*NEWSFLASH* The UK economy has emerged from the recession…
Figures show the economy grew 0.1% in the last three months of 2009. This is great news considering the 2008/09 recession was the longest since quarterly figures were first recorded in 1955.
To help your business develop through the tough times ahead, hmc have highlighted the following 4 areas for your consideration:
1. Create A Flexible PLAN
When creating your business plan for the year ahead, identify the risks in your business and take steps to minimise them. Your plan should include short and long term goals. Track key performance indicators (KPI’s) against your plan closely. Assess your key functions of marketing, operations, people, finance and administration.
2. Invest in Marketing NOW
Think about where you are right now with your business and make cost effective marketing decisions. Use a wide variety of ways to get your message to prospective customers and monitor the effectiveness of each channel. If you had reduced marketing activity in 2009, perhaps now is the time to reinstate it or look for low-cost alternatives. Be consistent with your marketing and make sure each staff member adds value to your profit margins. Is online marketing an affordable option for your business?
3. EDUCATE your team about your business goals
Work at re-building enthusiasm among your employees. Are there skill gaps in yourself and your staff? Would it be cost effective to outsource in certain expert areas? Take some time to evaluate your strengths and weaknesses. Do you or your staff lack any expertise needed to achieve your business plan? Deal with any existing skill gaps that are hindering the smooth running of your business.
4. CONTROL all overheads and tighten credit control systems
Be prepared to cost cut and keep on top of your fixed and variable over heads. Review orders placed with suppliers and get second quotes. However, do not let this impact on your service delivery or customer service. If you missed the opportunity to benefit from tighter credit control systems in 2009 , then it’s not too late now. Credit control is cheaper to implement compared to invoice factoring and bank overdrafts. Perform credit checks or secure an upfront payment. Where you can, maintain a detailed forecast for your business that shows the expected amounts of income and expenditure, the sources of these cashflows and the timings. Provide discount incentives for early payment and negotiate payment plans to help your cash flow.
How can HMC help your business RECOVER from this recession?
HMC specialise in the creation and implementation of sales and marketing plans.
Why not meet one of our business experts and find out about the cost effective ways of marketing your business for the year ahead?
HMC offer reviews of your marketing activities for as little as £249. This includes a one to one examination of your business (over the course of a day), with a view to providing a summary ‘Sales and Marketing Plan/ Business Action Plan’ at the end of it.
Give Nick a call now on 07775513307 or email <nick@harveymarketing.co.uk> to find out more.
November 21st, 2009