These tried and tested strategies can help you help you grow profit while managing risk.
- Review the 3 best opportunities you could create longer term, and assess in great detail what you need to do to pursue them.
- Ascertain your company’s 10 top customers in terms of profitability. What complimentary or add-on products and services can you sell them to balloon profits.
- Analyze your staffing levels and determine whether you should staff on a “green field” basis. Ask yourself these questions: “If I were starting a new company, would I hire the same employees I have today? If I were to hire them, would I have them in the positions they are in today?” You may be surprised at your answers!
- Learn which products are losing money and get rid of them immediately, or raise their prices.
- Assess your short-term risk tolerance and develop a contingency plan to stop Murphy’s Law in its tracks — include as much detail as necessary to establish a clear picture in your mind.
- Examine the 3 top longer-term risk areas of your business today, and focus on how to respond when they materialize.
- Evaluate and improve the speed and quality of your cash flow and key metrics monitoring to prepare for a fast moving year.
Drop me a note on how this turns out. ************************************************************************
Known as the Fiscal Doctor, Gary W. Patterson has helped 2 INC 500 companies and over 200 companies in manufacturing, technology, service, construction and distribution in companies from start-ups to Inc. 500 to Fortune 500. Gary Patterson helps you grow top line revenues, keep more of the bottom line and make life more fun. Author of Find Your Blind Spot – Before It Finds You, and Million Dollar Blind Spots. Contact Gary when you need a speaker or consultant on strategic profitable growth while removing risk at www.FiscalDoctor.com or 678-319-4739.
© Gary Patterson, the FiscalDoctor® www.FiscalDoctor.com
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