Channel Eye has joined forces with Royston Guest, leading Business Growth Coach and CEO/Founder of Pathways Global, in our column, ‘Ask the Business Coach’
In times of rough waters, companies often focus on operational effectiveness and look to marginalise exposure on their bottom line. This prudent approach often means going back to basics.
- Be all over your costs
- Cash is king
- Focus on the retention of existing customers
- [0.54] The primary area that all businesses should focus on is cost management. Deep dive into your cost base; start with your direct debits, standing orders, and subscriptions, and renegotiate with your suppliers.
- [2.20] In a tightening marketplace, people pay later, so you need to be on top of your debtors; know your debtor days and keep on top of this. Cash is king.
- [3.15] Know your attrition rates, how many customers you are currently losing and have in place a good retention strategy to reduce this number. It costs 10x more to acquire a new customer than to retain an existing customer.
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