Fasttrack: Make the most out of your assets and drop underperforming business units
Don’t miss out on this Fasttrack episode: Make the most out of your assets and drop underperforming business units. This podcast episode is geared at helping you to remove the noise that usually tries to keep us from making critical decisions to optimize the existing business. Just think of how people like Henry Ford, Robert Bosch or even Allan Sugar managed to handle quite some unfavourable situations and turn their business activities into a massive success story.
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0 (25s): Welcome to today's fast track episode of the growth zone. The fast track is a concept that provides a quick, fast mind feeding for you, depending whether you listen to it in the morning or in the evening, or even mid day, you can use it to have some new ideas to guide you through today. 0 (55s): So today we're going to talk about yeah, making the most of your assets and dropping underperforming business units. So as business students can be, whether it's a subsidiary, a separate company, you have a settlement product, let's say you have in your business, two different products. And one product is really selling very well. Another one just isn't selling and you have to look at why it isn't selling. Is it an issue with the market? 0 (1m 27s): Is it the marketing? Is it the price? The pitching, is it maybe the sales team that's not properly doing their job, all different kinds of things. Do you have to find out and try to really get behind the truth? Why it's underperforming? And then if you see that you cannot adapt it or improve it, that it actually picks up again, then you have to make a serious decision to drop that business unit. And it's especially an issue as well. 0 (1m 58s): In today's times that we are seeing that many companies are keeping far too long and underperforming business unit, it's costing them revenue. It's costing them massive for sources and as well backup assets, which eventually when things really go bad, they don't have the reserves and then they eventually go out of business. So yeah, you want to make the most out of the positive as it's, whether it's your staff that has the most positive attitude that willingness to learn and improve their skills. 0 (2m 39s): And as well, the union, some maybe have promise are being sold very well. They have a future for the longterm because up to date technology wise, so that what the customers really want and the customers actively telling us that they wanted. And there wasn't exactly in the way that we're providing it. Then that's a good message for us that that's an asset that we want to keep. The same thing is that say you have an asset where you are, for instance, you have an aircraft or you have a boat, you have Laurie's chucks, any kind of asset, whether it's a physical, it's a legal thing. 0 (3m 19s): Whether you've got patrons, trademarks, websites, web domains, and all kinds of stuff that somehow could eventually be a liability or cost or something. That's wasting our energy. Whether it's staff time, when it's all personal Thomas us employers, as well as managers, hence, we need to see what's really got a future. And when do we have to really cut and where we have to build up. 0 (3m 50s): Because even if we cut a business unit, that's underperforming, the people who are in that business unit might be better set up to work in a different business unit, even as a completely new business unit, new business, product, new business idea, or anything else service. If we put them there, we don't have to lay them off and then try to find new people who actually we already had before. 0 (4m 21s): It's just about seeing how can we use these assets in a better way, even if it means as well, maybe providing them better equipment, especially now when we're talking about home office so much, if you've got a desktop that doesn't really fit and it's already outdated and it's not working properly, maybe you have to migrate. You maybe have your marketing team still on your sales team, still working on an outdated windows system, or you have maybe a Lino system that they can't really handle. 0 (4m 52s): Then you should honestly move them onto a Mac or maybe a different system. Train them, provide them access to online training and other kinds of things when you can improve their skills and their efficiency. But the thing is, nobody usually likes kicking people out of a business. And I mean, by that second people doing people, making people redundant, that's something you don't really like, but sometimes you have to do that as a decision. That's very uncomfortable and yes, some business leaders and some managers and so on, and like letting some ends do the dirty work for them. 0 (5m 31s): But honestly, if you have to do that, you have to do it in a proper manner and not behave like some sick monkey that you don't want to be, but you have to have the reasonable humanity and you have to have the ability to actually show them. That's not the end of the world, because when you're thinking of it, when you are laying somebody off, when you're sacking somebody, you I'm packing them. Maybe you are impacting even the direct family, maybe other people, or maybe depending on whether it's the grandparents who are moving in an old pension home and their income is actually paying for the care for the intensive care make, maybe because they're maybe not able to take care of themselves and then need a extensive care. 0 (6m 22s): Then we having an impact, but sometimes things that we have to change and we, if we don't want change and everybody loses their job, then that's a very difficult situation. And we have to find a way to actually have them. And, and sometimes maybe we even know somebody who might need them and we maybe can import them at somebody else who is hiring at month for that kind of people. And they might even quickly get the new job and have a good chance. And then we actually provide them a good service because maybe someday later they might come back. 0 (6m 57s): Whether we need them again, whether we can hire them or they even come back as clients. Just imagine if you've got somebody who's leaving your organization and he is quite happy and NATO notices that he would like to buy your product or your service. Maybe he starts his own company. I notice he meets your stuff. You need your cars or your transport services. It does matter if he's left in a positive connection and to a positive way of you handling as well as the station. Whether you're the boss, you're director, the trainer doesn't matter. 0 (7m 31s): It's something that you have to handle and you can't really outsource the Sumners and do the dirty work because eventually the dirt comes back on you. If you don't do it properly and decently, because it's your responsibility, you are the captain on the ship and just your ship. So it's your responsibility to handle as well, the uncomfortable situations, but you will grow from that. So, yeah, but on the other hand, can we improve things with existing assets that are walking, where when maybe we can even increase the amount of revenue that we're generating with the clients that we've got already, maybe we can even add adapt existing products and services to provide additional value, which keeps our clients from going to a competitor or totally jumping out of the product because they are trying to cut costs. 0 (8m 29s): That's something that we will see us for an economic situation in many countries where some companies are going, just be starting to contract, which means they're going to lay off people. Then they don't need to have certain kinds of services. And so on. They might even get rid of office space and other kinds of stuff. And that's where we have to find a way us business, whatever kind of serves a product, we're doing an offering a way that we are not laid off from the list of services and products that they usually need and use and consume. 0 (9m 7s): So that's something that you have to think about and take the time because it's a strategic thing that you have to really get fixed. And it's not an easy thing, especially now, when there's so much volatility in the market and some things you cannot influence certain things you do influence, and you can influence. So, but you have to have the awareness as well to look and see where are the opportunities and which opportunities you shouldn't go after because they are not real opportunities. 0 (9m 45s): They are traps. So you said the next episode of our fast track, we'll be looking into following key topic that you should consider. And that is how to speed up your product development with the strategy of sustainable growth. Hope you enjoyed the fast track edition of today. You can follow me as well on Twitter by using the Twitter ID. 0 (10m 19s): C a P B a R T S C H. Yes. That's cap bartsch, C a P B a R T S C H. 1 (10m 32s): Seriously. <inaudible> <inaudible> <inaudible> <inaudible> <inaudible> <inaudible> <inaudible>.