During hard times in a business it is important to recognize all your resources and how you can take those resources and be resourceful. Here are a few thought-provoking ideas for your business to review during these unique times.
Change Resources – Change your business plan to meet demands.
This is a hard pill to swallow. Give up everything you have built (which is failing or maybe not quite meeting your expectations) and give in to new ideas and uncharted territory.
During this time, I saw an amazing response of school systems. They are working to move school out of the buildings. In addition to providing at home school resources, they have set up avenues to provide students meals. They have taken their resources like school buses and created a meal delivery system for their communities.
Another surprising change to resources is the local restaurants providing only take-out or changing to adding additional services like delivery. Changing your business plan to meet the needs of those around you, could be the saving grace of your business.
Human Resources – Dig into the minds of your employees for new and inventive ideas.
You hired individuals to work for you. Put their minds to work. They have thoughts and ideas which could improve your business. Often, they will not share those ideas unless asked. Ask your employees for ideas to assist in improving your business. Create a culture where people can be inventive for the betterment of everyone involved.
Customer Resources – Ask for feedback from your patrons to see what they want – deliver what they want.
When was the last time you asked your customers for feedback about your business? Much like employees, customers have developed an opinion about your business. They may only share with you negative aspects. They may only share with you positive aspects. They may never share any thoughts about your business with you. Ask the customers for feedback. This is a valuable resource to gage your business from your audience, your customers. Take the feedback and act upon it for the betterment of your business.
Referral Resources – Reach out to your patrons to further support your business by creating opportunities for them to share your business with others.
For the loyal customers who patron your business, have you asked them to share your business with others? This seems simple enough. However, this is sometimes an easily missed opportunity for businesses. The word of mouth advertising often holds more clout than any other advertising. People who recommend your business become testimonials to the services you offer. Sometimes, you just need to ask your customers for referrals.
Digital Resources – Never underestimate the power of social media and access to information.
There are so many avenues to connect to people and give them the opportunity to know about your business. Most of these avenues are free. You should always take advantage of free resources. Most free resources will cost you time. There will be time needed to learn how to set these up. There will be time needed to monitor and build the social platform. If you don’t feel you have the time but have money, social media management companies are waiting to assist you.
In a world where information is a few clicks away, take some time to research your needs. Digital information is at your fingers. There are so many resources available to businesses. Businesses think they don’t have time to research, to develop, or to change in order to grow their business. Social media and information research should be a part of your business plan.
Product Resources – Be mindful of your inventories and how best to manage them.
Do you own a retail business, digital business, service business, or other? Whatever your business, you have inventory. Sometimes, that inventory is time. No matter your inventory, that inventory is a resource. You purchased that inventory because someone needs it, someone wants it, someone will purchase it. Inventory management will make or break a business. Knowing what you have in stock and how to move stock is imperative to the success of a business. Identify your product. Identify your customer. Make those connections.
Time Management Resources – where is your time going?
“Time is Money” Lack of time management within your business and those around you can be detrimental to the operations of your business. Unnecessary meetings can be invasive to the production of your employees. Unstructured meetings can be a huge waste of time for a business. Understanding optimal times to be open and closed can harm a business. There are so many attributes to time management and your business, I really challenge you to seek resources about how best to manage time within your business.
Reflective Resources – Be aware of your surroundings.
Sometimes, you must take a step back from the daily grind and evaluate the overall aspect of what your business is doing and why? Maybe your business started out as a hair salon and now there is a need for groomers in your area. If you weren’t in tune to your surroundings, you may have not recognized the resources you have of being able to provide another service for your business. Trying to look at your business from a different perspective is not easy. Trying to see what is going on in your business industry is not easy. If you don’t feel you have the capability to self-analyze your business and be subjective and unbiased to what you are doing, maybe rely on an outside source to provide this information to you.
RECAP
There are so many resources available to your business. These are some quick ideas to get you started in seeking resources to be resourceful. If you would like to schedule a brainstorm session, I will be glad to assist. If you are interested in expanding your current resources and diversifying your business, I will be glad to sit down with you and see what resources you have, what resources you can offer, what resources you may need, and how your business can be resourceful.