BUSINESS BANKING & FINANCE How do you
FEATURE
measure up? 12 critical questions for management in difficult times
2020 will certainly go down in history as being one of the most challenging business periods in recent times due to Brexit and Covid-19, and the far- reaching effects of these for the future. Basic language, fundamental principles and management leadership will be the key to getting through these uncharted waters. Work through each of our 12 critical questions with your team to take on the challenges ahead.
1. ROBUST GOVERNANCE Are the appropriate controls, robust monitoring and effective systems in place to establish risk oversight and compliance, to support business performance - to encourage transparency?
YES/NO
2. MOTIVATED STAFF Do you operate regular communication forums which are all inclusive, offer balanced praise and apply upskilling as a priority with the new “business as usual” approach?
YES/NO
3. CONTROLLED CASHFLOW Have you identified critical income and expenditure attributes that have the most significant impact on cashflow, staffing levels and cost base sustainability in the current climate?
YES/NO
4.EXCEPTIONAL CUSTOMER SERVICE In this current economic downturn, are you giving your customers more attention and recognition for each purpose, and offering maximum satisfaction for every penny they spend?
YES/NO
5. RESPONSIVE SUPPLY CHAIN Have you risk-assessed your supply chain and protected it from disruption, price escalation and a contractual perspective?
YES/NO
6. PROACTIVE MARKETING Are you ramping up business development, investing in different methods of taking products to market and learning from historical mistakes?
YES/NO
7. SUPERIOR TECHNICAL COMPETENCE Have you identified your core competency to drive competitive advantage, and does this achieve superiority over the competition in your desired marketplace?
YES/NO
8. SIMPLIFIED PROCESSES Have you considered simplifying your critical organisational processes to standardise and reduce bureaucracy in order to improve organisational effectiveness?
YES/NO
9. MINIMISED WASTE Have you invested in an effective waste minimisation programme that examines the whole business with clear, smart objectives?
YES/NO business network November 2020 49
By Chris Weeds MBA and Dr Robert Rantzen (pictured), directors of Buckland Business Brokers
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