A focus should certainly be on maximising return from current clients and services
Posted: Tue Jan 07, 2025 4:55 am
With an unrelenting squeeze on your bottom line, ensuring that you are adapting to change and making use of technological advancements where possible will be crucial to both cutting costs and maximising profits. Analyse your current work processes and be brave by incorporating new technology; as long as it can help to streamline processes and reduce your resource cost. Technology isn’t the only area that will offer a cost saving and removing barriers between departments may offer more fluid work flows. Time is money and reducing time spent can offer some of the biggest savings.
By getting to know your customers or audience; understanding their pain points bahrain whatsapp phone number and focusing on how you can further meet their needs you will be able to increase your return. Your clients may not know that they need your help but if you can offer a solution to increase their efficiency or gain a competitive edge; you will be in an ideal place to expand your slice of the pie.
What’s critical for those CEOs running a service driven business though is ensuring that work is priced accurately and that they’re not over-servicing or allowing the scope of the project to expand beyond what was originally agreed, as these will all negatively impact on profit. It’s important to build good working relationships with clients but not if it causes you to lose money. Collard calls these elements ‘The 3 Deadly Sins’ and says that they’re generally behind all unsatisfactory profit margins. His book offers some good tips on avoiding falling into these traps.
Numbers
If you don’t understand your company’s figures inside out then you won’t truly know how profitable your organisation is, and without this knowledge you won’t know what to focus on; recruitment, new business or cost cutting. You need to be confident that the numbers are accurately reflecting revenue and costs too. The recent high profile case of Tesco’s financial blunders served as a stark warning of what can happen if you’re working from inaccurate or inflated figures.
By getting to know your customers or audience; understanding their pain points bahrain whatsapp phone number and focusing on how you can further meet their needs you will be able to increase your return. Your clients may not know that they need your help but if you can offer a solution to increase their efficiency or gain a competitive edge; you will be in an ideal place to expand your slice of the pie.
What’s critical for those CEOs running a service driven business though is ensuring that work is priced accurately and that they’re not over-servicing or allowing the scope of the project to expand beyond what was originally agreed, as these will all negatively impact on profit. It’s important to build good working relationships with clients but not if it causes you to lose money. Collard calls these elements ‘The 3 Deadly Sins’ and says that they’re generally behind all unsatisfactory profit margins. His book offers some good tips on avoiding falling into these traps.
Numbers
If you don’t understand your company’s figures inside out then you won’t truly know how profitable your organisation is, and without this knowledge you won’t know what to focus on; recruitment, new business or cost cutting. You need to be confident that the numbers are accurately reflecting revenue and costs too. The recent high profile case of Tesco’s financial blunders served as a stark warning of what can happen if you’re working from inaccurate or inflated figures.