In this article, we ask the question, ‘are you managing your business for tomorrow or are you too busy?’ Please feel free to comment below, and share as you please.
Too often, today’s managers are so busy with immediate tasks that they overlook what their businesses need to thrive in the future. Managers have both a line and a management function and the line function is the one that gets the focus. While leaders lead, managers must steer their business strategy towards growth.
Knowing your competitors is crucial. What are they doing or planning that could impact your business? We also ask ourselves, ‘are your staff working as expected, and are your suppliers contributing effectively?’
Managing your business and embracing technological change
Business is rapidly evolving with innovative technologies from digitisation and robotics to Artificial Intelligence. These innovations are transforming the workplace. We need to adapt by working smarter, not just harder. A survey sponsored by Dropbox identified that decision makers in UK manufacturing organisations waste 30% of their time on non-value-adding tasks. Crazy we know. Sadly, despite working longer hours than their European counterparts, UK workers have the lowest productivity.
A business strategy for competitive advantage
Strategic planning involves leveraging a company’s resources (human and financial) to gain a competitive edge. However, creating a great strategy is just the beginning.
Moreover, when managing your business, there is a profound difference between business strategy creation and implementation. From strategy, derive the structure, tactics, and execution. The entire organisation must align with the strategy, ensuring the right people are in the right roles.
Problem-Solving from a New Perspective
When faced with a business problem, it is essential to rise above the details and view the big picture. Is it a problem or an opportunity? Redefine the problem and break it into manageable parts. Involve colleagues in analysing each aspect and developing a plan.
For instance, if your chairperson asks for a 25% business growth next year, clarify whether this pertains to turnover or profitability. If it is sales, break it down by product and sales territory. Analyse your current sales and explore growth opportunities using tools like the Ansoff Matrix, which suggests growth through market development, market penetration, product development, and diversification. Each approach carrying different business risks.
If the challenge is profitability, dissect it into primary, secondary, and tertiary product lines. Consider small increases in sales and prices or slight reductions in overheads and buying prices. These adjustments can significantly impact overall profitability.
Empowering Your Team
Companies often claim that their people are their greatest asset, yet surprisingly, many fail to maximise this resource. Employee engagement is crucial for implementing a business strategy and marketing plans effectively.
Every worker has a unique psychological contract with their employer, influencing their emotional attachment and willingness to perform. Understand this dynamic and start delegating.
Similarly, engage your supply chain by collaborating with equipment suppliers to reduce your organisation’s workload. Dynamic suppliers, like BPX use their experience by customising their offering to meet the individual demands of their customers. See how the services we offer can help you today.
By focusing on strategic planning, problem-solving, and empowering your team, you can ensure your business is prepared for tomorrow’s challenges.
