In the early 1990s, an employee of Swan Vesta, the matches company, told his bosses that he could save the organisation millions each year.
Initially, they laughed at him.
But he persisted, and was eventually granted a few minutes with the Board.
His proposal? Instead of using the sandpaper strike on both sides of the matchbox, use it just on one.
The Board implemented his simple idea, and by cutting the use of sandpaper and chemicals by half, indeed saved millions each year.
The lesson? Sometimes the best ideas in business don’t come from management. They come from the people in the trenches – those on the frontlines, who interact with your customers on a daily basis or see your business from an angle that is very different to yours.
There are plenty of other examples, too, from the Happy Meal – proposed by an employee in McDonald’s St Louis office – to Starbucks writing customers’ names on their cups, which was the initiative of a single barista in 2001 and has now become a symbol of Starbucks’ personalised approach.
It’s worth keeping in mind, because despite all the economic uncertainty and stress, you must not give up trying to grow your business right now.
The golden rule is true: If you’re not moving forward, you’re regressing.
So while it’s important to put in place all the defensive measures I’ve been discussing over the past few weeks – like understanding the vulnerabilities of your business and building a war chest – you must also continue being ambitious.
There are opportunities in every market right now if only you can spot them…
…And who knows? Maybe someone in your company already has.
This is a good time of the year to ask. Think about holding SWOT analysis sessions with the team at the coalface, to find out what they think about the strengths, weaknesses, opportunities and threats facing your company. You might be surprised by the gems that emerge.
And set up mechanisms for your team to be able to feed ideas to you directly on an ongoing basis. Our Associate Director, Shirley Hoy, told me that a previous workplace with 2,000 employees had a scheme called “I’ve had a great idea”.
Employees could drop their ideas in a suggestion box and earned perks if it was implemented. Those who suggested successful ideas were hugely respected and valued…
The key is, tap into all the intelligence and creativity in your business – not just that at the top.
And then, when you’re ready to put together solid plans for the future, we can help you evaluate the financial consequences of the ideas.
As the Outsourced Finance Department, we’re here to maximise your profitability and to make sure you grow faster – whatever the external economic environment.
So we can map out how any proposed changes might affect your financial future and change your overall financial picture. And you’ll be able to make more confident decisions based on real numbers and solid knowledge – rather than gut instinct.
To find out more about how we can work together, simply call us today on 01279 647 447 or email me to arrange a no-obligation chat.
Warmly,
Garry
