How to Make Your Business Thrive
To Thrive in Business, Manage Your Priorities!
The problem many small business owners face is we work in our business, not on it. Therefore, we can't see the forest through the trees.
You must step out of the forest to have a good look at what's happening within your business.
As owners, we work in our business, 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 is to step away from the front line to get a clear view and manage more effectively.
Step out of the daily grind to focus on strategic matters. Hire competent people to handle the repetitive, daily activities.
As a business owner or manager, your primary concern is keeping your company viable and relevant. You do so, by knowing and monitoring our Key Performance Indicators (KPIs). In general, KPIs are revenue, profit, growth, managing risk, expense and investment. Knowing your KPIs allows you to set targets and then measure your progress using appropriate KPI metrics.
Qlik, an analytics and data integration firm gives an excellent explanation of KPIs and why they are crucial to performance measurement. Qlik also offers a KPI Planning Guide you can download for free and is worth reading.
In today's ever-changing VUCA world, you need to know your resources are being used in the most effective ways. Taking time to write a strategic plan is the first step. From there you can see how systems drive strategy and how automations help to achieve your goals.
How to Achieve 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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