Does the Management of Your Business Deserve a Gold Medal?
With the Olympic Games in full swing and Australian athletes earning gold in a variety of sports, we thought it would be a good time to put your business to the test with a simple question – If your business could compete for a gold medal in various aspects of business organisation would it win a gold medal….or even get to the final? In other words is your business using world best practice?
So let’s put you to the test in the following disciplines.
Business organisation is paramount if you want to compete successfully in business.
The more integrated your systems are and the more seamless and productive your business systems behave, the more competitive your business will be. You need a system that can give you an overview of your business behaviour on both a micro and macro level. That system needs to be easy to use and understand and it needs to be able to be accessible across the entire business network. In Olympic terms if your business organisation isn’t properly organised – you won’t even make qualifying trials let alone, compete for a gold medal.
Does your organisation have the right leaders? Do they have the decision making skills to help your business on a day to day business? Have you given them the skills and tools to make the right decisions in real time every time? In short – can you trust your leaders to deliver quality outcomes for your business and your team? If you can – then you are at least in the game to win.
Generating meaningful timely management reports that give you a grasp on your business performance in all key areas is vital. Only when your reporting systems give you the data that enables you to make decisions based upon up to date information which gives you the best chance of gaining an edge over your competition. The better your information is the more certain you can be that your business decisions will be the right ones.
Is Your Finger On The Pulse?
Standing still in today’s business environment is simply not an option. All industries are experiencing constant change and innovation. Every business has exposure to potentially disruptive technologies. To compete in this world you need to have your finger on the pulse. If you have strategies in place to monitor and watch the technological developments that can impact upon or help your business you are well placed to be in a winning position.
In this digital world you can tailor your marketing strategy right down to micro niche’s. Targeted branding is critical. Using the online space to get the message out is a critical part of today’s marketing strategies. Email marketing, SEO, social media, Pay Per Click Advertising all have their place alongside traditional mainstream outlets like Radio, Television and print media. How you selectively build your brand awareness and grow your customer base by intelligent use of all channels will help determine your competitive success.
Customer Retention, Growth and Communication
This is closely related to your marketing strategies but deserves some separate consideration. Building customer relationships and trust is critical to building your business. It costs less to retain a customer than to attract a new one. To this end, building a larger share of your customer’s wallet is vital. The strategies that you use to engage with your customers can help build your competitiveness. Regular newsletters, a strong social media presence through Twitter, Facebook, Instagram or even Pinterest, Podcasts, a YouTube channel or sponsorship of local events can all play their part in building loyalty. The trick of course, is to be fully committed to whatever path (s) you choose. Token efforts don’t count. Consistent, regular, reliable and committed customer engagement pays dividends. How you choose to go about that will depend upon your business profile.
There can only be one gold medal performer in any discipline, but there are always plenty of elite contestants trying to be number one. Striving to be the best you can possibly be is the mark of winners. Every contestant at the Olympic Games has worked incredibly hard to give themselves a chance to reach the pinnacle in their chosen field. The message from them is clear – to give yourself a chance of competing you have to do the work, keep an eye on your competitors and strive for continuous improvement. When you practise these qualities in your business daily you will give your business the best chance of being recognised as number one in your field.