It’s an unfortunate reality, but many business owners that I have worked with have lost sight of why they are in business. Many are toiling away working long hours, sacrificing valuable time with loved ones or spending time on things they love – and are working in businesses that aren’t making enough profit or aren’t realising their full potential.
The reality is the world is rapidly changing and how we did business in 2007 just doesn’t translate to how businesses should be run in 2017 – if we want them to grow. To use the old saying “If you’re working in the business you can’t work on the business” couldn’t be any more accurate in 2017. Having clearly defined goals allows you to keep focus on whats most important to you and helps you spend your time on the things that really matter.
Here are my top 5 tips for super charging your business for growth:
Having clear easy to follow goals are an easy way to start the ball rolling to improve the performance of your business. The goals should be ‘SMART goals‘ that are clearly defined and measurable with clear action steps on how to achieve the goal and in what time frame. For example:
I want to increase my GP to $50, 000 by the 30th of June, 2018 or I want to grow my business to $1 million in turn over by the 30th of June 2020
What is it going to take to achieve these goals? What steps do you need to put in place to help you achieve these goals and what might stop you from achieving them?
Understanding your business and being clear on its strengths, weaknesses, opportunities & threats is a clear and easy way to identify what to focus on first. My best advice is focus on your strengths and weaknesses first, keep a keen eye on the opportunities and be honest about your weaknesses. What can you do to address them or make them less of a risk to the business?
Managing your time
One of the biggest challenges of business people is where to spend your time effectively when seemingly everyone wants a piece of you. There are always going to be things that have to be dealt with from left field, but for the more important things, block the time out in your calendar and try to avoid disruptions where you can. People in your team will soon realise when your off the air and contactable and will develop the confidence to make their own decisions. If you’re self-employed and working on your own consider breaking the task down into smaller pieces and setting a smaller amount of time aside each week or each day until you finish, believe me it will be worth it in the end.
Know what your High Pay off Activities are
One of the best things you can do as a business owner is be 100% clear about the things that make you money and the things that don’t. You can spend endless hours on things each week that don’t make you money or on dealing with annoying disruptions. Have a look at where you are spending your time over the next week and make a note of the types of things you are spending your time on and how long you spend on each task. See if you can identify the repetitious tasks that just waste your time and can be handled by someone else or at the very least be re-prioritised. In 2017 there are apps for everything, consider if using technology is a way to improve productivity for you and get you spending more time on the things that make you money.
Invest in yourself
Believe it or not, there are so many tools accessible too you in 2017 that allow you to do more for less. Having an understanding of how Google Ads work, how Facebook ads work and what things like “inbound marketing” mean are essential to ensuring you stay ahead of the curve in your business and lead from the front. Some of my favorite providers of training are companies like Leadership Management Australia (LMA) & The Australian Direct Marketing Association (ADMA) both of whom provide outstanding content and cost-effective courses to keep ahead of the latest skills for your business run by experienced professionals actively working in their chosen field of expertise.
Have someone external to the business to bounce ideas off
In my former life running the family business there were so many areas of expertise that I needed to be able to have to move the business forward. I started working with people who had more experience than I did in areas of the business I really wanted to improve the most. One of the best things I did was contact business mentors who had run a number of successful businesses over the years as well as work with a sales and tele-sales guru who really opened my mind to how we were going about selling. I didn’t realise it at the time but both Kevin, Chris & Luke helped me rejuvenate the business that really helped me focus more on building more profit, attracting the best talent & managing a modern sales team for success.
Talk to Striive today about how we can help you grow your business in 2017.