Before setting out on a fix for your under-performing company, determine whether your issue is predominantly internal or external. If the overriding factor is believed to be external the easiest indicator to look at for confirmation are your competitors. When others are experiencing similar challenges, digging deeper will help in determining whether some unconventional, innovative approach could be applied to your marketing plan. Otherwise, some very hard choices may be at hand.
When searching for the underlying cause for business underperformance in a more stable industry, look inside at the supporting processes to find trouble. Inefficient internal systems quickly surface once sales moderate after a period of rapid growth. A brisk sales pace generally hides the main culprits such as culture problems or leadership deficits.
Success for any business is process driven on all fronts
In most cases underperforming small companies have customer finding challenges. It is when sales are good and problems are impacting profits, we look for ways to improve efficiency, endeavor to change the culture or fix the leadership deficits. In most small business turnarounds the leader must be prepared to change the most.
Every business does better when it develops a robust and sustainable business development platform. Whether the customer finding process is the result of the right research and a strong plan, or just a random confluence of luck; challenges to profitability occur when the customer finding side of the company is making promises that the rest of the company is struggling to keep.
A strong, sustainable company stays that way when the business development system is supported by an efficient operational platform. This holistic eco-system includes people that believe in the mission of the organization, and a leadership philosophy that continuously reinforces the objectives of the company.
Companies that desire a sustainable future, with the prospect of maximizing returns in a succession, need robust operational systems to run the company. These processes result in fewer internal challenges, a steady flow of qualified prospects and the ability to maximize profits. Owners can enjoy their business more, find new opportunities and make more money!
To get the help you really need, find a consulting leader with a marketing-led perspective, operational skills and a willingness to get involved.
Search terms include: turnaround specialist, small business turnarounds, business growth expert and distressed business management. Or, just contact Steve Lauterback now, at 973-889-9393.