Maximize Your Resources

When did you last take a hard look at your current resources? Is your business getting the most out of these resources?

Maximising your resources can help your capital go further, and, increase your profit margin.

Let’s look at three different ways to maximize what you already have:

·       Recognize the obvious

·       Unconventional breakthroughs

·       Face the facts

Recognize the Obvious

Sometimes when you are too close to something, you can’t see the ‘big picture’. This also applies to your business. You need to step back, and really take a hard look at the resources you currently have, and how your business is utillising these resources.

You are surrounded by opportunities that can help your business become more successful.

Unconventional Breakthroughs

Sitting around waiting for breakthroughs doesnt work - you need to create breakthroughs yourself.

A breakthrough is merely a new way of doing things, or finding a new thing to do for the same and achieve better results. Set up regular brainstorming sessions and encouraging your team to come forward with breakthroughs, or new ideas. Do this as part of 'business as usual' so your team becomes conditioned to look for innovative ways of doing things.

Some great examples of breakthroughs are:

·       A health and beauty company discovers a side effect of a product that can be re-marketed and sold as a new product.

·       A company creates a roll-on deodorant inspired by the shape and size of a ball point pen.

·       The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.

When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:

1. Look for the hidden opportunity in every situation.
2. Look for at least one cash windfall for your business every three months.
3. The more value you find for your client, the more successful your breakthrough will be (look at the value Apple created with the touch screen).
4. Create multiple streams of idea to find the best breakthroughs. No idea is a 'silly idea'
5. Anaylse all ideas from the parspective of your client/customer, then find a way to make these viable. Effective planning removes all risk or resistance.

Face the Facts

Before you can put your breakthroughs to work you need to accept that the processes or systems are not working for you as well as they could, and work to change, or get rid of them.

System analysis is a good way to do this. Create a list of your strengths and weaknesses. It also helps to compare these to the strengths and weaknesses of your competitors.

Here are some great questions to ask yourself (and also your team), for you to get a handle on where your business is right now.

1. Why did I first start this business? Why am I in this industry?
2. What products/services did I offer then? Which were the most popular?
3. How did I generate new customers/clients then?
4. Why are my customers/clients buying from me right now?
5. What business have I lost and why
6. Which of my marketing efforts were bringing in the best results? Can I easily scale these up?

Once you’ve got the answers to these questions, you’ll feel more confident on how to approach your weaknesses and work with your strengths.

These three strategies will give you a starting point for how to utilize your current resources to their fullest potential.

When you are ready to take your business further or want any help with your strategic or systems analysis, please contact me at kevin@ascendency.co.nz.

Committed to your success,

 Kevin