We invite you again, to regular titbits, ideas and thoughts on how to grow or grow your business
Today I would like to talk about a book whose author I met recently.
The book is DREAM DARE DELIVER; the author is Subhasish Chakraborty of DTDC fame.
I recently went to a hotel and accidentally bumped into the business owner of the hotel.
it’s a part of a multinational chain, but the experience that we got really was that of an owner driven business.
There is always the “Professional way of doing a business and there is a personal warmth of doing a business”
For most of us, our business is there, because you are there, driving the business
The moment of truth is when there is a problem to solve!
This episode is relevant, whether you are in organized retail or in a family run business where the owner is accessible.
Today, of course, the owners can sit far away, and view multiple locations using CCTV and become “organised retail”.
This story is even more important when you learn how this man came from very humble beginnings. He built a 35000 people’s business and about 7.5 thousand crores that the business DTDC became.
After that, he has gone on and set up this wonderful 5-star property just outside Mumbai. Hearing him share his journey is quite an amazing experience. How he has struggled and come up the hard way and how he built on his dream.
But, from what I have seen from our experience, the approach is often short term. This is across multiple retailers, especially family run, small and medium, sometimes even large retailers
If the business is doing well, which means it has done well, in past one week or ten days or fifteen, the purchase of inventories is high.
If the business is not doing good, then the purchase of inventories stop and even the marketing has stopped and everything comes to the standstill.
While we have gone through the difficulties in the past, this is the time the market is picking up and I really urge you, request you, implore you and challenge you to think of large goal called BHAG (BIG HORI AUDACIOUS GOAL). See what do you exactly want to achieve in this financial year.
This is the time, and the space, where the market has just started picking up.
I was just preparing for the next webinar for the gem and jewelry council where I am talking about the same topic it’s called Happy New Year- Opportunities and Problems
The Sensex is at 50000 again, there is a lot of cheap money coming into the market and people who had held back the new initiatives, new expansions .
You should take up a Continuous Improvement Program – Kaizen in Japanese.. Typically, set it up as a goal and it’s written & rewarded for all to see !
The growth plan “in the mind” is not really a true plan, sometimes we postpone the decisions based on that one small incident or experience that happened in last hour but that was the plan which was pending for long period gets shelled with little of detailed analysis.
So my request to you is to write at least the 5 metrics that you want to measure about the business performance over the next week or month .
Then, track how challenging is this goal compared to the present year performance and evaluate the performance.
If you want me to identify at least 5 areas which can have a direct impact, it could be
- The number of customers coming to the showroom,
- It could be the bill size,
- It could be the number of units in the bill,
- It could be the customer satisfaction,
- It could be the stock turn around .Each of this can be a very good or an important metric. These measurements, I really urge you to make it like a table or maybe even put it out as a screensaver In your mobile phone.
So you are constantly evaluating your performance. If the performance is low compared to the previous week or month, then it should be improved.
If I have to improve my performance, there are this 5 levers that I can experiment with
I want to improve customer satisfaction, but as you build this plan, the first thing is making the right business plan.
Just writing the plan down, once you put it on the table, once you put it on screensaver, once you communicate with your staff so that the entire organization is moving towards the single goal, your potential for achieving the goal is more.
So use this month to build your future.
You can attend my next session on how to achieve your goals.. We will talk about the aspects of business planning. We will discuss how to take some more deep advantages.
Get back to the drawing board say that I am 80% today while I was at 100 last year, because of COVID. I want to be at 120 that means you are looking for the growth of 40.
We can look it negatively saying 80-120 is a tough path, but the business has picked up already. The business can take up 20 in two months and you have 10-11 months to grow 20 more.
You have that runway to achieve.
So take my suggestion or request that you are going on full force from 1st of April, which is the new financial year.
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