19 Checks for 2019 in your Business
"In a busy and overwhelming world, let's do simplicity " - Wendy Tomlinson
Welcome back to a stunning 2019! I can already feel the possibilities of what this new year may bring. And of course, you guys are ready and hopefully taking advantage of many points that we have discussed over the last 12 months. This is truly exciting to forecast what may be an impressive year ahead. I strolled through many emails since the turn of the year being sent from many of the business leaders and they all ran with a common theme of setting your personal and business goals. And it is true, this is the time to lay down what we envisage our businesses to do and forecast just how we can make it happen. (If you haven't done this yet, start by working on 3 main areas of improvement you want for your business, then get out your excel spreadsheets and define your 'how' it can happen - i.e. how many more sales are required, what if I raised the price, what if I reduced excessive spending, what if we duplicated what was working really well... and see where this takes you. Chunk all big ideas into small equations that your business can handle on a daily or weekly basis.) What I have learned over the years is that TIME DICTATES on how much improvement I can apply to my desired outcomes. And that is why I believe at each new year, there needs to be time to stop, reflect, de-clutter and simplify. If we can reduce our time wading through the parts of our job where no revenue is made, it will open our business to bigger and better things. Clearly, we want to really hone in what were the core revenue streams that made headwind in our business over the last 12 months.
Did they improve on the years before figures?
Was there anything new added to the mix from the previous year?
Have we been charging correctly for what we do?
Was it contributed by certain staff personalities or skills?
Once we have a bit of a baseline, then we can look at how to try and optimise this revenue stream some more.
Could we look at price increases similar to what our market would bare?
Could we innovate and improve our product or service slightly?
Could we renegotiate over premise leases, cost of goods, other suppliers that would contribute to this stream and help improve our profits bottom line?
If we are hitting near 95-100% full on the capacity to fulfil this business during certain times a year, could we look at duplicating some of this by either employing locum/seasonal staff, partnering with other competitors, or giving an irresistible deal that might shift some trade over to the shoulders of this period.
Touching on the point I discussed previously - 'innovate and improve our product or service slightly', this is where I would look at everything about what we offer and remove all the complexity that I could.
- We know our product or service works, but does it work optimally?
- We want our customers to make quick decisions, happy decisions, and not have to get involved with a back and forth conversation outlining all the pros and cons of the deal before them.
- Remember, buying is moments game - one that a customer will do over and over if they feel they were nurtured and made them feel good. If we gave too much complexity or stress over decisions to make leading up to the buying, we may have lost this customer to another that will offer them what they want.
As promised, my list of 19 simplifying things we can do in our business to help our revenue outcomes:
1. Look the part - if you are a tradesperson, wear clothing that suggests what you do, label vehicles, signage that works and carry business cards.
2. On your website home page, can a customer work out what you do and know how to contact you?
3. Is your pitch benefiting the customer's needs or is it pushy?
4. Do you have paperwork that can be easily produced at the time of service? Be prepared.
5. Make sure every staff member knows what makes your business stand out from the crowd and let them preach it in their own way.
6. Take the time to listen to feedback about what you offer and look into changing what is causing upset.
7. Spend time on your About.me page - our customers want to know who they are dealing with, create a relationship and know they can trust us to do right by them.
8. Test your irresistible offer / freebie / welcome pack. Does it make your customer want to come back and sample more on offer?
9. Reorganise or better still de-clutter the space you work. You'll be surprised how much this helps in removing stress in the workplace.
10. Redefine what is your business all about - simply.
11. Redefine what it is that your customer is searching for. Align your products to suit. Make sure your website has those tag keywords.
12. Do a productivity test. See where there are dead spots of time where staff roles become an expense. Look at how to turn that around by streamlining work hours or adding tasks that will help your bottom line.
13. Look at your staff culture - does everyone enjoy working there? What changes could occur to help with job satisfaction? Identify a set of values where each staff member could help contribute to the impacts your business does.
14. Could small loans be consolidated or renegotiated to benefit the needs of the business? Could an overdraft help for future dealings of cashflow?
15. Could the lead up to the interview process be streamlined or automated with video files to preselect fewer potential candidates to interview?
16. Could a change in technology help reduce time spent on data entry, calculations or manual processes?
17. Could outsourcing some roles free up the crucial time to actually spend on the direct revenue-producing tasks required?
18. Having a morning meeting or a weekly brainstorming meeting might be the point of focus for staff to help streamline their daily tasks into more meaningful challenges.
19. Factor in time to teach others what a Business Owner/Manager does. Freeing up a person who makes forward decisions to work on the business and not in the business's daily operations.
Meg Hogan is a #1 Best Selling author in Australia and US for 'Get Rich Be The Voice' and a Business Coach helping owners maximise their business potential to be in the best possible position to reap more revenue and retain more personal wealth. With her 100% money-back guarantee of satisfaction, she gives certainty to her clients that their best interests are at heart. "My door is open or anyone who may wish to discuss their business challenges in hopes of finding some practical solutions. Book a free call to chat on what I can offer you, and walk away with at least 3 things you can do now to improve your situation."
- Meg Hogan
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