When it comes to doing business, most people wear many hats – yet we only have a few very specific specialties. You can be very good at a number of things, but you are probably only an expert in a select number of skills. This is why it is not only perfectly acceptable, it’s actually admirable, when you accept the fact that you might need some business input from others. These are just some of the indicators that you might not be able to handle everything yourself. Trust us when we tell you that some of these will be very familiar.
Are your competitors beating your prices?
When dealing with direct competition, it is common to see a ‘price war’ start out. Yet there comes a point where, if you continue using your current process, you are unable to lower prices much more. Yet you are finding that your competitor is beating you on price – which in turns means that clients are easily swayed to their side.
You notice that the quality of the product or service is similar, but you cannot beat them when it comes to price. You can try to hope that this is a temporary situation and they will be forced to raise prices again in the future, or you can look at what the difference is. How come that those other companies are able to offer a similar product at a lower price?
Problems with regulatory compliance
You have a great product, it is certainly a shame that you are unable to sell it anymore. Regularly compliance is one of the most frustrating aspects for businesses. This is not only because rules are continuously being updated and changed, but also because you are expected to be up-to-date on the rules. Not being in compliance may mean a warning, a fine, or even a ban on selling your product.
You could do this as a ‘side project’ or pull staff away to do this, but the fact is that regulation is serious business. This is especially true if you are ever in the position where you have to defend your regulatory compliance because something did not go according to plan.
Are you just not reading between the lines?
Unless you have the most efficient company in the world, there are always ways to decrease overhead, increase profits, or increase your sales. It is important to remember that you are constantly involved in the day-to-day operations of a company. If that happens, chances are that you are not going to see an opening that others might.
This is not unlike proofreading your own thesis. Eventually you have worked on the same project for so long, that you are not able to see other opportunities that others would identify within days, possibly even hours. If you are constantly reviewing the same data, chances are that reading between the lines for something new is becoming increasingly difficult, if not impossible.
Are your deliveries consistently late?
If there is one thing that has become unacceptable in the world of business, it has to be ‘being late’. You cannot afford to be late on your deliveries on a regular basis. Why are your deliveries late? It sound straightforward enough, but it often is not. Most times people have become so used to a specific way of shipping their product or doing business that they simply say, “Well that is just the way it has always been,” even if this means that your shipments are actually late.
As you can see, there are probably a handful of these factors that you can identify with. The problem is that nothing is going to change unless you take a first step. Fortunately, we have consultants available who can offer that third-party check that most companies so desperately need.
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