Opinion
kbb Birmingham 2018 Show Special
How to… survive a recession and come out stronger
Ripples managing director Paul Crow gives his top 10 tips for helping your business if the economy looks like it might be going into a downward spiral
I
t’s obvious to say that the following list covers the basics that should be on your mind at all times and they would apply to any type of business that you are running. Fundamentally, the heart of this message is that to have a good business you need to be a good business person and one who is strong, fl exible, focused, relaxed, positive and cautious. Knowing when and how to apply these qualities is key.
1 2 3
Performance management
Many businesses use sales and profi t as the two main
measures of success and they are obviously very important. However, measuring other aspects of the business will signifi cantly increase both, and yet they are often overlooked. If it can be measured, it should be – visitor numbers, enquiries, quotations undertaken, success rate ratios per sales person, and so on.
Budget well
If your budget is a cut-and- paste replica of the previous year, with a few tweaks
to sales fi gures and salaries, that’s poor fi nancial management. Instead, try setting every overhead, whether fi xed or variable, at zero and ask yourself why you spend what you do and what you get in return for it. Even rent is an investment and it may be that you need to think about moving to different, more affordable premises.
Shout about your business – loudly! Network, go to more events and remind yourself of how
you ran the business when you fi rst opened it. Host an event in the showroom, but make some noise
about it in the local area. Publicise details on social media, before and after the event, and invite the local press down, so that you can get some PR from it.
4 Be positive
Only good staff will help you achieve your objectives and they will not perform if they
are unhappy at work or worried about their jobs. Act and talk optimistically and foster a team spirit that capitalises upon this.
5? 6 7
12 kbbreview kbb Birmingham Special Edition March 2018 Ask for help
Running your own business can sometimes create an arrogance that you know
everything there is to know about doing it. Wrong. Sit down with everyone that affects your business – suppliers, accountants, bank managers, customers and your staff – and share with them your objectives and understand theirs. Don’t be afraid to ask for their opinion on what you should do differently.
Ts Cs &
Push hard You pay 100% of the amount on your purchase invoices right? Make sure
you get 100% of the service you are paying for. If you’re not, push hard for better trading terms, fi nancial investment and frankly better support or service from them and all of your suppliers. They have the same concerns you do, and the same objectives, so be assertive and be known for being hard, but fair.
Be effi cient Too many businesses fail to invest in new technology and systems because what
they have “works fi ne”. Make it a priority to fi nd out about the latest services and software available to help improve the effi ciency of your business and invest in the necessary training for you and your team. Make sure you have the right equipment, right people and right information at your fi ngertips.
8 9
Get out of the showroom There’s always going to be another retailer in your industry doing something
better than you, so swallow your pride and go to meet them. If you sell bathrooms, talk to kitchen retailers and vice versa. And don’t be a snob – you aren’t better than them, even if you have a nicer car or a bigger showroom. Every retailer is a mine of knowledge and experience and you’ll be amazed how useful these visits and relationships can be.
Value the current customer more Make sure every single customer
you
meet,
serve and sell to, has the BEST experience you can possibly provide. If they say they loved the experience, encourage them to put it in writing, but not to you, to the world via social media.
10 Train
Make training a weekly objective. Get the suppliers in
for yet more product training, and visit their offi ces, too. And don’t forget yourself. If you see a free seminar available through the local chamber of commerce, attend it. Read books, autobiographies, including those of sports people who tend to have performance-based management and marginal gains at the heart of what they do. Many of these practices can be applied to your business.
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