What are you doing to maximize profits while you operate?
What is your exit plan?
Welcome back for part 2 of a 3-part series where we discuss business planning, business performance and exiting. Last month we talked about planning and how often our office learns from businesses that they really didn’t put too much time and effort into the planning phase but did just enough to get going and are now operating meanwhile the day-to-day struggles of entrepreneurship are setting in.
Nobody said this business ownership thing was easy, but we too believe it is worth it. Well, no matter what, you find a way every day to forge ahead so let’s jump right in with part 2 and talk about “business performance” while you operate (the pulse of your business).
What does it take to deal with the day-to-day grind of owning your own business? It takes grit. Plain ole grit. The ability to stick with it no matter what. Not all days are bad days but there are some where you may question why you keep coming back for more.
Something happens as time passes. You find yourself settling into the day-to-day minutia of working in your business and quite often you may be detracted from the activities most important to working on your business. Here are a few friendly suggestions from our perspective of what we see when working with the HR, Bookkeeping and Payroll for many of our clients:
- First, please be mindful of your personal health as well as the health of your relationships with those whom most depend on you and vice-versa. We see too many sit across from us stressed out and with certain health issues stress-related. Without your health and the support and love from those most meaningful to you – why are you in this game in the first place?
- Next, learn to focus and tune out distractions. Smart phones, meaningless gossip and conversations, long lunches, emails, etc. are all a recipe for disaster because time is finite. You are building a business – right?
- Learn what your best months need to look like from your numbers. If you didn’t get your P&L set-up or your bookkeeping and accounting, then you need this soon before you go too far wandering down that road. Learn what the top 5% performers achieve with businesses that closest resemble yours.
- Learn how to block out your time for emails and dealing with the paperwork. Learn how to touch a piece of paper once. Get organized. A home for everything and everything in its home.
- Learn how to sleep. Without proper sleep you cannot recharge your batteries to be at your pique for the next day.
- Learn how to “sell”. If you are not good at selling then you’ll need highly compensated people around you who can sell. Keep in mind “everything is selling”. Helping people become your customers or clients is selling. Once you become a high-performing “salesperson” then train your staff and your business will soar to new heights.
- Learn how to be a marketer. Wear a logo’d shirt when you’re out in public – everywhere. Have pens and notepads with your company information printed on them as giveaways. Learn how to present your company to someone with a :30 elevator pitch since you’re now wearing your company logo around town.
- Learn how to say NO. No, you don’t need to try to be all things to all people or causes. YOU are your own number one cause. Surround yourself with people you feel are better than you.
- Learn the power of the “to-do” list for yourself and your staff. Develop a plan for how the day-to-day operations work for your business. Set goals. Hold yourself accountable.
- Hire a business consultant or coach or both! If you are lacking in the above items then you may very well benefit from a seasoned professional whom you can look to for advice and accountability.
Learn these things or you may find yourself being left behind in this very competitive business environment where only the most fit with the most grit survive. Consistent business performance is key. As mentioned in the previous article, the SBA.gov can provide some excellent ideas for your business performance metrics and habits. Learning better habits and skills help you to perform better and in time you’ll be able to better plan for part 3 which is your exit plan.
If you’d like to get a much better grip on your business performance from the numbers then feel free to contact our office so we can discuss anything and everything related to bookkeeping, payroll, HR and business management best-practices which will pay many dividends to you and your business. 239-437-3016