How to Make Your Business Thrive
To Thrive in Business, Manage Your Priorities!
Step out of the forest and have a look at what's happening within your business. Learn how to manage your top priorities to make your business thrive.
As a business leader, you need to keep your pulse on many things. This requires frequent monitoring and assessment to review your priorities.
Business priorities cover areas such as revenue, profit, growth, managing risk, expense and investment.
Discover strategy and systems that streamline your operations and make doing good business a breeze!
The Problem: we work in it, not on it. Therefore, we can't see the forest through the trees!
It's hard to see a clear path forward when you're busy doing the day-to-day work in the business.
The Solution: step away from the front line to get a clear picture of your priorities!
Step out of the daily grind to focus on strategic matters. Hire competent people to handle the repetitive, daily activities.
Steps to Determine Your Business Priorities
Review your financials in depth. Are you profitable? Why or why not? Where are we in relation to our goals? Look for significant movements and correlate any activities or related events. Take notes and summarize your findings.
Take a good look at your processes and procedures. Where are we getting bogged down or wasting energy? What tools or systems can we put in place to remove this obstacle? How much time can we save that may be better utilized towards generating revenue?
What change(s) would make the greatest impact to our bottom line? How long will it take? What needs to happen in what order? Who will take care of what?
Once you have a clear plan in place, implement the changes with a sense of urgency. Schedule tasks and sign posts. Monitor, follow up regularly, stay on top of progress. Time and opportunity wait for no one.
Manage Progress Using Key Metrics
- First and foremost, are we making money? Check the bottom-line.
- Are we growing according to expectations? Why or why not?
- How can we scale? Can we streamline routine process and procedures?
- What are the biggest threats to our survival? How can we mitigate the risks?
- What is our greatest opportunity going forward? What is going well and why?
- Are our employees productive? How should we invest in our greatest assets?
Pay Attention to the 3 P's: Performance, People & Profit
Make it easy for your people to do their job. Give them the right-tools to do the right-thing, at the right-time. This includes streamlining processes towards activities that offer high leverage.
Employees that are happy and successful in their role produce the best results. Encourage entrepreneurial-like thinking. Create incentives that reward desired behaviors.
Without profit, everything else is mute. Be on the look out for significant movements to your bottom-line. Calibrate your resources accordingly. Be ready to pivot when necessary.
Simple and easy.
What is the Big Picture?
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How to thrive in business. Learn how to manage people and find a sense of balance and order.
About the author
Linda Reddin is a business owner that learned about operations through the school of hard work, knocks and glory. Through her experience as Bank Manager for seven years and a business operator for the last twelve, Linda understands business. Her blog offers practical tips, insight and inspiration. Linda is an ideal business coach for people needing confidential support during business launch, rapid growth or in transition.
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