I understand that it seems at times that it’s impossible to deal with so many issues outside of your direct control. Supply chain issues, labor issues, fuel costs. Interest rates rising, government regulations, all contribute to the difficulty of running a business today.
But, like the image above maybe we need to take a time out to regroup.
The issues above are common business problems that everyone is faced with. But focusing and worrying about them will get you nowhere.
They are mostly beyond your control. Instead, you want to focus on the things that are under your control but too often accepted as is, or missed completely. You can actually take actions that mitigate the impact of some of the items above.
For example, there is no system that can’t be improved, streamlined, or optimized. This results in greater effectiveness and efficiency throughout a company. But do you have initiatives, systems, and rewards for improving your systems, cutting costs, and simply making things work as best as they possibly can?
This is an area where you can impact some of the items “out of your control”.
· Interest rates are controlled by the Fed. But underperforming companies can find themselves less credit worthy and pay more points over prime or be forced into risk lenders. Performance to plan can keep you at better rates.
· Cost of raw materials. You have impact in this area by;
o Minimizing waste and rework.
o Smart inventory management to minimize freight costs and expedited shipments.
· Manage labor costs and overtime by minimizing mistakes and rework. Are your processes documented and current? Are you shifting priorities due to scheduling issues, resulting in overtime and employee dissatisfaction?
· A high growth and profitable company with solid core values can attract and retain key employees. Also, employee engagement and retention is improved by culture initiatives.
Focusing on what you can impact will help to improve operations as well as employee engagement.
For a copy of my free report, “Do You Make These 7 Common Business Mistakes”