Have you considered setting a baseline strategy to assess risks against? You can use this baseline to always ensures your company survives the ups and downs of commercial trading. To optimise payment terms for your customers and suppliers. As well as considering which investments to make.
We learned the principle of baseline strategy from Eric Lofholm while studying sales systems and training methods. This is our interpretation not a reproduction of the original. Applying the principles of utilising a baseline strategy alongside the critical thinking tool has been essential as the business grows. We even managed to survive potential bankruptcy when a risk was identified and mitigated.
In essence hitting your baseline strategy should be your first goal with any new company or one you are looking to turn around from a loss making position.
This is your baseline strategy to maintain, when considering additional cost always assess whether your baseline could be compromised before going ahead. With your strategic baseline in mind the next steps will allow you to take advantage of the defined standard and use it to manage your business.
This approach, especially when starting out reduces the risk of the butterfly effect also known as shiny object syndrome whereby you jump from one idea to the next adding cost but rarely achieving a consistent return as you drop one for the next.
It may seem like a simple approach, often though the simplest tactics are the ones which ensure your overall strategy is effective and your business grows without being compromised.
Set your baseline strategy and let us know how you get on, if you would like a review or help in getting started come and join a group session in person or online and we'll guide you through the process.