How to Ensure Your Business Succeeds
Deep economic changes have occurred, as a result of the Covid-19 virus outbreak, and the current alleged recession. Business will never be the same. Sales have rapidly diminished, while revenue and profit remain a dream for many.
While some customers are loosening their wallets, it appears that purchasing habits have changed immeasurable. Business Owners must do something differently in order to survive.
So, here are some strategies to move through the New Rhythm that we are now all experiencing.
Written Goals:
Without goals, without a plan, you only have a dream. It doesn’t have to be ‘War and Peace’, but it must come out of your head and be put into paper.
It needs to outline your strategy, your finances, your sales and marketing and a cashflow forecast.
Have one really big goal/plan for the next 12 months only. The current economic climate has thrown to the wall, any 3- or 5-year plans.
- One Personal goal,
- One for your Professional Business,
- 2 Financial goals – 1 a personal goal and one a business financial goal
Writing it down is the crucial first step.
Don’t decide to Marry your Plan!
Every great General in history knows that even the best laid plans sometimes have to be thrown into the fire when the bullets start flying. Adjust, confront and conquer.
It’s not about you – Keep you ego in check.
Mentors are crucial because you need an outside perspective who is not emotionally attached, to be able to bounce your ideas off.
They are there to guide, mentor and teach you. Hold you accountable and push you further than you thought possible. I know in our Business School, if you don’t do the work, you don’t get a detention, you JUST LOSE MONEY!!
Always honour your word – in every situation, and follow through on the commitments you make. Don’t shirk your responsibilities, even when its difficult and challenging.
There are too many people ready to assert their rights, who are not ready to assume their responsibilities!
It’s not about you, it’s about the Business, so keep your ego in check.
Track Everything
Systemise everything. Pull it from your head, and put onto paper, or video, or photos, or Lucid charts – whatever works for you and your Business.
When you have a systemised business, employees know exactly what to do, what they are responsible for achieving and it is a great way to ensure any lack of performance is behavioural based and not personality based, when it comes to having that discussion.
Inspect what you expect. Hold people accountable for their actions and their work.
K.Y.N.
Keep track of your money. Know your numbers. Have a rolling cash flow forecast. Determine how much cash you need to do Business, and don’t start without the required cash on hand, or from a small loan.
Do these things and your Business will thrive.
If you would like some guidance to put a goal based plan in place, please link with me now so I can help you achieve what you have really desired for so long.
