s seat for the major period of growth ahead. The worst possible scenario is to have a fixed income in a fixed economy. Clamp down on the company cash and protect your margins for a little while longer. Being operationally smart now will result in a growing business when the economy gets in gear.
Thomas J. Winninger, CSP, CPAE, and member of the Speaker Hall of Fame is the president of Winninger Institute for Brand Strategy. Over 70 major companies in North America depend on him to assist them in maintaining their market dominance. The new millennium has seen the release of his newest book “Full Price!”. He is also the best selling author of “Price Wars” and “Sell Easy”. Contact the Winninger Institute at (612) 896-1900. E-mail: thomas@winninger.com; or visit our website!
