The 4 Dangers Facing Business Today
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The 4 Dangers Facing Business Today

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4 key dangers to business health and prosperity. And what to do about it.

4 key dangers to business health and prosperity. And what to do about it.

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  • 4300 UK companies between 1965 and 1998. HP = HP filtered UK series of output per capita data represents the business cycle

The 4 Dangers Facing Business Today The 4 Dangers Facing Business Today Presentation Transcript

  • 4 Dangers Facing Business
  • Business should be a well oiled machine
    But … todays business challenges…
    • Just keeping business going
    • Operational ineffectiveness
    • Lack of focus
    • Time mis-management
  • The fear of going out of business
  • Business is cyclic: plan for it
    Business Failure in UK and US Quoted Firms: Impact of Macro-economic and The Role of Legal Systems (2003), A Bhattacharjee, c. Higson, S. Holly, P. Kattuman
  • Northwest business bankruptcies
  • Liquidations to Q1 2011
    • 4,121 liquidations Q1 2011
    • 3.7% more than previous quarter
    • 2.1% more than Q1 2010
  • Operational Ineffectiveness
  • Operational Mess
    No SMART goals
    Lacks executive focus
    Not understanding consumers
    Knee jerk discounting
    Poor time management
  • A business has SMART goals if…
    • Specific
    • Measureable
    • Achievable
    • Relevant
    • Time-bound
    SMARTER goals have “emotional resonance”
  • Lack of Focus
    No business strategy
    Continual fire fighting
    Meetingitis
    No marketing/sales calendar
  • Business must understand consumers
    • "Slam on the brakes“
    • "Pained but patient“
    • "Comfortably well-off“
    • "Live for today"
    “How To Market In a Downturn”, Harvard Business Review April 2009 - JA Quelch & KE Jocz
  • Knee jerk discounts may affect your business health
    Gross profit is 50%
    Cost is £10 retails at £15, profit £5
    10 sales gets 10x£5 = £50 profit
    • Discount by 15%
    • Sale price is £12.75, profit is £2.75
    • Have to sell 18x£2.75 to get £49.50 profit
    8 extra sales required!
  • Traits of a pretty poor time manager
    Works more than 50 hours a week
    Few specific goals or deadlines
    Usually not meeting deadlines
    Makes ill-thought out decisions
    Stressed
    No real social life
    No time for exercise
    Fear of delegation
    Messy desk
    Procrastination
  • Parkinson’s Law
    “Work expands so as to fill the time available for its completion”
    Cyril Parkinson, 1957
  • Resolving Business Dangers
    Create a business strategy
    Address the 5-6 key issues
    Produce a pragmatic “vital few” plan
    Improve time management
    Keep executive and team focus
  • Focusing on the “one”
    Training gives 22.4% increase
    Training plus coaching gives 88% increase
    Public Personnel Management, Winter 2007, Vol 20, Issue 4
  • “The time to repair the roof is when the sun is shining”
  • Business Action Programme
    Steps
    Growth questionnaire
    Strategic view
    KUTA matrix
    Time management workshops
    Weekly business focus
  • Jim Symcox
    Business growth evangelist for the last 11 years
    Trained by Chet Holmes, Tony Robbins and Jay Abraham
    Help Tony and Chet’s clients worldwide
    Helped grow businesses on NWDA High Growth programme
  • What others say…
    Top qualities: Great Results, Personable, Creative
    “I have worked with Jim on a regular basis in the past 12 months and he has provided me and my company with some invaluable advice, particularly in the field of business strategy and marketing. Jim has a wealth of experience that has really helped my company grow during very difficult economic times.” Duncan Freer
    Top qualities: Personable, Expert, Creative
    “We welcome this opportunity to recommend Jim from Business Powerpack Limited as both as a speaker & workshop leader. . At our recent Digital Matters events, at various events aimed the Digital, Creative and ICT sector, he has always provided detailed and thought provocative presentations which are littered with excellent realistic pointers and practical tips in helping to drive business activities forward. His presentations are always concise and designed to meet the brief. His presentation clearly demonstrated his depth of knowledge and understanding of the needs of the small businesses.” Les Selby
  • Contact Details
    Jim Symcox
    Tel: 07963768114
    Email: Jim@acornservice.com
    Web site: http://www.business-powerpack.com
    Author of “how to leap ahead of your competitors”