SUCCESSFUL BUSINESS FUNDAMENTALS- Do you have these in place?
Hard to believe it, but there are only approximately 13 weeks until we arrive in the year 2023
Are things better, the same, or worse than last year at this time? We get so caught up in our businesses and life that we often tend to get caught in patterns and behaviors that do not serve us or our business, and “oh no, I promised myself this would be better or different this year.”
It is not too late to make great strides right now. Let me try to help you.
Think of ALL the things you must complete between now and the end of the year to have a fantastic end to 2022 and a great start to 2023. If you’re like my clients and me, the list is vast!
Now – Imagine for a moment – that you were only allowed to focus on THREE THINGS on that list between now and the new year.
What are the top three things most important things, and I mean only three? If you were able to focus on them – to the exclusion of everything else on your list WHAT WOULD THEY BE?
Once you identify your top three, I encourage you to make a commitment to focus on addressing them or reach out to me to work together and get them done.
Often the challenges in starting or running a business are related to keeping up with basic business fundamentals and staying current and contemporary across all segments of the company while finding time to pay attention and execute on our own business while we are busy taking care of the paying client Here is a list of the fundamentals that I feel need to look at paid attention to:
How Are You Managing Cash?
The number one reason small businesses have problems is lack of cash, not lack of profits. We need proper cash planning and an understanding of the levers in your business that can affect your cash. How much should you have on hand? How do you make sure that happens?
Have You Developed a Data-Based Culture?
The more we track data and use data to make business decisions, the better our decisions will be. Tracking key performance indicators (KPI’s) for your business, and understanding why they go up or down, can help make decisions that will grow your business and keep you on track.
Are You Practicing 30-Day Planning?
It’s important to develop a strategic and financial plan and track it regularly instead of doing a long-written document that is often overlooked. Planning is an ongoing tool that should be used to understand assumptions about your business and whether those assumptions are correct or whether we must adjust.
Are You Only Engaging In Marketing That Provides ROI?
Small businesses often tell us that they don’t understand marketing. Where should they spend money? Does it work? What works? What doesn’t? Don’t spend money unless you are going to be able to measure the results.
How Do You Stay Connected and Talk To Your Customers?
Every business should talk to its customers as often as possible. People like to talk, and people like to be asked their opinion. The negative criticism may be hard to hear, but it’s well worth listening and understanding how to change things to make your business better for your customers. Phone calls, surveys, and emails are all effective modes of staying connected.
Do You Know Your Competitors?
We need to know and understand both your direct and indirect competitors. We always need to keep an eye on our competitors, understand what they are doing, how they market, what their pricing is, etc. You may be unique in your town or your industry and not have direct competitors—but that doesn’t mean you don’t have indirect competitors.
How Do You Stay Current?
Making sure your offering and positioning are matching what is needed n the marketplace is crucial to staying in front of the “right fit” prospects and clients. This is not a stagnant item; it must be revisited, researched, and tweaked. Is your linked-in profile compelling, and are you beneficially engaging on LinkedIn? And how does your website reflect you and your business? Is it up to date?
Running a business is hard work and making sure all systems are running efficiently is challenging, but when we provide a service that makes a difference in the lives of others, it is also incredibly satisfying.
I love building businesses and stand ready to work with you!
Business and Communication Strategist