We are taking decisions each year, and sometimes, a single decision can have a powerful far reaching impact. In this article I am talking about 5 important decision which SMEs should take and utilize this Lockdown Time in giving appropriate time in analysing the situation and then taking the decisions:
Decision on Product:
Take a decision on your existing product range below are some of the questions which will help you to take decision on product range.
- Which product you can remove from your bouquet?
- Which is the product you can add?
- Which is the product which need some modification as per the customers need and demand?
- Which is the product you have to give extra attention in the coming months?
- Which is the product which is incurring heavy operation cost or fixed cost, sometime there are some products which have very low share in the profit making but have high share in the costing.
Decision on Employees:
Employees are one of the important assets for any Business, they play crucial role when it comes to the implementation of the strategy. Now as you are ready with your next year strategy below is the some of the questions which will help you to take decisions on your team.
- Whether your existing employees able to take required responsibility and accountability.
- Are there any trainings your employees required to meet the requirements?
- Is there any negative employee who will spoil the whole bunch?
- Among all the top employees who will be responsible for successful implementation of the strategy?
- Do you have to hire some other resources to make your strategy successful?
- Is there any employee who is very much important to make your strategy successful and you can’t lose them?
- Do they have all the necessity tools and resources?
Decision on Employee Retention:
Your business may offer best-in-class services or products, but what makes your company prosperous is your people.
Your strategy may look very successful, but what makes your strategy successful in reality is your people.
Each person, no matter what level they are or if they work in the home office or remotely, wants to feel genuinely cared for. You can accomplish this taking some important decisions, below are some of the points on which you have to decide and execute the same in the long run.
- Is your employee happy and motivated?
- Have you given them all the tools and resources they need to do their job well?
- What are the decisions on enhancing cross departmental collaboration?
- Are you investing in their personality and personal development?
- Recognition and rewards are excellent ways to motivate your employees to grow with the organization. Are you doing that?
- What are your decisions on incentives and bonuses?
Decisions on Market or Place:
Take a decision on your existing markets or places where you are currently doing your product distribution or service delivery. Below are some of the questions which will help you to take decision on market.
- Which is the new markets you can open in this financial year?
- Is there any market you have to close because of less revenue?
- Which is the markets from where you have maximum expectation and are you getting desired results?
- Which is the market which have good scope but not giving good response?
- Which is the market which required marketing or promotion activity?
- Which is the market which requires your immediate visit after lockdown gets over?
- Which is the market where your maximum funds are stuck?
Other small decision Like:
- Whether you have your office at right location?
- Are you targeting right audience?
- Is your product packaging looks professional?
- Does your employee follow all rules and policies?
- Do you have Business Continuity Plan ready?