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Back to Basics – Key Executive Concerns

Sep
22
2015
Back to Basics – Key Executive Concerns

The business world has experienced massive, unprecedented change over the past few years. The rush to mobile, the rise of ecommerce and the do-more-with-less attitude is noticeable in nearly all industries. Within this altered corporate environment, business owners have developed a new list of EXECUTIVE CONCERNS.

Despite these recent challenges, however, successful business owners are staying ahead by remaining focused on their core business. They have continued to deliver high quality products and services with a cost effective, balanced approach. They have retained a solid team of high performing staff. And they certainly have not forgotten that the customer comes first.

Back to basics indeed! Here’s what I mean by basics:

KNOW WHAT YOU DO BEST

I know you may have many talents and that you wish to apply all of them; perhaps all at the same time. However it is more appropriate to stick with the best few and roll with them. Your business success is built on a strong foundation of key attributes and elements; you will always be better off to exploit your own strengths. If your communications game is tops, get your voice heard by an even wider audience. If your sales are ahead at the mid-year mark, boost the incentive for salespersons to bring in new clients. It is important to lessen the executive concern of adapting to change with more change.

KEEP THE GOOD EGGS AND THROW OUT THE BAD

Your concern for finding, training, and retaining talented employees is very real and can be absolutely overwhelming. It costs a great deal of time and productivity to conduct employee searches, manage a productive onboarding process, and devise an appropriate reward system. But remember: central to what you do as a business owner is putting together and overseeing this workforce. It is a worthwhile investment to develop employee skillsets that most benefit your company and them as a human resource. Ask yourself these four questions:

  • Do we train them to succeed?
  • If so, are they meeting (or exceeding!) performance goals?
  • Is our compensation plan befitting their experience and hard work?
  • Are we rewarding them for taking ownership of their work?

If you answer Yes to all of them, then you have a system in place to have loyal, productive, vested and happy employees.

WORK FOR AND WITH YOUR CLIENTS

Clients are the lifeblood of any business. They are a big reason your company exists; without them, business would be very difficult. Just as you do for staff, you must concern yourself with seeking new clients and keeping those that provide reliable work opportunity. A revolving door of clients does nothing to build relationships between your team and theirs; morale and profits will suffer. A successful business will integrate marketing and sales to support existing accounts and identify potential leads. Your investment in these areas could make all the difference towards achieving revenue goals and gaining market dominance. (For insight on how Kellogg and Post have lobbied advertising decisions in a post-recession economy, see this fascinating New Yorker article:
http://www.newyorker.com/magazine/2009/04/20/hanging-tough)

Just because the corporate environment looks different in 2015 than in 2005 does not mean you should forget the fundamentals of your business. Give yourself a framework for how to carry out your 2016 sales and marketing plans by engaging in a comprehensive SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. As a leader you should be ready to carry out the basics to achieve more for your company, staff, and clients.

LINKS: ARTICLES
What to Do When Your Employee Isn’t Working Out
5 Tips For More Effective Training for Your Employees

 

For further discussion or comments, please contact Gail L. Trugman Nikol, President Unique Business Solutions, gail@ubsassociates.com or call (516) 935-5641.

By admin September 22, 2015