Time to Think Outside the Box?

Dear Reader,

So you have battened down the hatches and weathered the storm - what next? We hope that this issue of Game Plans for Growth provides you with a few helpful ideas about taking your business forward to the next level.

The Idea


Most markets still remain challenging, so is now a good time to start thinking 'Outside the Box'? The saying "if you carry on doing the things you always have done then you will get the same results you got before" certainly holds good today. In most businesses time spent on working on your business is seldom wasted. In any market there are winners and losers so below we provide some ideas which may help your creative thinking!


Game Plan

Here are some options to consider:

1. Determine which are you most profitable customers and then set out to attract more customers like them.

2. Consider re-engineering your business model by switching fixed overheads to variable costs so making reducing your breakeven point.

3. Evaluate your businesses core strengths and then review your marketing material to ensure that it properly reflects them.

4. What about a strategic Acquisition? If you have available funding (or a business with good debt capacity) then you may be able to take advantage of the historic low valuations for businesses which won't last for much longer.

5. If cash is tight then how about a Merger? You could join forces with a respected competitor and reduce the combined overhead base as a reaction to a subdued market.

6. Now may be a good time to bring an external investor on board, one which brings not only much needed funding but also might be a great door opener.

7. Look out for key managers who may become available; their expectations may be more realistic and the smaller company can look attractive after big co's headcount reductions.

8. What is your "Out of the Box" thought?

The End Result

Just after the 9/11 attacks on the twin towers many UK travel companies cut back their activities and cancelled contracts with hotel and villa owners. A Greek business owner saw this moment as a great opportunity, signed up these properties and then set up a UK marketing arm. As a result he achieved a market share which would have taken years to build in normal times.

As Virtual Finance Directors we often facilitate workshops or discussions with business owners where they can bounce ideas around before airing them to their employees; we enjoy working with owners an acting as a 'sounding board'. If you would like a chat about organising such a workshop please contact us.

I wish you well with your Creative Thinking!

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