Survive and thrive: EBI Business Improvement Specialists
‘Inflation,’ I’m sick of hearing the word! However, as people tighten their belts, many small businesses are finding it tough. How do you weather the storm and thrive?
Inflation,’ I’m sick of hearing the word! However, as people tighten their belts, many small businesses are finding it tough. How do you weather the storm and thrive?
Adjusting pricing and staying on top of increased supplier costs in real time is crucial. Increasing prices while also inflationary might be necessary. You must maintain your margins, and more often customers are loyal to a business for reasons other than price. Luke Piper, EBI Business Improvements Specialists Partner
Labour is often a business’ biggest cost, and with substantial strain in the New Zealand labour market in recent years, employers have had to find ways of attracting and retaining quality staff. This has often resulted in a higher cost of labour for companies to produce their goods, but not necessarily the same improvement in productivity.
If you want to navigate the tough times and thrive, then it is time to start ‘thinking smarter’. Companies that are investing in strategies to improve their productivity in tight times will not only survive, they will thrive. Firstly, you can maintain competitive pricing in a tight market by gaining efficiencies in output. Secondly, small improvements in productivity can mean big gains on the bottom line. Investing in technologies to improve even just one step of a process or software, to track time on job and production schedules can make a significant impact to the productivity of your company.
Put simply, the aim is to produce more by maximising the time you have available to do it.
To make the right decisions for your business, contact EBI for a no-obligation discussion and review.
