•
Don’t waste time on the aspects of your business
that are beyond your control. Avoid the BLAME GAME.
Spend your time developing new strategies to address
the aspects of the business you can impact.
•
Build a working and evolving financial model (spreadsheet)
to plan properly and put numbers to your decisions.
Start with a budget of sales, gross profit, and expenses.
Adjust that working model as your business changes
and use it to predict the impact of your decisions.
•
Most businesses have more than one profit center.
Review your profit centers and use this information
to improve your business. Get down to the details.
Sales vs. Service. Take-Out vs. Dine-In. Residential
vs. Commercial. Gas vs. Groceries. Product Line vs.
Product Line. Where does your profit come from? Where
can it be improved?
•
Create a plan to attract, train, motivate and keep
the right employees. Get outside help in doing this
if necessary. Finding good help is not easy and accepting
whatever you find is common. Get good at testing and
interviewing, training and managing to get the most
out of your human resources.
•
Create a plan for all of your “corporate departments”
– marketing, payroll, accounting, personnel,
technology, etc. Don’t try to wear too many
hats. Hire and develop people to complement your talents.
Outsource those “departments” that can
be done more cost effectively or with more expertise.
• Get professional help based on good communications.
Accountants, lawyers, financial advisors, insurance
agents and other professionals should be willing and
able to explain issues for your business in ways that
you understand and keep you involved in the decision.
If you do not get good explanations or frequent communication,
make a change!
•
Build a plan for the business to operate in your absence
whether it is a long-term absence, retirement or simply
a vacation. Create a list of tasks that you do and
identify those that someone else could do now and
those that someone could do with some training. What
steps do you need to take to insure the business can
function in your absence?
•
Plan your business and your growth to match the lifestyle
you want to have, not just how much money you want
to make. What hours do you want to work? Do you want
to travel? How do you want to spend your days? You
will be more successful if the business coincides
with the lifestyle you want!
•
Technology is a tool, not an end. Create a technology
plan that matches your company culture. It is easy
to get overwhelmed by the available technology and
in some cases allow technology to get between you
and your customers. Make sure that the use of technology
serves some primary objective of the business and
that you can get a measurable ROI from your technology
investment
•
Convert goals and objectives into an action plan and
take the first step today! Most business owners know
where they could improve their business. Many even
know how to improve it. And yet, many allow the daily
demands of the business to keep them from making the
changes needed. Break your goals down into actions,
and get moving.
