Dr. Marilyn M. Helms, February 03 2002
As you check the progress on
your business resolutions for the first month of 2002, how have you done? If you are not where you want to be,
consider benchmarking your resolutions with the top 10 business resolutions for
the 2002.
First, re-examine your
marketing approach. Be sure your company is taking the proper measures to
identify areas of market growth. Many external forces including technology and
international forces cause changes in competitors. As their product or service offerings evolve, you must revitalize
your marketing approach to emphasize important product and service
features. Continue to expertly serve
the existing customer base while developing ideas and strategies to attract new
customers.
Secondly, profile your best
customers. A profile of your best
customers will help assess the worth of your customers and this information
will aid you in locating prospective customers suited to the products and services
of your company. As you segment your
customers you will identify those that are more profitable to your company
Third, invest in formal,
structured, sales training and technology in order to keep up with current
trends. Most sales representatives use
laptop computers or personal digital assistants containing customer
information. Transmitting field orders
electronically can speed order processing and reduce errors in order entry. Many of the time saving electronic devices
quickly pay for themselves and increase the productivity of your sales staff.
Fourth, refresh your
business perspective. Fresh business
ideas often come from an outside, objective third party. Use friends and family to brainstorm ideas
as well as your formal or informal board of directors. As you travel, be sure to visit other
businesses like yours. Often people in
other cities and countries are more willing to share ideas. If you are seeking new business ideas,
researchers predict hot trends in California or New York will reach our area in
three to five years.
Fifth, stream line your
business strategies. If you can’t
compete on low-cost, focus on a unique niche or customers you can serve by
differentiating your product or adapting your service to their special needs or
wants. If you are overwhelmed with
areas outside your expertise, consider outsourcing these areas to allow time to
concentrate on your core processes.
Many firms outsource accounting and human resources activities.
Sixth, as you consider
technology, evaluate your network security and consider upgrading your security
systems. Along a similar line, your
seventh resolution should be to review your organization’s disaster plan and
make sure procedures are known by all employees and are posted.
Your eighth assignment is to
continue investing in employee training.
In economic downturns many companies assume they can save short-term
dollars by cutting training and the related travel which only backfires and
jeopardizes long-term success. Slow
times are excellent times for thorough training and upgrading of skills. When the business cycle begins a strong
upturn, your employees will be ready and able to quickly act on new business
opportunities.
Ninth is to take stock of
the variables your company measures and rewards and why you chose them. Are they appropriate? Are you measuring variables that correspond
with your business strategy? If you are
competing on low costs or value, are you measuring cost containment,
efficiency, and searching for ways to reduce waste or excess? If you are competing on speed and
flexibility, your measures will be different.
Finally, talk to your
employees about ways to improve the company on a regular basis. Short informal meetings, a conversation in
the elevator, or the old fashion way, with an employee suggestion box are all
effective ways to gather ideas and feedback.
Remember to promptly consider the suggestion or act on them. If the improvement options are not possible,
tell employees that as well.
Dr.
Marilyn Helms is the Sesquicentennial Endowed Chair and Professor of Management
at Dalton State College. She welcomes
your comments at mhelms@em.daltonstate.edu
or at 706-272-2600. Dalton State
College, Georgia’s Newest Four Year College, is anxious to serve you.