There can be so many questions to consider at once, but we know that some questions are more important than others. Complexity presents an opportunity and a threat at the same time…some questions you need to have answers sooner than later.
Some important considerations may be;
- Do you have a business plan and commercial strategy for the longer term?
- Strategic direction – benchmarking against competitors, entering new markets, identifying acquisition opportunities, business & marketing planning. This business plan can be updated regularly as your perspectives progress and research advances.
- How do you engage existing and potential customers?
- Building a business growth plan – evaluate opportunities, customer research, positioning, process improvement, increase sales, build improved profit margins, strengthen internal processes, win & retain customers, implement the plan
- Are you striking the right balance between staff costs and maintaining incentivisation?
- Effective selling – competitive advantage, who you want as customers, quality of selling process, skills of sales staff, winning, managing & retaining customers
- Build a marketing plan – significantly lift marketing performance, how to market your business effectively, turn good ideas into reality, how to do it cost effectively and get real results for your business.
- Are you preserving your margins or are they declining?
- Have you identified surplus costs? Are there opportunities to improve your operational efficiency?
- What are your key risks and opportunities in your market?
- How much cash does your business have now and will it run out?
- Working capital management – managing your cash flow, forecasting & re-forecasting & improving management information
- Are your debtor days increasing or are you experiencing higher levels of bad debts?
- Protecting profits – product portfolio analysis, optimising pricing strategies, enhancing terms of trade & identifying overhead savings
- Operations and cost reductions – establishing cost reduction programs, enhancing operation efficiency, outsourcing & improving supply chain
- Are you up to date with your fiduciary responsibilities as a director?
- Financial analysis – advising on board reports, mitigating risk, clarifying directors responsibilities
