Sometimes in order to go forwards, you need to go backwards. Many businesses I encounter are successful despite themselves, but they reach a ceiling that they struggle to break through.
It’s at this point that it’s a good time to go back to basics, to ensure that the essential building blocks for a solid foundation are in place.
We are encountering more and more businesses that need to revisit these key fundamentals and will be hosting a workshop to remind business owners of these simple, but often overlooked, basics that regularly provide the “ah-ha” moment needed to take the business forward. Click here for more information if you are keen to join our workshop.
These are the 12 basics that need to be performing optimally in your business in order for it to grow.
1. Goals – I sound like a stuck record, but without setting specific, achievable and meaningful goals, a business is rudderless.
2. Time Management – the number one complaint I get from business owners is a lack to time to do everything that needs to be done in order to grow. Without setting priorities, delegating, and finding quick and efficient ways to do things, you become the proverbial hamster on the wheel… busy but going nowhere.
3. Money mastery – as the business owner, it is important to make friends with the numbers in your business. You need to understand your financials, be able to interrogate them and identify trends and strategies to improve them.
4. Marketing Machine – your business simply does not exist without customers. The first step is to generate leads and attract prospective customers with a compelling proposition.
5. Sales Engine – how many of your leads and prospects are you converting? Do you ask the right questions, map your sales process to determine where you could potentially lose them, identify objections and how to overcome them?
6. Customer Service – it’s a well-known fact that it costs less to sell to an existing customer than to find a new one, yet business owners often focus more on the next deal than on the existing ones under their noses.
7. Systems and processes – as a business grows, you need to find ways to run your business without you, so you are free to work ON the business rather than in it.
8. Profit Focus – by giving attention to 5 variables in a profit formula, business owners are able to radically influence the bottom line.
9. Team Talk – business owners need to master leadership skills that result in a unified team of high performers with a common vision that drives the business to achieve its goals.
10. 90 Day Planning – goals are only wishes until they are actioned with step by step tasks and outcomes. Successful businesses plan the work and work the plan.
11. Cash Flow management – the biggest challenge and obstacle to growing your business, cash flow needs to be carefully managed.
12. Risk management – as businesses mature, risks in the business increase, and careful controls need to be implemented to ensure the mitigation of potential hazards.
In order for a catapult to shoot an object as far as possible, it needs to be pulled backwards to realise its potential energy, and then be released. If you want your business growth to catapult, perhaps it is time to step back to give it the best possible potential for success.
Click here, and we will keep you posted on the details of our upcoming workshop. You only need to leave with one idea to make it worth the investment in time!