6 Things You Can Do When Company Profits Plummet
Posted on 20th July 2020 at 12:03
It's not ideal seeing a company's bottom line wear away as the business goes through a hard period. In some cases, business owners facing this issue panic and try to take measures they think will reverse the trend. Sadly, this usually has the opposite effect. The company loses it's identity in the hunt for profits and eventually even lose the customers it counted as loyal.
The first step in resolving this issue is a crucial one. Here, 6 steps business owners should take when it comes to reversing plummeting profits.
1. Check the Plan Often a company will lose focus on a plan and start to chase the shiny toys, it's of benefit to check the plan every 90 days and to make sure the leadership team is on the same page with where your going. If you do not have a plan that everyone is aware of make this your number 1 priority. 2. Are the Right People in the Right Seats Since the pandemic roles and responsibilities may have changed, the jobs they were doing in March may have changed dramatically. Revisit their key roles and responsibilities to see if they are okay with them or if they need help. 3. Check Your Data Is the company being run efficiently, look at the data to see what it is telling you, where are the leaks in the bucket. If you do not have the right data make it a priority to start to track and record. 4. Identify Key Issues Work with your team to understand where there are issues in the company that are slowing you down and wasting cash, run a live issues list and help them solve the issues they are facing. 5. Have Your Processes Changed What were your processes 6 months ago probably are not correct now or they will need some refreshing and retraining to make sure everyone is clear and they are following them to support the business. 6. Increase Your Traction Tell your team/teams that you need to focus on the health of the business and what priorities you are making so everyone can help contribute towards the bottom line. Communicate frequently and clearly to the company.
Over to You
If any of this resonates with you and you're a small to medium business owner let’s get together.
To find out more please contact me to schedule a free 90-Minute Meeting. If this seems premature – we get it. We’re entrepreneurs, too.
Please know, this is NOT a high-pressure sales pitch. It’s just the simplest, best way for you and your team to connect for a detailed overview of a proven system that will help your company.
There’s no charge for this meeting and no obligation. It’s a valuable learning event that will answer all your questions and fully equip you and your team to start to fix the company's challenges.
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