When was the last time you took a step back and thought of the bigger picture for your business? I see it time and time again: business owners getting caught up in the smaller day-to-day tasks, forgetting (or not having the time to) assess their current procedures and identifying areas for improvement.
So do yourself and your business a favour, and take 10 minutes out of your busy schedule today to stop and think about these key strategic areas that could be better optimised for greater business success.
Ask yourself these 5 useful questions:
- What 3 specific strategies am I implementing right now to increase my business profitability this year? Do I re-assess my Action Plan monthly?
- What things make the business unique and competitive in our industry? Is everyone in my business aware of what they are? Are we taking full advantage of these in all our marketing messages?
- Can the business run effectively without me? If I was away for a few weeks, who will be responsible? Will that staff member care enough? Can I trust them? Have I chosen (and trained) the best person?
- Am I happy with the productivity and attitude of my staff? Have staff been given a clear list of my expectations? Have I given them clear and simple job descriptions/task lists? Do I review and discuss their progress regularly?
- What systems and procedures have I documented to maximise the future saleable value of my business? Staff recruitment process, Debt collection procedures, Quoting and follow-up, Customer service expectations, Marketing & promotion plan, Customer retention strategies, List of weekly measurable KPI’s, Revenue targets etc.?
By Lindsay King