FEDHASA Cape Member Networking Breakfast, 7 November 2018
at Hotel Verde, CTIA.
‘Recession-proofing your business’:
In his enlightening talk, Graham, highlighted the following:
To rather focus on ‘Running your business’, than the matter of recession-proofing it.
He highlighted the following 3 important pillars:
1.Owners / Shareholders
- To establish the importance of cash vs. profit, i.e. know your numbers
- Focus on productivity, know the drivers of your costs in order to run more efficiently
- Know WHY you are in business – take away the ‘commoditisation’ and create differentiation
- Have a plan and know where you want to be
2.Customers / Guests:
- Understand your customer
- Know your business environment & competition (understand the market that you are in.)
- Use your existing/repeat guests – i.e. Create loyalty, use your existing customers as ambassadors
3.Employers / Staff:
- Staff engagement
- Have processes in place & train the staff to understand them & why they are important
- Live your company y core values
Don’t forget to be present in your business and ‘shake the matches’.
Know ‘WHY do you do it & HOW can you do it differently.’