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By Bob Prosen | Comments 6
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By Bob Prosen | Comments 0
Whether you’re already in the winner’s circle, on your way to profitability, or still struggling along the way, it is important to have an idea or plan for sustaining and accelerating high-performance results and profitability.
But as expected, at one time or another every company gets off track.
When this happens to successful companies, however, they recognize the problems and get back on track quickly.
Watch for these basic trouble signs when you’re working to achieve and sustain operational excellence:
- Hazy understanding of your cost structure, including what drives expense in the business and who the owners are for each cost component on the P&L
- No effective RCA/ICA process in place
- No plan for automation to increase productivity and reduce costs by eliminating human error
- Expenses and overhead that are out of control
- Budget owners who can’t factually explain deviation from plan and who don’t proactively take action to realize the plan
What are the solutions for these operational trouble points that will help you accelerate profitability to new levels? Read more
Operating plans are tactical in nature.
They spell out the steps every organization must take to achieve the business plan.
This is where you begin to bridge the gap between planning and results.
An operating plan must be measurable and highlight key milestones to achieve throughout the year.
Your operating plan is a road map that tells you how you execute your business plan.
It’s an instrument that shows if you are staying on course.
Leaders responsible for delivering results must develop operating plans.
They can’t and won’t buy into these plans if others developed them.
Leaders have to lay out the specific programs, timelines, measurements, and resources required to achieve their objectives, which, in turn, are aligned with the company’s overall objectives.
Most leaders know what they want. The challenge is getting the company to execute with speed and efficiency to consistently deliver the desired results.
The key is to bridge the gap between planning and results by executing effectively.
A thorough understanding of a company’s cost structure and the use of continuous process improvement provide the foundation for many business decisions.
Without accurate cost information it’s impossible to set optimal prices, forecast performance, isolate areas that negatively impact cash flow, determine what to stop doing, identify what to automate, and decide how best to manage costs.
It’s also critical to undertand cost drivers in order to grow a profitable business while investing in areas that improve profitability and de-investing in ones that don’t.
Operational excellence is how margins are maintained. It is about efficiency, effectiveness, and doing the right things right the first time.
While sales are essential to profitability because they fuel business growth, when sales fall short of the top of the line, or there is pricing pressure, most companies must cut costs to maintain margins and stay afloat.
Unfortunately that often means eliminating people. It’s best to keep a constant eye on costs instead of slashing payroll as a last-ditch effort to make ends meet. Read more
Last week I asked more than 1,000 small business leaders across the country to evaluate the importance of Top 10 critical business challengesand over 26% of the people responded! Take a few minutes to find out what leaders identified as their top eight challenges. Do you agree with them?
I’ve got something pretty cool for you today.
It’s an audio and video recording from a workshop I recently held where I hear directly from a room filled of small business owners, just like you, state the biggest challenges they’re facing in today’s world. To be precise, It’s an excerpt taken from my four hour small business leadership training program where I taught leaders how to rapidly increase profits. At the end of the day we reviewed the list and everyone agreed that the program addressed 12 of the 16 biggest challenges listed below.
Whether you are trying to survive in today’s tough economy or striving to reach new heights, the mutual goal is to progress and making money.
As someone who subscribes to the old adage, “Go as far as you can go and when you get there you can see further,” I believe that there is always room for improvement.
Especially in 2010 and 2011.
Sure it’s more difficult but not impossible. The first step is to identify the hurdles — and that’s exactly what we did in this audio recording.
Just take a listen, and you’ll quickly hear the SAME exact problems, frustrations and concerns that you have for your business – are the same problems facing other business owners as well.
I also included all the challenges I got from the participants at the end of the post.
So what do YOU think? Did they, or I, miss any? Feel free to post your thoughts below.
By Bob Prosen | Comments 3
On August 11th from 6 – 7 PM Pacific time (9 – 10 Eastern) I’ll be hosting a Live and EXCLUSIVE webinar with the man behind my brand new website — and someone that I deeply respect and trust — Chris Fernandez.
This webinar is my way of saying thanks for visiting my new website and just a taste of the type of information that I want to deliver to you from now on to help your business succeed.
The webinar is called: 5 Things You Must Do To Dominate The First Page of Google
I asked Chris to explain a little bit more about what we’ll be covering in this webinar, so I’ll leave the rest to him — take it away Chris! Read more