Another thought on Seizing the Market September 24, 2008Posted by Jeremy in Business Solutions, Efficiency Process, Efficient Technologies.
Tags: Business, Economy, Efficiency, Efficient Technologies, Technology
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Yesterday I posted reasons to build efficiencies during a downturn. This morning I read an article in Entrepreneur’s RSS feed that discusses another thing to think about. It would be a way to actually build business volume during the downturn.
This is a great article if you are thinking of starting a business but I also think that you could implement some of the ideas if you are an existing business as well. The question I would ask is: “Is there a way to utilize technology to reach customers?”. In today’s market, that is probably the Internet but maybe it’s TV, or cell phones, or the iPod. Who knows where the ideas can take you?
Slowing Economy: Why spend money on efficiencies? September 24, 2008Posted by Jeremy in Business Solutions, Efficiency Process.
Tags: Business, Business Efficiency, Business Processes, Economy, Efficiency Process
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I am someone who is very interested in economics and business so I have definitely been reading about all of the issues with the financial industry. This is also having some ripple effect into other business sectors. So, I am sure that many people are thinking that the best move is to just ride out the slow cycle and not “rock the boat” by spending any money on technology and business system upgrades. I will actually say that now may be a great time to invest in efficiencies for a couple of reasons.
Be Prepared for the Upswing
The Boy Scout motto is: “Be Prepared”. I would argue that is great advice for the current business cycle. An upswing is coming. (No, if I knew when I would be having lunch with Warren Buffett) If you utilize this down period to refine and improve your processes and efficiency when business takes off with the next upswing you will be in a much better position to handle the increased business with a much lower cost structure. It is much better to have something in place before you absolutely need it than trying to put it in place after you realize that should have had it 2 months ago.
I think that the current market really lends to the being prepared concept. Now while you have a little bit of time to breathe you can invest in the refinement and optimization of your business. Then when the volume increases the improvements are in place and you can do what you do best – your business.
Step up on competitors
Some of your competitors are considering or are optimizing their businesses but many others are laying low during the slow down. If you take the opportunity to refine and improve you will have a step on them when things turn around. Imagine that you can go into a project with the improvements in place and beat their estimates by 5, 10, or even 20 percent or more because you have optimized your business and your expenses. You now have put yourself in a position to land quite a few more contracts.
Investment In Your Business
This is a pretty simple concept. If you invest in your business now you can and will see returns on it for years to come. During the busy times you may not have time to stop look around and reassess. You probably don’t have time to analyze and improve your processes. You are way too busy for that. Now, take the time and look at what you are doing and invest the needed time into your business. Every business has to improve and adapt in order to continue competing. As you make this investment you will position your business to be more strong and resilient in the future.
To Wrap it up… Carpe Diem
That’s right Seize the Day. I personally believe that this is a great time to consider how to improve and strengthen your business through improving efficiencies. You will find yourself in a much more competitive situation once the market turns. You really don’t even need to hire someone to start this process. Spend some time looking at your business processes. Figure how they can be improved. If you need help then call someone and have them consult with you. You have a golden opportunity to build your business… seize it.
As always, if I can help please contact me.
Also, if you have any stories about your business improvements or you completely disagree/agree let me know with a comment!