From the course: Developing Business Acumen
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Know your performance levers
From the course: Developing Business Acumen
Know your performance levers
- Different businesses have different levers they can pull to improve performance. The better you understand which levers you can pull and what impact they have on the overall performance of the organization the more rapidly you can react to market changes and drive better performance. What are the main levers people pull at your company? Are there revenue levers that they pull? Do they pull the pricing lever? Are they trying to drive volume? Do they drive discounting? What are your biggest costs? And which levers can you pull there? Which ones move your cost structure most quickly? Is it reducing your labor costs? Reducing raw materials costs? Looking at indirect costs, like advertising or overhead. Perhaps it's some of your operating metrics, like utilization. What's the relative impact of pulling each of these levers? By understanding which one has what impact it'll help you decide you should pull this one before you pull that one. I've worked with a lot of different companies and…
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