Some time ago a young cricketer at the Australian Cricket Academy was approached to bat whilst the Australian team were practicing in the nets nearby. The team’s fast bowlers were asked to try and bowl out the 16 year old star of the future.
With little success after a long session, the bowlers realised this teen cricketer had talent. The cricketer was Ricky Ponting!
Running a successful business is no different in some ways to being an elite sport person; you need to not only work hard but also closely with your professional advisers to ensure you and your business remains at the top of the game.
Many factors affect the performance of a business. Have you considered the following Value Drivers in your business:
|Value Drivers||Value Improvement Thoughts|
|Benchmarking||Does your business’ average customer sale exceed industry standards?|
|Cash Flow||Do you offer incentives to customers for early payment of their account?|
|Profit||Have you examined your sales mix to improve gross profit margins?|
|Risk||Do you have adequate insurance to provide for your family or payout a business partner or family member, if circumstances change?|
|Sales||Do your sales reports accurately identify unprofitable product/service lines or customer accounts?|
|Staff||Do you reward staff with a share of sales and/or profits if they achieve above budget performance?|
|Succession Planning||Does your business succession plan lock in your top performer(s) so you can spend more time doing the things you enjoy?|
Ricky Ponting achieved success from focusing, committing and taking on advice from influential people to improve the way he played the game of cricket.