Archive for May, 2012

How to Turn Your Business Around Amidst a Changing Economy - Part 2, 3

Thursday, May 3rd, 2012

2. Do a sales analysis on your current customers and clients.

Organize your client or customer database by industry. Then do a little research to determine the following: Which industries are still growing in the changing economy? Which industries are down? What opportunities do you have with your clients that are showing an increase? How can you help those clients that have a decrease? As you do this, remember that industries are diverse right now. For example, some companies on the east coast may be having their best year ever after Hurricane Katrina, yet the industry as a whole nationwide may be down. So be sure you look at overall trends. Only then can you see what opportunities are waiting for you.

3. Examine your infrastructure.

Chances are there are many inexpensive ways for you to improve and streamline your company for more efficiency. However, in the past you’ve simply been too busy to take notice. Now that times are changing, make sure you and your employees are using your proper procedures. If necessary, have a meeting or training session so everyone is up-to-date with the efficient systems. Also, make sure all necessary product or service information and reference materials are available for employees. For example, if they need to review sketches or plans prior to completing and final billing on a project, then make sure they have immediate access to those materials. Do a review of each department’s responsibilities and eliminate tasks that are no longer necessary. And if you’re in manufacturing, check your process flow to ensure it’s efficient.