Whether you are emerging from lockdown having to rebuild your business, pick up where you left off or start from scratch, this is a good time to get back to basics and ensure that the essential building blocks for a solid foundation are in place.
We hosted a webinar on the 12 Building Blocks for a Better Business yesterday. If you missed it, you can watch it here.
We also shared a checklist with the attendees which is a great framework for what you need to have in place in your business.
These are the 12 simple, but often overlooked, basics that need to be performing optimally in your business in order for it to grow.
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. Self Mastery
When you understand yourself, you can manage yourself. When you can can manage yourself, you can understand and manage others. It’s all about EQ.
4. 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.
5. 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.
6. 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?
7. 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.
8. Systems and processes
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.
9. 5 Step Profit Formula
By giving attention to 5 variables in a profit formula, business owners are able to radically influence the bottom line.
10. 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.
11. 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.
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.
Hope you’ve had productive great week and that your business is in a better position today than it was on Monday.