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Ways to Boost Profitability in 2010
Instructor: Roberta Matuson, Human Resources Expert and President of Human Resources Solutions
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1. Pick one idea and move forward. Most business owners have at least 20 ideas on their 2010 list of things to do. Pick one idea from your list and don’t second guess yourself. Put the majority of your resources behind this idea so that you move one thing forward. You may feel uncomfortable abandoning everything else on your list, but this discomfort will dissipate as you see how quickly you are able to achieve results by remaining focused.
2. Drop the dead weight. This is the year to be lean and trim. Non-performers slow down the organization and in some cases can be the death of businesses. Identify the people or positions that must be shed and make it happen. You will be surprised how easily you can outrun the competition once you are in shape.
3. Increase communication. One of the most common complaints from employees is the lack of communication between employers and their staff. Businesses of all sizes are now using technology to get their messages out to their employees. Some are using webcasts or weekly teleconferences. Others are using a company blog on their intranets that allows business owners to immediately post messages to ensure employees stay connected. Let us not discount the importance of face-to-face meetings, which are affordable to businesses of all sizes.
4. Connect with a trusted resource. 2009 was a tough year and it looks like 2010 will be starting off the same way. It can be very stressful trying to work through challenging times without a trusted resource or a peer group to share your thoughts and ideas with. Find a business owners group or ask a trusted colleague for a referral to an executive coach or a mentor. Do something so that you have access to a trusted resource, to help push your thinking to a whole new level.
5. Be the leader everyone wants to follow. How liberating it must be to be a company like Google or Apple. Few businesses ever reach this position because they are so busy trying to catch up with the competition. These companies analyze everything to death and kill innovation before it has a chance to germinate into something big. Imagine what your business could accomplish if you charged ahead with little regard for others in your industry, took calculated risks, encouraged innovation and rewarded employees who joined you. You could accomplish amazing things, which sounds a lot more exciting than breathing the exhaust fumes from your competitors as they zip by you.
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