21/07/2014
Brilliant way to focus for the months left! Goodluck!
Why not closing 2014 with a winning note?
Organizations look forward with immense hope to fulfill their business goals in the remaining months in the year ahead. It is imperative for every organization to review their existing business practices that inclusive of Strategies, Process effectiveness, Resources and Budgets. Otherwise you will end up with another frustrating year.
Interactions with my elite clients have led to share my thoughts, if it helps to ring a wake up call, predictably a successful year closure.
STRATEGIES
You would be thinking what strategy we can adopt in 5 months to make a quick turnaround. Indeed, focus on key clients, fast moving products, vibrant market, new partnerships and an eye on competitors will make the difference. An ambitious management can suggest its team for reviewing strategies or a game changing equation that includes Partnerships, Promotions within the timescale remaining, Market segmentation and Products Reach (including New Products) among its key customers. It’s important to review your Business Plan and prepare a ‘check list’ on gains and losses. Rather than overdoing to achieve your targets, make smart move by increasing profits not volume.
PROCESS EFFECTIVENESS
Many organizations fail to focus this area since they only target SALES!! The more you align your processes, better the result. Perhaps, you would not be seeing quick results, but it’s an important element or backbone accelerating revenue. Effectiveness can be ensured by delegating responsibilities and frequent reviews of Customer Complaints, Process Non Conformity. Ideally every organization may have a Management Systems in place but a lenient approach will jeopardize the targets.
RESOURCES
Managing Resources in terms of Human and Plant & Machinery is vital to reach destination. Keep Retention and Motivation as the BUZZ word for next 5 months. Ignite team spirit and offer special incentives (why not??) for performers. Ensure your Maintenance Team (Manufacturing) keep an eye on Production plan and Routine Maintenance activities. Reduce ‘idle’ hours / avoid loosing key human assets. You win half the battle.
BUDGETS
Nothing works without this!! Highly recommended to review your budgets before hitting bottlenecks. It’s hard to convince Top Management for a revision in the second half of the year. You may need an addendum to the Yearly Business Plan to support anticipated business result. If your business hitting right track at the moment, Management will open up the locker, otherwise your convincing ability plays a major role here.
FOCUS AREAS
New Partnerships
Promotions
Business Plan and Reviews
Processes
Fast Moving Products
Competitors Offering
Process Approach
Retention and Motivation
Key Clients
Budgets
Good wishes to everybody! :)
