Questions Directors need to start asking themselves (every Month / Quarter)
In the 21st Century, with technology undermining retail shop sales with internet shopping & deliveries, price comparison shopping at customer's finger tips and my suppliers wanting to cut me out of sales by directly supplying my customers, l need to start asking myself questions like:
Could we do things better, more efficiently, make more sales per employee, can my staff work better together, maybe reduce the amount of times things are done twice, checked and then rechecked, again?
Can my staff work more collaboratively, could some piece technology help them or just make their work more complicated ?
How can I pass on this Pain of lower sales (and much lower profits) to my own suppliers? I know the longer I remain with my energy supplier the more they’ll charge me, but does also apply to my accountant, my solicitor, my landlord ...... ?
When was the last time I checked my accountant’s rising bills and why does her bills not follow my lower profits, as she’s not doing any extra work to produce my accounts?
When was the last time I checked my solicitor’s hourly rate and if I could find another similar one, cheaper?
Do I use all the space I lease / own, all the time ? Can I release or sub lease any of my space to someone else, on a monthly or quarterly lease in case l need it back?
If any of my staff leave / retire, can we cover them, do I need to automatically replace them, or can l ask my other staff to Step Up and share the load and improve their productivity?
As Discounting is rarely the answer, if ever, how can I improve the customer value? Should I apply for an industry award, would we win a Customer service award? Are we good, great or mediocre ?
In the 21st century, how will technology affect my business, but more importantly, how will it affect my customers’ businesses ? How much better are my competitors, at Customer service, at Customer delivery, at Customer follow up?
How do we engage with our Customers when they’re not buying, do we, should we, what’s the point? Do we need to increase our social media profile locally to get more sales? Why don’t we ask all our customers if they look st our social media, otherwise it’s just not worth all the effort, is it ?
By John Mather from EMC & Associates Ltd., 1 month ago.