The Chemical Show: Where Leaders Talk Business The Importance of Commercial Discipline: Unlocking Business Resilience in Challenging Times - Ep 120
Exercising good commercial discipline is critical to business resilience and navigating the challenges of today's economy.
Over the next 3 episodes, host Victoria Meyer will be diving deep into approaches that chemical companies are taking to combat the market weakness we've seen in the first half of this year (for more on this, check out Episode 118 where I review 2Q23 earnings reports). Victoria’s topic this week: Commercial Discipline
Victoria dives into the concept of commercial discipline and how it can help companies optimize resources, control costs, and maintain strong market positions. Unpacking various approaches that companies are taking, touches on the following strategies for commercial discipline:
- Cost optimization as a key component of commercial discipline
- Controlling the right costs and understanding value through cost clarity
- Cashflow management
- Business efficiency and optimization through automating and streamlining processes
- Prioritizing & optimizing products and solutions
Exploring the concept of control and clarity as essential components of commercial discipline, Victoria emphasizes the need to focus on the right costs and gain a deep understanding of actual costs rather than relying on assumptions. Discussing the role of cash flow management in improving financial stability, Victoria explores strategies for optimizing business efficiency and supply chains. Additionally, Victoria highlights the significance of prioritizing and optimizing products to drive growth and profitability. Don't miss this episode packed with actionable strategies to enhance your company's commercial discipline.
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