In my work I see many business owners that are simply not achieving the goals they set themselves when they first opened their business. There are many reasons that could cause this but whatever the reason, it’s never too late to do something about it.
Here’s a few tips to help you get your business re-energised and heading in the right direction.
- Get a life. If you’re working too many hours in your business, then you have a job not a business. Systems run a business, people run the systems, and the owner manages the people. Business owners need to learn time management and how to leverage.
- Business is a Game. Why do we play games? Obviously to have fun. If running a business is not fun, sell it…close it and go get a job. Let’s not forget that games have rules and you need to keep score, this is usually how much money you make.
- Have a plan. Most small and medium-sized business owners are like the early day explorers… they have a rough idea of where they are now but virtually no idea of where they want to go. They beg, borrow, and steal money to get started, set sail, and either fall off the edge of the Earth or reach land… somewhere. Instead you should take the Military approach to planning: determine exactly what your objectives are; know precisely where you are starting from; budget your resources so that you don’t run out half way to your destination, and get advice from specialists who will help to plan a campaign that includes constant measuring and monitoring of progress so that success will be guaranteed.
- Cashflow. In real estate the key is location. In business it is cashflow. Business owners need to breakdown the business process into five key areas, regardless of the type of company, and then apply specific strategies within each area whilst constantly testing and measuring. This always dramatically increases the cashflow and profits of the business.
- Take responsibility. Both managers and employees must take ‘ownership’ and be ‘accountable’ for actions, and ‘responsible’ to the whole team. Those who ‘blame’ others, offer ‘excuses’ and ‘deny’ it is their fault are set for failure.
- T.E.A.M. Think of it as meaning Together Everyone Achieves More. Here are seven key steps to achieving more with any Team.
- Articulate the Vision
- Have Common Goals so everyone is on the same page
- Define the Rules of the Game
- Develop an ACTION Plan – specific steps and timeframes to reach goals
- Demand 100% Involvement/Inclusion – make sure everyone is engaged and involved
- The business owners must Support Risk Taking, and encourage innovation by examining failure for lessons not for blame
- Constant communication with your team.
Remember, unless you do something different, the future will remain the same as your past. Decide to take ACTION to get your business moving forward today.
To find out more about the key steps of running a business, attend the Time Retrievers