Enhance Your Profits
As you work to grow the top line, and to get bigger and better, don’t overlook the need to be more profitable with the work you do. What’s the right number? It all depends on your business, your people, the investments you’ve made and the markets you are chasing. I try not to compare one company to another, rather, I like to compare a business to its potential.
Start by doing an assessment of where you are today regarding your current results and overlay that with where you think you should be based on an honest assessment of your potential. What do you like, what don’t you like, where are the skill or performance gaps? The following list might be some of the things that you run into when you do this exercise:
- Growth has stalled. You’ve hit that ceiling and nothing that you’ve tried to change is moving the needle.
- Profits have eroded, but you’ve been busy – where is the leakage?
- Employee engagement is a problem. Not with everyone but with enough folks to bring the morale and general vibe of the plant down.
- The technology that you’ve invested in is underutilized. It’s either not fully deployed, not adopted, or not working the way you thought it was going to.
- The speed requirements of the markets are causing you problems in meeting client expectations.
These are just the tip of the iceberg. Eroding profits is a symptom. These, and other issues are the causes. Get your team together and start identifying the root causes of your situation and take action on your findings … NOW. Don’t procrastinate, don’t kick the can down the road, don’t delegate this most important aspect of your business.
Whether you are a new CEO, or a seasoned professional, reviewing these areas should be an ongoing exercise. And, doing it well will help you make the best decisions for you, the company, and overall shareholder value. What steps will you take TODAY to stop the profit leakage in your business?
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Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to owners and CEOs in the Graphic Communications Industry by providing direct and realistic assessments, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.
Mike Philie leverages his 28 years of direct industry experience in sales, sales management and executive leadership to share what’s working for companies today and how to safely transform your business. Since 2007, he has been providing consulting services to privately held printing and mailing companies across North America.
Mike provides strategy and insight to owners and CEOs in the graphic communications industry by providing direct and realistic assessments, not being afraid to voice the unpopular opinion, and helping leaders navigate change through a common sense and practical approach.
