28th March 2011 
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Dear Jeremy How can we improve our business performance? Last month we described at a high level the need to: Review every aspect of one’s business Take remedial action where performance has not met expectations or an investment has not paid off. Understand which customers are profitable and look to do more business with them. Make unprofitable customers profitable - and if not decide how to deal with them. Consider doing things differently Be “fit “enough to cope with an increase in business Tune the finances and possibly secure more working capital or longer term finance to fund new processes or business assets. Remember that “Fit” also includes how effectively the business (and its owner) is working too! Look at where you want your business to get to during the year ahead Consider how you will achieve this
There is of course no one correct answer for every business and each is as individual as its owner. But, and this is a big, but most business issues are generic so here are a few ideas to chew over. With luck they will trigger some positive thinking and this will be good news for all our readers. Feedback is, of course, always welcome. Review every aspect of one’s business: Don’t try to do everything at once Concentrate on the aspects that make most contribution to success or otherwise Consider these from the viewpoint of customers/ employees/ suppliers/ other stakeholders Look at the processes / methods used in each case Canvas views from the above- perhaps through a survey- test the questions on a small sample first! Review any complaints/ feedback- both positive and negative Record what you have done, what you have found, how you think things might be changed Obtain buy in from those involved in making the desired changes Plan the implementation carefully Review the results
Take remedial action where performance has not met expectations or an investment has not paid off: What you measure you can manage Having timely information on which one can base decisions is key For some businesses the information may be measured entirely by the financial accounts For others there may be some simple Key Performance Indicators which provide an instant measure. E.g. how many people were served in a restaurant or the percentage room occupancy per night in a hotel? Where expectations have not been met were they realistic, recorded, agreed and explained? Was the area of activity measured in a sufficiently accurate way? If the answer to either of the last two points is no:
· accurate measurement and quantification for a trial period may make sense · Time taken to do something · How it fits in to a process · The cost of doing it · The cost of not doing it · Can it be done a different way/ at a different cost · Consider the hidden costs also Understand which customers are profitable and look to do more business with them · Revenue/ turnover should be simple to identify · There may be a need to identify the profit from individual sales lines Consider the hidden costs- customer service calls etc Understand their buying habits What might they be spending with competitors? Can we sell more in quantity / range/ more frequently? Can we look after them in a better or different way which will make them feel more valued? Concentrate more effort on the best customers and less on the worst (top ten and bottom ten perhaps)
Make unprofitable customers profitable - and if not decide how to deal with them Understand why they are unprofitable Is our pricing structure working against us- e.g. free delivery on low value purchases Look at the points above re hidden costs onwards Can we look after them in a different way which will make their business profitable? If not - find a polite and courteous way to disengage
Consider doing things differently Why do we do something in the way we do? How do other players in the market do it? How has our position changed over time in relation to our competitors? What can we learn from that? Ask for suggestions from employees/ contractors/customers/other stakeholders
We will aim to cover the other five points in next month’s newsletter. In the meantime if you have any questions, want to talk through your ideas, or want some help in looking at any of the above issues please call SatNav4Business on 0845 468 1 468, email success@SatNav4Business.com or complete the contact form at www.SatNav4Busienss.com As ever we provide an initial meeting (virtual or face to face depending on timing etc) of an hour for Newsletter readers- thirty minutes for everyone else.
News from SatNav4Business Our online shop is now up and running! The product /service range is being added to almost daily with a host of downloadable material intended to be useful to businesses of all shapes and sizes and at any stage of their business journey. Please visit www.SatNav4Business.com and sample the range on offer. Feedback on what you find and suggestions for new content will both be very welcome. |
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Survey results Our colleagues at Germain Financial Associates ( http://www.sjpp.co.uk/gfa ) held a conference recently and discussed issues resulting from their recent client survey into current areas of financial concern. 
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As one might imagine some of the results were unsurprising. The reason we are featuring them is that many of the concerns expressed relate also to businesses and business owners. While one’s IFA can help with these in a number of ways SatNav4Business can help increase returns and build value within a business and assist owners to adopt and implement an appropriate exit strategy. Networking This is an important activity for a majority of businesses and takes place in many forms and many places. The objective is usually to meet, create a rapport and build relationships which may over time lead to collaboration or referrals. You know how one can often tell how well the rapport works by how rude people are to each other- in a playful way of course. Well at a recent networking event which Jeremy attends regularly (www.traffordenterprises.co.uk) he was presented with a variation on a SatNav (about which of course he can talk the hind legs off a donkey). This is the LavNav toilet navigation system which aims to help ensure a direct hit at night! To find out more visit www.lavnav.com !
This month’s Special Offer
There is plenty of noise in the media about businesses who feel they are not able to obtain the finance they need from their bank – are you one of them? If so then this is your opportunity to take advantage of our 25% discount being offered on: Financing Health Checks We use the same information you would produce to your bank or other lender to assess your business’ ability to borrow, report on this to you and compare it with your existing facilities. Click on the title for more information.
SatNav4Business Diagnostic Health Check
Delivered by telephone and email, this tests what you have put in place already or have done so far. You receive constructive feedback and suggestions for improvement. The same process can be repeated at intervals. Click on the title for more information Profit Improvement Plan This is an exercise to improve profits in the short term designed in conjunction with the business owner. The resulting goals will be Specific, Measurable, Achievable, Realistic and Timely- SMART stuff!Click on the title for more information. For further details check out: www.satnav4business.com and then email success@satnav4business.com or call 0845 468 1 468 to discuss your requirements further and book your session now. Click on the title for more information. If you would like to chat through your thoughts, call us for a free meeting or call of up to one hour for Newsletter readers (usually up to half an hour) on 0845 468 1 468 or email us on: jeremy.webb@SatNav4Business.com or jerry.irving@Satnav4Business.com We hope to see or hear from you soon Jeremy and Jerry Wherever you are on your business journey SatNav4Business can help you to arrive at your chosen destination! From free downloads. Fact sheets, guides, reviews and online support to workshops and in depth face to face bespoke solutions, the choice is YOURS... |
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| Institute of Directors West Thames Branch My IoD Networking Club Tuesday 5th April 18.30-20.30 The Canbury Arms 44 Canbury Park Road, Kingston KT2 6LQ.
The My IoD networking event really is one of the joys of spring, not to be missed. Our evenings at the Canbury Arms, Kingston are always popular (something to do with the imaginative nibbles) and invariably productive. On this particular occasion, we have invited specialist Cemanthe Harries of New Media Angels, to tell us briefly about the relevance to business of community websites like Facebook, Twitter, etc, Also non-IoD members are welcome as guests without charge. That’s it – much more for no more. Do take this opportunity to introduce a colleague – but reserve your places soon!
Email Denise Jones, Branch Administrator on admin.westthames@iod.net with your guests details and to find out more or call her on 07584 657 576.
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Surrey Chambers - Surrey Meet the Venues - Denbies Wine Estate, London Road, Dorking, RH5 6AA Tuesday 5th April 16.00-19.00 Following the success of last year’s inaugural event when over 32 venues and over 120 delegates attended, Surrey Chambers of Commerce are bringing together Surrey’s top 30 venues, all under one roof again! REASONS TO VISIT... • Free networking with exhibitors
and other visitors • Find out what Surrey’s best
venues have to offer • See what Denbies Wine Estate
and the beautiful surrounding of
the largest vineyard in the UK
has to offer Open from 16.00 - 19.00 hrs, free entry to visitors, pop in when it's convenient for you.
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Institute of Directors Surrey Branch Finance Forum Friday 8th April 7.00-9.00am With the change in catchment area to the whole of Surrey this has a new venue located in the centre of the patch in Leatherhead at Federation House, Highbury Drive, Leatherhead KT22 7UY. This is the new HQ and Conference & Training Centre of the Police Federation and trains people from around the world.
Leatherhead is easily accessed from the M25, A3 & A24 and by train from Croydon, Dorking, Epsom, Guildford and Sutton with trains running into London Victoria and Waterloo. This forum is for anyone who has an interest in the financial or commercial aspects of business and not just finance professionals.
It is intended to be a good meeting of minds, much generous sharing of information, astute discussion of topics raised by participants and opportunities to enlarge your own network but without any big “sell” spoiling really good conversations. Members £10+VAT and non members £20+VAT this includes a full cooked breakfast.
Book on 02380 266548 (members can also book at (www.iod.com)
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Leatherhead and District Chamber Networking Breakfast Tuesday 12th April 07.30 – 09.15 Leatherhead and District Chamber works in the business communities in Leatherhead, Ashtead, Fetcham and The Bookhams together with businesses based outside the area who are active within it.
This breakfast is being hosted by the National Trust at Polesden Lacey, Great Bookham Nr Dorking, Surrey. Price £10 per person for both members and non members.
Please email events@leatherheadchamber.co.uk to confirm your attendance. More details can be found at www.leatherheadchamber.co.uk
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Surrey Chambers East Surrey Business Breakfast Tuesday 12th April 08.30-09.30 Epsom Golf Club, Longdown Lane South, Epsom KT17 4JR.
Come and join in at these regular informal breakfasts.
There are no speakers, they are designed to give you a regular opportunity to meet and discuss local issues and widen your own network of customers, suppliers, neighbours and competitors.
It’s a great way to start the day, meet new people and get well fed into the bargain Members £14, Non Members £22 book at www.surrey-chambers.co.uk
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Institute of Directors Surrey Branch Dorking PubHub Wednesday 13th April 18.00-20.00 The first informal get together in Guildford was most successful and the idea is to offer a monthly opportunity for informal networking across the branch catchment area.
Come and unwind after work and enjoy a relaxing drink at the CAMRA recommended Red Bar and Diner, 45 Dene Street, Dorking RH5 2DW.
Free event, cash bar, no need to book.
Further details from Jeremy Webb on 07894 128876
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Kingston Chamber Networking Breakfast Thursday 14th April 08.00-09.30 This month’s breakfast is at The Boaters Inn, Canbury Gardens, Lower Ham Road, Kingston KT2 5AU.
Come and meet fellow members and representatives of the Chamber board for some serious networking. Bring plenty of business cards; drop one into the prize draw and win the chance to present your business in the minute to win it draw!
To book contact Wanda on 0208 541 4441 for further details or go to www.kingstonchamber.co.uk to book online.
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Surrey Chambers Elmbridge Business Breakfast Club Thursday 21st April 07.30-09.00 Hilton Hotel, Seven Hills Road South, Cobham KT11 1EW. Members £14 - Non Members £22.
Book on line at
www.surreychambers.co.uk for further info see entry above for Epsom event. |
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