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October 6, 2011 – ISSN# 1545-2646
So we have Smart Cars, we have Smart Phones and we even have Smart Water, so what Smarts do we have in business?
If I were to poll business owners about what is Smart in their companies, I would get a wide variety of answers. They would range from investments in technology to investments in machinery to investments in employees.
As a person that has and uses lots of technology to do my business activities, Im the first one to promote Smart devices such as phones, tablets, pcs and the like.
The reality is that as a society the smartness we like to proclaim in our technologies and people, each of these statements sometimes move us further away from understanding how the business really needs to operate.
For example, a business owner invests into a new technology to help make the processing of credit cards easier in the company and therefore improve upon the cash flow. The technology is very user friendly so the projected conclusion is that it will make the business more efficient and allow the business to gain access to the customers payments in a more timely fashion. The owners objective is not completely missed but the owners problems were not in the processing of credit cards. It was in the fact that the customer base that their product was focused at was a clientele whose personal financial situation delayed payment for services provided and not the absence of processing credit cards more efficiently.
In this case, the smart technology was automating a very small part of the business transactions. The larger part of the issue was the absence of being smart when it came to analyzing their customer, products and the methods to attract a different demographic of future users of their services. The new technology will in fact be a good tool in the long run but not with the present business product profile.
This week take a few minutes to step back away from the daily grind and find just one or two opportunities to be SMART this week. Dont rely on technology as the sole means to improvement. Take a closer look at your company culture, your product/service mix, your business processes. Maybe the best channel to better cash flow will come from an improvement in one of those areas. It would make the evening news with lots of glitter but then again the objective is being a lean, profitable business.
Are you a lean, profitable business? Give JKL Associates a call at (313) 527-7945 and let us help you maximize your strategies, talents and processes.
Questions or comments – email us at partners@jklassociates.com or call our Office at (313) 527-7945-
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