Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook™ page of the PKF Texas website.
If you are like most entrepreneurs, you started your company because you saw an opportunity in the market, developed a plan to capitalize on that market, and put a team together to implement your plan.
As your business grew; perhaps distance started to grow between you and the people that make things happen in your business. Communication started to breakdown and before long, your business became the “job” you left to start your company.
How do you get your business back on track? Keep it simple. What separates you from your competition and makes your clients keep coming back? What is your Sustainable Competitive Advantage (SCA)?
Gather your management team and list the things that make your company great. Is it service? Technical know how? Unique product? Whatever it is, expand on it and work to make it even better. Use that SCA to drive your marketing efforts.
Take a hard look at your operations and analyze what could, or should be done to improve.
Ask yourselves:
- What are the latest innovations in your industry?
- What procedural changes should be in place to make your product or service flow better from order to delivery?
- Do you have access to timely and accurate information from your financial system allowing you to make good decisions?