Now that we have completed the discussion of management of sales people, I’m sure many of you are anxious to move onto a much more pleasant topic.
This gives me the opportunity to talk about one of my favorite money-making subjects which might be called, “How To Be Your Own Consultant.”
Many times when I consult with a company my recommendations are painfully obvious, after the fact but were somehow invisible before my intervention. It’s very tough to be objective and analytical about your own business, very easy to be that way with someone else’s and that’s the basis of consulting.
However, there are certain suggestions I can make that may enable you to spot some great opportunities in your own business without the aid and expense of an outside independent consultant.
Virtually every business has unexploited, growth opportunities and unreasonable burdens. Most consultants who get involved with troubled companies find that each company has a product, a division, a type of customer or a marketing method that is actually costing more than it’s worth and should be cut.
I find this to be true in most cases.
You’ll want to carefully analyze your own business and the costs associated with each different aspect of the business very carefully.
Often you can apply the 80/20 idea to your business mix. You may discover that 80% of your profits come from 20% of your business and that 80% of your problems come from 20% of the business. Again as long it’s not the same 20% in both cases you’re in good shape.
The result of this type of analysis is often a comprehensive redesign of the business. It’s difficult but advisable to be open minded enough to do this.
Another lesson learned from the turnarounds of troubled companies is that the opportunity for either a product breakthrough or a marketing method breakthrough exists in most businesses.
I’ll be covering this important subject in my next post in just a couple of days.