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Maximize Your Resources – Part 1

Posted by adamvital

Maximize Your Resources – Part 1Maximize Your Resources

Over the next few articles, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. Just step back and really take a hard look at the resources you currently have in front of you. You may be surrounded by opportunities that can boost your career and help your business become more successful.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs; you need to create them yourself. A breakthrough is merely a new or more efficient way of doing things for the same or better results. You should be having regular brainstorming sessions, encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.

When strategizing for a breakthrough there are some key objectives you need to keep in mind:

  1. Look for the hidden opportunity in every situation.
  2. Look for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Create multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before putting your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and then either correct or get rid of them. System analysis is a good way to do this. Further, once you have a good understanding of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.

There are some questions you can present your team to get a handle on where your business is right now:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to maximize your strengths and address your weaknesses.

These three areas we just covered give you a starting point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, contact me at (281) 817-7391  or adam.vital@avbgs.com.

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