The newsletter for business leaders focussed on growth
Our top tips, news and learnings for growth in profit, business value, and personal development.? In this edition we look at some of the key ways leading business owners are reacting to the changing economic outlook.
How will you and your competitors react to lower inflation?
How are leading business owners reacting to the changing economic environment? What are the pitfalls? And what can you do to best position your business right now.
What can you do to make your key decisions, better?
The stock in trade of most business owners is decision making. However, as businesses grow and complexity increases the intuitive approach that often led us this position in the first place no longer seems fit for purpose.
In this article we consider how leading business owners and executives develop their decision making capability and reap significant rewards as a result.
How do I set my prices for a new year, and maybe the start of a new economic cycle?
Revising your pricing can be daunting, but it can also have a substantial impact on market positioning and profitability. Get it right and we support our growth, develop healthy margins, and drive upward the profit line. Get it wrong and we cause growth to stall or become very busy with low margin business.
In this article we review a process for developing our pricing approach and give some thoughts on implementation.
How can I understand the financial impact of changing my prices?
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Competitor analysis often gets the greatest share of attention when considering price changes, particularly amongst small and medium sized businesses. An area that is often over-looked is to consider both prior impact, and potential future impact, of price changes.
In this article I review the approach I have taken to inform pricing changes from a financial perspective, and consider some of the great benefits you can achieve by doing this.
How can I protect my time to ensure I focus on the matters of greatest importance to my business?
Decisions such as periodic re-pricing of products or services are important.? They can have a substantial impact on your business.? And when you have a lot on your plate, and crises develop - as they often do, the important tasks sometimes don’t get the attention they deserve.? However, neglecting them can lead to negative outcomes for your business. ?
Acknowedge the importance of key decisions
Our priority lists can easily become overwhelmed with (seemingly) urgent tasks.? Often these can be delegated or on inspection are not as urgent as first thought.? It is helpful to ensure in addition to the urgent matters, the important tasks are on the list also.? This way we are able to recognise that work input is demanded in these areas.? The important tasks all become urgent at some point.? And if they do it is often areas of high business impact that are being squeezed of due attention.
Track important events
Entering the key dates for important tasks in a planner or diary can help get their attention on the priority list at the right point.? Price increases, product or service launches, expected tender announcements, and preparation of year-end financials etc. can all be put in the planner.
Block out time in your calendar
Important tasks often require research, planning, meetings, and calm consideration.? Time can be blocked in the calendar in advance to protect the resources needed to stay ahead.
Review the important tasks regularly
My priority list split by I (Important to success), C (Urgent or Critical tasks that I must deal with now - and if its for a future date then comes off the to-do list and goes in the diary), and Q (quick-wins so that even on the most difficult days I gain a sense of progress).? I review the list daily and have a clear eye on ensuring the important tasks receive attention.
I am reminded of the expression “squeaky wheel gets the oil”.? If we don’t focus on managing the important matters in our business then we can quickly find ourselves at the service our everyone else’s view of priority, and not our own.? These simple steps help me to focus the time on the matters that are important to me and my business in the longer term.