Over the next few posts we’re going to discuss how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.
Today we’ll cover three different ways to maximize what you already have. These include:
- Recognizing the obvious
- Unconventional breakthroughs
- Facing the facts
Recognizing the Obvious
Sometimes when you are too close to something, you are unable to see the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.
Don’t sit around waiting for breakthroughs, create them yourself. A breakthrough is simply a new way of doing things or discovering new things that yield the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas whenever they occur.
Some great examples of breakthroughs are:
- A health and beauty company discovers a side effect of a product that can be re-marketed and sold;
- A company creates a roll-on deodorant inspired by the shape and size of a ball point pen;
- The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.
When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:
- Look for the hidden opportunity in every situation;
- Look for at least one cash windfall for your business every three months;
- The more value for your client, the better your breakthrough;
- Create multiple streams of idea to find the best breakthroughs;
- Effective breakthroughs remove all risk or resistance.
Facing the Facts
Before you can put your breakthroughs to work, you must face the facts of the processes and systems that are not working for you and devise a plan to correct or get rid of them. System analysis is a good way to do this. Once you have a listing of your strengths and weaknesses, you need to compare them to the strengths and weaknesses of your competitors.
There are some great questions for you and your team to get a handle on where your business is right now. They are:
- Why did I first start this business? Why am I in this industry?
- What products and/or services did I offer when I started this business? Which were the most popular?
- Why are my customers and/or clients buying from me right now?
- How did I generate new customers and/or clients when I started this business?
- Which of my marketing efforts were bringing in the best results when I started this business?
Once you’ve got some answers to these questions, you’ll have a better idea how to approach your weaknesses.
These three areas we’ve highlighted will provide you with a starting point for how to utilize your current resources to their fullest potential. Reach out me now if you need any help with your strategic or systems analyses.