Fresh mind…fresh challenges
A lot of us just took that short after-summer extra-long weekend get-away with our spouse. It was great to go to a beach, a nearby resort, or just a calm lake when the families with kids weren’t around. The relaxation was perfect, and the refreshing of our minds was just what the doctor ordered.
So, with our batteries recharged what’s next? Well maybe it ought to be another time out, but this time one that’s focused on our businesses.
For starters, this is the time to start thinking about 2019 and the goals for the coming year. It’s just 90 days or so off and before we know it, it’ll be Halloween, then Thanksgiving, Christmas, and yep, New Year’s Eve. We don’t need to finalize a plan or be terribly exacting just yet, but it is time to take a look at sales by customer and our general plans for adding new business.
Closer to today, what about those annual performance evaluations, that dead stock in your inventory that really needs to be moved, taking a good look at collections, or planning those year-end business reviews with your largest customers? Those and more might be matters that your refreshed mind ought to tackle with all that new energy buzzing around in your head.
Lemmings and…Taking the lead
Last time out we addressed the possibility of spiraling inflation that might come with our roaring economy and how whenever a tough decision (like raising your prices) needs to be made, there’s a lot of understandable trepidation. And when it comes to that one, to make things even more difficult there’s always that one competitor who seems unable to face the simple fact that costs are rising.
He’s the guy who inexplicably sits on his old prices. Maybe he does it because he thinks he’ll gain a few customers when you raise yours. Maybe he’s not paying attention to his costs. Maybe he’s just plain dumb or … just perhaps he’s a lemming following what he thinks everyone else is doing. But those reasons won’t be helping your shrinking margins.
Lemmings are those little furry critters who will follow one another off a cliff and die … well because that’s what the lemmings in front of them are doing! And indeed, if and when the time comes to increase your prices, you don’t want to be a lemming. It might be taking a chance to be the leader and increase your prices first, but it’s a lot less risky than going off the cliff with crowd.