When you've been in business 20 -30 years and experienced much success, it is difficult to contemplate anything else.
You’re probably a very positive person, and feel that any challenge can be overcome, and business will soon be back to normal?
…and you probably will soon get back on track, you’ve done it before after all.
But do you have a contingency, an alternative strategy – just in case?
You may never need plan B, but purely putting one together can highlight business improvements that could be made. For example:
- Efficiencies – These may be in production, admin or supply chain, but they can always be found.
- Asset review - Cash and profit could be generated by selling redundant assets and redeploying staff.
- Purchasing analysis – Are you always buying at best prices? and how often are you checking?
- Property review – Typically we fill the space we have, but are you using yours efficiently? Could you downsize, or sub-let?
Of course all of these measures are just good business practice, but it’s having the time and focus to implement them.
We’ve all been guilty of taking the path of least resistance and doing nothing.
But what risks are you facing? A drop in sales, reduced margins, bad debts, reduction in client spend, staff wage increase, key sales staff leaving? You’d be lucky to avoid at least one of these. The business world isn’t perfect sadly.
In 7 years the print industry has shrunk from 30,000 companies to 8,000. Margins have dropped and there is over capacity in the market, making winning new business harder than ever. None of this will be a shock to those in the industry.
Working in your business every day, you will know how good things could be, but how do you get there?
That’s where we can help, by putting forward a business plan that you can implement as you see fit. You could do this from within, or we can introduce you to consultants that can address each area as you prioritise them.
It costs nothing to talk, and an objective viewpoint from an impartial third party can often highlight major savings.
Please contact us if you would like to arrange an informal no obligation meeting.
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