Do you want your business to grow? Of course you do. You wouldn’t (shouldn’t) be in business if you want your business to perform the same year in, year out.
Today I would like to share with you five warning signs we see in businesses that will see very limited growth if any this financial year.
Let’s get stuck in.
Not taking the time to sit down and plan
This is so simple, and because of its simplicity it often gets disregarded. You need to make sure you sit down and plan out your targets for the next year.
You, your team and everyone else involved in your business need to be on the same page on where you are tracking in the next financial year. To do this, you need to set clear, measurable outcomes.
Use my simple formula we discussed in this video here.
From x, to y by z. Where are you now?
Where do you want to go?
What is the deadline?
This then leads us into our next point.
Review weaknesses and strengths from last year
What did you crush last year?
What crushed you last year?
You need to find out where you are strong and where you are weak. Now, what can you do to ensure you don’t get crushed, and you get stronger in your strengths?
Depending on what your weaknesses are will influence what you have to do, but know that they are there and do something about them.
Once you have assessed your strengths and weaknesses and set your targets, you can now set up KPIs for those targets.
Let’s look at those in more detail.
No KPIs for your targets
As I said in this video, you need to set Key Performance Indicators (KPIs) for your targets. But where most businesses go wrong is they look at the bottom line.
This is all well and good, but at the end of the month when you look at your figures, you can’t go back and earn more money.
So sit down, and think about what KPIs you need to set to meet your targets.
Do you need to increase the amount of leads you receive each month? Increase your average customer transaction? Think about the ‘things’ you can improve on that will get you to where you want to go.
Once you have them, go to the next point.
Visual representation of KPIs
You need to have your KPIs in front of you, you team and anyone else that is involved in the business. Everyone needs to know where they are tracking in real time. Not at the end of the month.
Having your KPIs in plain sight will help keep everyone involved more accountable and on track.
Once the initial planning has been done, you now need to ensure no one forgets about the mission. This now brings us to our final point.
Schedule business development time
When do you and your team sit down to plan? When do you take the time to work on the business, not in it?
If you want to be successful (which I know you do), you need to sit down, plan out where you’re going and make sure everyone is on the same page. You need to sit down regularly, update everyone and make the necessary adjustments.
If you fail to keep in check, you will most likely end up doing what you have always done, get the same results and continue to be unsatisfied.
On top of this, your team won’t see the importance of your targets, and they will go back to doing what they have always done.
The choice is yours if you want to improve your business. It is a simple decision. A simple decision that requires a lot of work. Consistent work.
It is now time for you to step up and do the work.
P.S To help you get the work done we have designed a planning checklist for you to use in your planning sessions. That way you know all bases have been covered. Download it here.