When did you last spend quality time evaluating all aspects of your business? If you’re in sales, how much time, energy, and effort are you putting into to some client relationships and is your sales volume reflective of that time spent? More importantly, is it a profitable relationship for you and your company?
Recently, I sat down and did an annual evaluation of our products and services. During this process, I looked at all aspects of the business, including annual sales, costs, and overall profitability.
Looking globally at your business helps point out your strengths and weaknesses, and that information is a great tool for planning for future growth. Unfortunately, some times you find areas of weakness that are costing you money, and it's necessary to take action.
Here are a few questions you can ask yourself to effectively deal with making your tough decisions:
- Have you done everything you can do to make your product as successful as possible? You may find you have done everything you can and you may find some gaps in your own actions, which can inspire results.
- Have you given yourself enough time to cultivate success? Some products take more time to succeed and others are successful immediately. Be sure you know how much time you need to evaluate your results.
- Is your prospect pool large enough to warrant the results you want or need to be successful?
If you find that the answers to the questions above point to negative results overall, it’s important to talk to your client. What we often fail to remember is our clients want us to be successful just like they are. And, if you communicate with them, you often will be able to negotiate a relationship that is mutually beneficial for both organizations. Remember, if a piece of business is costing you money, it’s not good business.
Written by: Kasie Smith, president and publisher of Groups Today magazine.