The British Chamber of Commerce (BCC) has recently reduced its prediction of growth in the UK economy from 1.9% to 1.4% in 2011. The BCC also predicts that the UK economy will grow by 2.3% in 2012, this is up from their previous prediction of 2.1%.
At the weekend (5th/6th March 2011), David Cameron gave a speech at the Conservative Party spring conference in Cardiff highlighting the importance of the private sector to the UK’s economy.
He pledged to stand behind entrepreneurs and stand against what he called the “enemies of enterprise”.
The BCC director general, David Frost, said: “British businesses will welcome the government’s desire to boost enterprise and reduce red tape but these words must be backed by action.”
These comments and predictions are all very well, but are you going to wait and see what happens? Are you going to rely on someone else taking action?
Author and speaker Jim Rohn once said something along the lines of… If you leave it to others to plan your life, guess what they have planned for you…. Not much!
So, make your own plans and set your own goals and targets and take action… starting Now!
If you have a sound business model working right now and make 5% improvements to sales, profit margins, reducing operating costs by 5%, what would action on these areas alone deliver to you?
Concentrate on your product, or service, profit margins… can you deliver more for less? Devise more and effective marketing strategies and also grow your own skills. If you have a team, help them grow their skills too. Review all your fixed costs, can anything be reduced? Is there any wastage? Do your customers pay promptly… do you invoice promptly and have robust Ts & Cs? Are you developing new relationships for more business opportunities?
If you want to improve your business knowledge and skills, do what some of the best in the business do and develop yourself. Sign on to Linkedin, have a look at my profile http://www.linkedin.com/pub/alex-petty/2/a8b/247 and scroll down to the reading section for a list of books that may be useful to you.
As one of my mentors once (or twice) told me… to Earn more you have to Learn more!