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We all know the saying and it applies to you in your business right now!
The unemployment figures are the worst they have been since the GFC and this is a reflection of the economy. One more motivator to get done what you need doing.
I remember speaking with a owner of a number of employment agencies who had employed dozens of staff. When times got tough, he kept them on. He lent them money, he paid them to come into the office and do nothing, just so that they kept their jobs.
Some staff left on their own accord, some left without paying him back the money they owed him…
After 6 months, he nearly went broke and it took him 12 months to get the business structured correctly.
When I was a business manager at Garden City Myer, back in the 90’s, we would monitor the sales and if they were below budget for just 2 weeks in a row, we would cut back salaries and staff. When we got busy, we would put them back on, in direct proportion to the volume of sales we were doing.
If we didn’t, regardless of how well we did later in the season, we would never make up the money lost on salaries that were paid to staff not required at the time. We would not achieve our net profit or contribution target.
However, if we did act immediately, the outcome was always good and 9 times out of 10 we would achieve our net profit or contribution target. In actual fact we took that store from being the 26th most successful Myer Grace Bros store in the country to the 6th most successful, nationally.
When times are slower than usual and the sales are dropping;
– Yes you have to keep marketing, but do it smarter
– Yes you need to go back to the old ways of closely working with your key clients
– Yes you need to manage your expenses and negotiate the best rates for your fixed and variable expenses
– Finally, right now you have the opportunity to keep your good staff, get rid of the dead wood and then start recruiting key staff members that will take your business into the future
If you don’t take this opportunity to get your house in order and ‘strike whilst the iron is hot’ you may find the next few years very difficult indeed…
If you would you like to know how to work through these challenging times, to take control of your business and prevent it from spiraling out of control, to tighten up your fixed and variable expenses and get back into profit without stopping your marketing all together but just by making it more surgical, but you don’t know where to start….we can help!
At ABC Business Improvement we have or are assisting builders, tradesmen, retailers, restaurants, wholesalers, manufacturers, mechanics, professional service providers like accountants, lawyers, pharmacists, dentists, importers/ exporters and we can assist you too!
At ABC Business Improvement we will organise a meeting where you will;
– Uncover the challenges you are facing
– Define a path to overcome them
– Create a first step plan to move forward
– Gain a sense of excitement and relief, knowing where you are going
Be one of the first 5 to contact us this week and we will organise a ‘strike now’ strategy session today…
If you are ready to be challenged and you are sick of being stuck in your current predicament, I implore you to take up this offer.