All companies are different, but in order to build a successful business you need to be asking questions about the senior team and the overall business. Below is a sample of some questions that you should be considering.
Does your senior team have a clear understanding of the vision and can they articulate it?
Are your team financially incentivised to achieve and exceed your budget?
Are the people passionate about the business and wanting to delight its customers with unprecedented levels of service?
Will they expect to be updated once a month and answer for their own area of business?
Will they know where their own department is against the budget and communicate this down to their own team?
Will they expect to be included in the decision making process with good knowledge of the whole business, giving them the confidence to transact the company’s business?
Will they be able to hold the fort for any one of the management team and be able to make decisions for that team member that fit inside the strategy?
Are you maximising value through your products and database?
Are your team members customer focused and do they fully understand the company’s sales proposition?
Are they expecting and prepared for growth?
Have they informed their teams of what to expect and prepare for?
Are there sufficient people and skills to deliver growth?
Most companies will not be able to answer, “Yes” to a number of these questions. The important thing is how you address these areas to ensure longevity and prosperity. I have experienced all these issues and, to be honest, they all have their challenges. I had most of them actioned whilst growing the business, and a couple were added after our company was acquired. In order to move forward, you have to accept that there are issues and then decide how you will address them, but you must do something!
Imagine what company you could have if those questions were embedded within your business. Do you think onlookers would be envious and perhaps want to be transacting business with you? Of course they would! In fact, I would expect a queue! It is never easy to get everything right, but it is possible with the right attitude, team, and belief.
There are mixed results in the current economic climate. Why is this? Why are some retailers floundering and some growing? Many of the answers will be in the questions above, so it’s important to take the necessary action to ensure you are on the growth path and not left to flounder. Please ensure that you take action. Do not sit and wait and hope all will be well as that is a recipe for disaster.
If you feel it would be beneficial to have an informal chat about how you could achieve maximum value in your company, please do not hesitate to contact me or take advantage of the free tips on my website by registering your details.
Having built and sold my SME, I now work with SMEs. I understand their model by embedding myself in the senior management team so I feel the heartbeat of the business. All areas are covered, but the four questions that we work on solving are: How do I grow my business?, How do I achieve client excellence?, How do I make more profit?, and Does my business model deliver?
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