Running a business can be highly rewarding but it can also be highly stressful. Whilst most business owners enjoy the freedom and flexibility of being your own boss, it also means that that you are in charge of everything and when something goes wrong, it is ultimately your problem to fix it.
Below are five areas to focus on to super charge your business, make it more enjoyable and ultimately reap the rewards that you hoped for when you first started in business...
1. Systems, systems, systems
As Michael Gerber set out in his best-selling book 'The E-Myth', systems are key to getting your business to run without having your input required in each and every matter. The key for the entrepreneur is to work ON the business rather than IN it. That means focusing on implementing systems such as written processes and checklists and then delegating and giving autonomy to team members to deliver upon agreed objectives. Giving more responsibility and trusting your employees to deliver the required outputs actually works to incentivise your people and provide job satisfaction.
2. Understand and track your key numbers
Information is power. Without real time management information to hand you will struggle to know whether your business is giving you the return on investment you require. One of my favourite quotes is 'Anything that is watched and measured, improves'. It is plastered across our wall in reception and also on the home page of our new website! And it is so true. Pick 3 numbers (performance indicators) that you can track and monitor. Make a point to measure and watch these numbers strictly on a regular basis. See how they improve! Examples of meaningful numbers for your business could be: your weekly sales revenue, your daily website traffic, the %age of your wages against sales, your conversion rates, your gross profit margin etc etc. Whatever metrics you choose, be disciplined in watching and measuring them. If it's not going the way it should it will prompt you into taking corrective action. If it is, it will give you comfort that what you are doing is working and to perhaps do more of it !
3. Engage your accountant as your business adviser
Your accountant is not just there to do your year end accounts and tax returns. Accountants have a wealth of experience when it comes to business given their professional training and the experience of working with so many business owners. Your accountant will be able to help you implement systems, improve your business processes and help you tackle the challenges and problems you come across in business - just ask! Through software such as Xero and Quickbooks online, your accountant can have access to your financial results in real time thereby enabling him/her to spot any issues and advise on corrective action in good time.
4. Exceed your customers expectations
Don't just say you do, actually do so. Your customers are your best source of new business. Every experience is talked about these days. Be it online of offline. Before coming to you your customer will have already made up 70% of their mind from what they have heard or seen about online. Review sites are a plenty. As customers, we look to 'social proof' to shortcut our decision making. By going the extra mile for your existing customers, you will increase your potential of winning new customers.
5. Review your prices and how you present them
There are 9 drivers of profit. And out of all those drivers, price is the most misunderstood and overlooked; and yet it is the most powerful. Most business owners price their products and services based on gut feel or what the competition are doing. Problem is, the competition are doing exactly the same! Pricing should be based upon the principles of price psychology and how customers behave when presented with buying decisions. When you understand and master price psychology, you will make more sales and at higher prices, your profit will grow and you will have more cash in the bank. For more information on how to transform your profits, download a free e-book at the following link: www.transformyourprofits.co.uk
Hope that's been helpful!
Running your own business is great, let's enjoy it more!