9 Business Lessons From A Blown Out Car Tire
Wednesday, August 17th, 2011
Last week I was driving on the Pennsylvania Turnpike and heard a faint thumping noise as the car was zooming along. The noise got a bit louder and the hood and steering wheel started shaking. Being the non-automotive expert I am, I kept driving thinking that just maybe the noise would go away.
The noise didn’t go away. In fact it got much louder until my tire came apart on the highway.
After I changed the tire I thought about the various warning signs leading up to this. For weeks I sensed that something was wrong with that tire. I’m no expert, but things just didn’t look right. Then on the highway something kept telling me to check the tire out, but I didn’t—until it was too late and it blew out.
Your businesses is similar.If we take the time to observe closely, there are a variety of signs warning we will notice that can indicate problems (or continued success) in our businesses.
As business owners it is critical that you are in tune with all aspects of your business. Here are nine things you can do to be in tune and observe warning signs:
1. Regularly meet one on one with your staff
Have a no-agenda meeting, one-on-one, and listen to their concerns.
2. Have regular group staff meetings to obtain collective input from your staff
3. Regularly meet with senior managers
Seek their guidance, input and suggestions in regard to the day-to-day and future direction of your company.
4. Take the time to meet with customers
This will help you learn how you can better serve them, what they like, what they don’t like and how they are pleased with your staff.
5.Your vendors, including your bank, are important parts of your business ecosystem
Have regular meetings with these important partners. When things are great, everyone smiles, but when things are not going so well (maybe you are having a slow sales cycle) solid personal relationships and trust might be the only collateral you can offer to keep the relationship.
6. Ensure you regularly measure the financial health of your business
Sit with your accountant to review your financial dashboard. What is your cash flow, what products are most profitable, what products are losing money on each sale? Know your financial numbers.
7. Be aware of the overall economy and how it might affect your business
If a rural town, five states away from your business has been leveled by tornadoes, will this affect your business?
8. Your technology can reveal many useful insights about your business. This insight includes how effective your online marketing is, which products are of most interest to your customers, where your customers are and more.
9. Business Intelligence (BI), goes beyond e-mail marketing and social media metrics and analyzes your products, sales, costs and more (your key performance indicators). BI helps you make strategic decisions about your business.
If you take the time to monitor the health of your business, there will be no surprises. Of course don’t just monitor the health of your business, but make sure you also take corrective measures against anything that’s not right in your business. Seek ways to improve the things that are going right in your business.
Before my tire blew out on the Pennsylvania Turnpike, there were many warning signs. If I would have taken corrective measures my ride would have been uneventful as I would have changed my tire, before my road trip. What about your business? Is it headed for disaster and the warning signs are screaming at you?
Article courtesy ofOpen Forum
