A L Bean & Company

August 19, 2010

Measure Your Business
Measure Your Business

Filed under: Consulting — artlbean @ 8:21 am

Whether your business is a multi-billion dollar enterprise or a local retailer, you need to know what impacts your ability to serve your customers. Why? These functions drive your revenue. Performing well at these functions can prove to make your business successful. If the measurements of these functions are poor, they can be leading indicators to poor profits in the
future.

You should determine what measurements to track and what threshold to aim for. You can do this by looking at other companies in your industry and determining what they measure. For example, companies that run call centers measure the average speed to answer a call, average hold time, as well as others. Why? This determines the customer experience. Customer experience is a major driver of your ability to maintain customers. If you fail significantly, you are bound to lose customers. Knowing that you are underachieving at this goal can help to keep your business from losing customers and losing sales. On a consistent basis (at least monthly), measure how well you are going over or above these performance metrics. Set specific goals and meet them.

If you would like assistance determining how to measure your businesses success, please contact A.L.BEAN & Company at 214-387-8525 or visit our website at www.albeanco.com.

August 16, 2010

Doing Nothing is not a Strategic Plan

Filed under: Consulting — artlbean @ 4:12 pm

With so many changes in today’s business environment, strategic planning is becoming more and more integral to success. Many companies still have a lot of excess capacity in their operations. Many Executives are sitting on the sidelines and holding a lot of cash in the bank to manage the uncertain business climate. Doing nothing is not a strategic plan. Executives may be forced to slow down implementing some major projects, but a business has to continue operating, regardless of the environment.

We encourage executives to revisit their plans and measure their success towards those plans. Companies that continue to market and stay leading edge will have a competitive advantage when the market shifts to more aggressive growth. The economy is improving, though at a small pace, and companies that are positioned to react to shifts in demand will reap the benefits. Executives should come up with strategies to ensure they can move fast when the market shifts. If a manufacturer has scaled back on staff at plants, plans should be in place to bring qualified staff back quickly. If your competition moves faster, your market share could be at stake.

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