Regain Profit Loss without More Sales

My name is Jene’ Liddell and I'm a business process management consultant with Resilience Consultancy and I help companies regain 20% to 30% of their profit loss by saving them time through process efficiency.??I know it's a lot of profit loss going on right now because of the recession and inflation. You know, everything is sky high. ?Resources are sky high and companies are trying to figure out how we can reduce the profit loss.?So, the first thing companies think about is laying off employees to combat profit loss. ?However, I believe this is a lazy way for companies to reduce profit loss. ?I also believe companies can think of more creative ways to pivot and be innovative during this time of recession and inflation. ????????????????????????????????????????????????????????????????????????????????????????

As you can remember during the COVID-19 pandemic, there were a lot of companies that did go under, never to do business again.??Yet and still, there were companies that took the time and initiative to pivot and come up with innovative ideas, so they can stay open for business during the COVID-19 pandemic.?These companies mobilized their business by doing business online, selling their services online and products online, creating online classes, training and webinars, selling e-books or whatever it took to have a stream of income coming in. These businesses had to do what they had to do because they weren’t essential at that time according to the government standards.?So, these companies thrived because they were able to pivot and sell online during the COVID-19 pandemic.???????????????????????????????????????????????????????????????????????????

Right now is a crucial time because of inflation and the recession, to go ahead and pivot again.?Yet, the only way to pivot right now is to do so within your company.?Looking at ways to reduce profit loss from within your company is key to survival as a business in a time like this. ?I know a lot of people think that you can reduce profit loss by just getting more sales.?Looking outside the company to offset inflation and recession with more sales is a feasible method, but it also takes a lot of work.?Let’s be honest, clients and customers right now are trying to save money, not spend it.?However, you try your luck at the draw and spend lots of money on marketing and advertising to show people why your product is needed during a time of inflation in a recession. Sorry, but customers aren’t trying to buy anything unless it is essential because of the inflation and the recession going on. Also, these potential clients or customers of yours are getting laid off, so they can only afford the essential items and can’t afford to spend the extra money on your product or service.???????????????????????????????????????????????????????????????

So, what are you left with? What else can be done to reduce profit loss??Well, instead of looking outside of your company to reduce profit loss, you should look within because you can't control the recession or inflation, but you can control what goes on inside our company. ?So, let’s focus right there, on what we can control and when the inflation goes down or when the recession is over, whenever that is, you'll be ready, you'll be more productive. ???????????????????

Therefore, the first step in saving time through process efficiency is to find the key players for productivity at your company. These are those quiet leaders, usually not in management or supervisory. Nevertheless, these key players are great at their job because they own their processes.?However, how do you find them??Well, let’s start by asking go you can ask for employee feedback about how to make their job easier other than pay rate.?Also, get an employee feedback box or ask for recommendations from employees.?Open the conversation up to increase employee morale.?Increased employee morale will increase productivity because when the employees believe you care about them, not just about your company’s profit, then they will work harder and faster for your company.

To be continued.....