Building a business is a marathon. It’s about consistency over a period of time. And it starts with setting goals and planning your activities. For sustainable growth and profit, here are four ways to make your planning pay off.
Focus On All Parts of Your Business.
While sales growth is important, improvements in four core areas – revenue, cost, customer satisfaction and operational performance – drive long-term profitability. Your goals and activities should support them.
While sales growth is important, improvements in four core areas – revenue, cost, customer satisfaction and operational performance – drive long-term profitability. Your goals and activities should support them.
- Revenue: It’s not just about getting new customers. Look for ways to retain and grow your current customer base. Can you get them to buy more often or spend more? Can you expand or update your product or service offerings to reach new people?
- Cost. It’s not about cutting expenses, but optimizing your costs or improving the return on investment – from labor to marketing.
- Customer Satisfaction. Happy customers are your best source of new business, especially today when social media makes it easy to give reviews and spread the word – good or bad. Do you and your team deliver on your promise to customers and make them feel appreciated?
- Operational Performance. How efficient and effective is your business? Are your people productive? Is there a lot of waste and duplication? Do you spend time re-doing work or services? Do you struggle to meet customer or supplier deadlines?
Small improvements in all these areas can provide massive results on the bottom line. So when setting goals, think systems and people to power profit and success.
Think Beyond Likes and Strengths.
When choosing the actions to support our goals, we often gravitate toward what we like or excel at. If a task is critical to your success, you can’t just ignore it. Delegate it, outsource it or learn how to do it effectively.
Keep It Balanced.
The majority of small business owners start their business to get more money, time, control and freedom. You can build a business that delivers these things, but it won’t happen if you create your plans in a vacuum, ignoring your personal vision and goals. Remember, your business should support your life, not the other way around!
Change the Path You Take.
As you choose the activities to support your goals, avoid the tendency to go down the same path …
- I need more revenue, so let’s get more customers
- We must get more leads, so we need to do more marketing
- I want more sales, so I must reduce my price or discount
- We need more profit, so we need to cut expenses
- I want a better team, so I need to hire better people
- I want more time, so I need to hire more employees
Depending on your current business situation, some of these may be true. But did you know that you CAN …
- Grow revenue and profit without adding new customers
- Get more leads without investing more in marketing
- Get new customers and keep the ones you have without discounting
- Build profit by improving efficiency and productivity
- Leverage your time and better serve your customers without hiring more people
- Create a better team using the people you already have
Ready to Put Your Business on the Path to Success?
Would working with a business coach help you take your business to a whole new level? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.
To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com
