Basic plans mean business success
YOU want to know about marketing? Ask someone else. I'm not an expert.
Want to know why you shouldn't rush in to buy JB Hi-Fi shares? I can tell you because I understand profit and cashflow.
Once, a million years ago, corporate analysis was my bag. Nowadays pre-packaged computer programs have replaced "hands-on" old fogies like me. In my day, when horses pulled bread carts, we talked of financial and management ratios. These told us how a business was performing. Key performance indicators were goals we set management.
They had nothing to do with what Joe Blow was doing in his similar business down the street.
We could tell you how your business was travelling by looking at your financial records over a cup of coffee.
We old farts used what was called "matchbox" cashflows in the days when computers were humungous main frames, not things you can carry around in your pocket. So where am I going with this?
Last week, I commented that many businesses in Gladstone seem to have consciously ignored the opportunities staring them in the face. I said the pubs around town had recognised that "fluros" were where the money is, as have some eateries.
I'm interested. Do retail businesses here know the cashed-up fluros call the marked-up pricing here the Gladstone tax? They shop elsewhere and why not?
What I have to say to businesses here is get back to the basics of good planning: knowing your market, fair pricing, service, accessibility. It's not rocket science. It means identifying your market, then adapting to capture it. Forget the influx of competition. If you're good enough, you won't even know they're there.