Managing growth and staying ahead of the competition
By Steve Davies - MD
Customers’ needs are changing, they want more, and their expectations are higher. These are challenging times for any business. PVC has built its reputation on delivering on time and in full. A simple mantra to give the customer what they want, when they want it. Keep it simple and be consistent.
2018 was an amazing year for PVC, 2019 is going the same way. How we achieve this is by focusing on these key areas:
Business Plan: Have one and review it regularly. Our plan looks to the future and is not reliant on what drove our success in the past. Understand where you want to be and how you are going to get there. Be prepared to adapt to changing circumstances and opportunities. Be agile and flexible.
Financial Management: Cash flow is king; manage it meticulously and continually strive to close opportunities that have a positive impact on your cash flow
Commercial Management: Review your deals with suppliers regularly. Focus on securing improved discounts, better payment terms, improved delivery cycles and push your suppliers to be better for you. Never relax on a good relationship but keep your suppliers on their toes; make them hungry to do more for you.
Recruit the best sales team: Nurture a professional sales team with industry leading credentials and motivate them to overachieve. Give them the tools and the desire to outpace the competition and stand out from the rest. Cull the weak and reward the achievers, but ensure they operate with the highest standards of business conduct.
Keeping Up with the Market: know your competition better than you know yourself. Understand their capabilities and weaknesses and adopt strategies to keep ahead of them. Adapt according to the changing market even if it takes you out of your comfort zone.
Keeping a keen eye on all of the above coupled with the willingness to make bold decisions should enable you to stay ahead of your competition and meet your business growth plans.