Predict Your Business Future without a Crystal Ball

As Mike Myatt, a contributor to Forbes quite rightly says, “Life is plain easier when you can see what’s ahead of you.”

Mike – a leadership advisor to Fortune 500 CEOs and Boards – is confident that everyone can learn to see around corners – and that understanding the future entails business leaders and owners understanding and engaging with people of influence.

In the same way that magicians practice their craft, Mike urges readers to learn the art of leadership, understand people’s motivations – and see through the rhetoric.

In my experience as a business strategist and performance coach another key to unlocking the future is burgeoning sales order book.

While everyone is seeking a magical “silver bullet” to boost sales and profits in these uncertain times, the more ‘savvy’ bosses are back working the basics and quietly producing results.

The first step first step in this process is to apply Pareto’s Law – the 80/20 ratio – to your business.

80% of sales come from 20% of customers – do you know who they are?

80% of profit comes from 20% of customers – do you know who they are?

80% of profit comes from 20% of products and services – do you know which they are and which customers buy them?

The answers to these three questions hold the key to your personal and business future – because the golden nuggets lie in the numbers.

If you examine sales data from the past 1-2 years, you will begin to see a pattern as your customers and clients adjusted their buying behaviour to the “new normal” – a climate of snail’s pace growth.

All you have to do is pick out the signs and adjust your strategy to capitalise on the new trends.

Having an overarching ‘Go Forward’ plan within which you incorporate your goals of boosting your sales order book and engaging with people of influence will chart your course in critical areas and turbo-charge your success.

This plan will encompass the overarching goals of the business – underpinned by specific objectives and Key Performance Indicators (KPIs) for marketing and sales, finance, operations – and employees.

Finally, as an owner manager or head of a family run business these goals should all be interlinked with your personal plan of what you want to be, do and have – a goal which we’ll put the spotlight on in forthcoming posts.

For help in setting in place the building blocks which will enable you to face the future with confidence and certainty, e-mail me via richard.bosworth@whatifspecialist.com, send me a tweet via @RichardWhatIf on Twitter, or find me on LinkedIn.

Do you like this article? Make yourself look good and share it with your peers.

Leave a Reply

Your email address will not be published. Required fields are marked *