Have you ever done a speed test on your company? If you did a speed test on your company, what areas would you consider?
- Revenue
- Profit margin
- Operations
- Product Life Cycle
- New Products/Services
How fast is your company responding to the current business climate?
In a video attached, I utilized a tool that will do a speed test on your company in about one hour in 3 areas. In this video, I chose a company with:
$1.2 million in revenue
35% GM
5% Net profit
I hypothetically selected 3 areas to do a speed test for revenue and profit improvement. The improvement percentages are conservative even for the current business climate. The speed to implement and achieve these results rests in the company, its leadership and organization.
Cut Costs
7% COGS – no layoffs but other cost reductions – warranty, quality or productivity improvements.
Market Dominate Position
10% increase in revenue is conservative based on historic 50% to 75% increase. Peter Thiel identified a market dominating position gives a company possibly 10-year advantage over others. Add patents and it could be longer.
Opportunity Focused
7% increase in revenue. Do you review opportunities like operations on a monthly basis? If you did, could you identify opportunities to increase revenues for products/services? Is 7% reasonable? Do you have a process to do this?
The video shows the tool and the possible impact for revenue and profits.
Watch the video here. Speed Test by Greg Ash
If you would like to do a speed test on your company in 3 areas, book an appointment here https://calendly.com/gregoryash. The initial assessment is free.