Once your business is established and is generating cashflow, it’s important to have a plan in place to create and manage growth. Ideally, you will have structured your business and crafted your business
Audit your finances to identify leakages, cost saving opportunities and new revenue streams.
Assess the market-fit of your product or service against your competitors and the supply demand to see where your business sits.
Find out how healthy your business is. Learn what you’re doing well, what you can improve and whether your business can go the distance.
Unlock your full potential as a business owner to achieve your long-term business goals.
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In extension to the statements above, it is very important that the business owner/strategist has a process to measure the success or failure that is accomplished.
A gut feeling is simply not good enough.
Most accounting software has basic methods to assist.
Quickbooks has a Class / Location
Xero has tracking categories
Myob has locations/jobs
Using a client's example:
A beautician has three clinics with 20 packages of services and skincare products
Using Quickbooks as an example she creates three store locations
Then the 20 packages are tracked using "class"
She also mapped all her product sales against the appropriate clinic locations.
After three months the beauty salon owner discovered some surprising insights:
Ipswich sold mostly massage/waxing packages and in skincare, acne packages were the most popular
Moorooka did not break even in services or products, it was hemorrhaging losses.
Chermside clients loved the higher end packages and skincare products.
With this information, the beautician closed the Moorooka clinic, as the lease was due to be renewed.
A new product line of aromatherapy essential oils and massage goods were introduced to Ipswich.
The money she saved in rent by closing Moorooka went into more modern laser machinery and expanded the store in Chermside.
Knowledge is power.
Research, customer feedback, advertising/marketing, website SEO, blogging all work together well as long as you have processes in place to document their success or failure.
Can your business run on autopilot whilst you're away or will it stop running if you're not there?
To me it all starts with an effective strategic plan. Then you have a guideline to follow, if it's in place and working well, you know the things you expect from yourself and others will be in alignment with that. By the time you aim to go away... you know that the strategic plan has proven itself and your people are simply going through exceptional motions to do what they do, if there's a hiccup then it will show up fast and it will be solved. Here's an example.
You are away and an issue comes up witha key supplier, they are contracted to supply an item vital to production, they know you are away, and one of their team let things slide to give them some slack so rush out product for a new client. Your team doesn't know that but they know what to do. They call and chat about the issue, working on your key value of respect, everyone know the organsiations stance on that and follows it, it includes all stakeholders. Before long someone higher up in the organisation spots your team has an issue and knows that they need to take positive action. Hiccup attended to, and pursued until a resolution is achieved. Tey may be able to suply more often but in smaller amounts so you can keep going.
Anyything that happens along the way will be readily dealt with due to the team knowing they need to find effective and elegant answers asap. They have an intimate appreciation of the way things are done and how they can be solved.
Best overall example I saw was a guy and his wife who ran a business, he wanted more time, so he weaned himself off the business a half day at a time, to the staff it looked like he was out chatting with clients. Nope he was having some very well earned ME time. His wife took different times off. After a while they both took off a half week here and there and built up.
Along teh way he and his wife figured out the issues they could deal with from afar and plugged up the holes for any other issues that would come up operationally.
Each business will have differeing needs for what they need to develop for smooth systems, policies and procedures.
First, clarify your vision of what you're aiming to achieve. Is it 50% growth per year or 500%? Does your business need higher profit margins to solve cash flow challenges or higher revenue?
With a clear vision I then recommend engaging the employees to form a team with weekly meetings to update them on progress towards achieving your vision and goals.
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great article, i really enjoy this. Thanks for sharing