2015 business challenges-quick hit ideas

Creed Business Solu.ons, LLC 13411 W. 128th Terrace Overland Park, KS 66213 Phone: (913) 940-‐6767 [email protected] _______________________________________________________________

2015 Business Challenges

-‐ Quick Hit Ideas -‐ Copyright © 2013-‐2015 Creed Business Solu.ons. All rights

reserved.

2015 Business Challenges -‐ Reducing Expenses -‐

Considera*ons: •  Expense management should be incorporated into every business plan •  Upda.ng current expense models may be most valuable ini.a.ve

undertaken •  Typical budget categories are insufficient in understanding expenses •  Consider analyzing by:

✓Products/Services ✓Major Processes ✓Largest Purchases ✓Vendor ✓Customer/Distributor ✓Seasonality ✓Func.on ✓Historical Trends ✓Industry norms

•  Fixed vs. Variable – If business was in “run-‐off” mode, what expenses would be lei?

•  Create a cost conscious culture, but control final cost decisions

Copyright © 2013-‐2015 Creed Business Solu.ons. All rights reserved.

2015 Business Challenges -‐ Reducing Expenses -‐

Opportuni*es: 1)  Overall Cost Reduc.on

ü  To achieve a 10% overall reduc.on, ask each department head to iden.fy 40% -‐ then choose the best “overall” opportuni.es to achieve your goal

2)  Process Costs ü  Analyze labor intensive processes -‐ Determine “.me through process” vs. “volume of

transac.ons” ü  Process .me is oien reduced via process improvement -‐ Volume reduc.on lends itself

toward technology enhancements

3)  Value of Services ü  Determine the “value” of services performed ü  Eliminate non-‐value services, charge for value-‐added services ü  Modify performance standards on “non-‐compe..ve” service offerings


2015 Business Challenges -‐ Retaining Employees -‐

Considera*ons and Opportuni*es: •  Recognize that mul.ple factors influence reten.on •  Top factors:

ü  Selec.on Criteria ü  Corporate Culture – what’s your story? ü  Supervisor Rela.onships

•  Compensa.on should be “in the ballpark” of market •  Confiden.ally iden.fy “key” and “hard to replace” employees – consider

individual mo.va.on •  Consider employee opinion survey – A tool to improve company/employee

rela.onship •  Involve employees in business pursuits, intra-‐company ac.vi.es, and

community outreach endeavors


2015 Business Challenges -‐ Aorac.ng & Hiring Employees -‐

Considera*ons and Opportuni*es: •  Establish future and interim staffing plans – focus on roles and skills, not

individuals •  Create more objec.ve, less subjec.ve, selec.on process •  Target recrui.ng efforts toward specific jobs and skill sets – one recrui.ng

strategy does not work for all posi.ons •  Polish your company story -‐ present a posi.ve, consistent culture •  Develop and promote from within where possible – leverage successes with

candidates •  Be willing to pay above market rate for key posi.ons


2015 Business Challenges -‐ Succession Planning -‐

Considera*ons: •  Remember that plan complexity will vary by business – any plan is beoer

than no plan •  Include most cri.cal posi.ons in plan •  Ensure objec.vity in establishing job requirements – don’t base solely on

incumbent •  Evaluate current employees based upon poten.al fit for posi.ons – not

solely on current performance, skills, or tenure •  Accept that it is acceptable to rely on outside hires as successors •  Use cau.on in communica.on – as SP’s can be sensi.ve •  Incorporate leadership development program as an essen.al part of the plan


_______________________________________________________________

Creed Business Solu.ons

Bill Marden, President

Website: www.creedbusiness.com

(913) 940-‐6767

[email protected] Copyright © 2013-‐2015 Creed Business Solu.ons. All rights

reserved.

2015 business challenges-quick hit ideas

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