A business cannot grow or develop without an objective. Without a target to aim for, your business becomes directionless, and forward motion becomes impossible.
This is why you need to identify your business’s top priorities. Understand these priorities, and you will begin to get a picture of the direction your business must move in to secure success. Then, you are more able to take the necessary steps to improve your business’s services and operations to increase revenue, improve customer retention, and operate on a bigger scale.
This can be achieved by running the priorities through a simple decision filter, like the one included below, assessing each element, and deciding on the best policy going forward. Ask yourself the following questions, define your priorities, and be closer to achieving business success.
Strategic planning and unification are everything in business. Every move it makes, every plan it puts into action, every new initiative must fit nicely with its core values. So what are these values? What are the key elements of my business’ identity?
Perhaps product quality in a specific field is something you want to be known for, or maybe a gold standard of service is part of your business’ ideals when you started it. Define these core philosophies and make sure they fit into your business’ actions going forward.
This means fostering an entirely different culture of strategising within your business. Rather than simply holding tactical planning meetings within different teams and tying these all together at a later stage, you should be aiming for integration right from the get-go.
There should be no such thing as an isolated team or person within your business. Each is an organ, an instrument, in a larger whole. This should be at the forefront of your mind when you start strategizing; do this and understanding the next steps you need to take should be easy.
Can it eventuate a $1 million turnover?
Your eventual target must be growth and an increase in profit. This means ideas which look great on the drawing board might not actually cut it when they are implemented within the business. Every initiative needs to be thoroughly considered, and its potential for future profitability assessed. Analyze the diverse revenue streams which your company uses—including paid third-party advertising, ongoing subscriptions, or direct sales –does the initiative fit a particular stream? Is it strong enough to build towards a $1 million turnover in a decent amount of time? This is what you need to know when aiming to grow your business.
Can I measure the return on effort?
All new ideas require a degree of effort and hard work if they are to be implemented correctly. This is no problem and is to be expected. However, you must be able to quantify that work and effort, and then measure the rate of return against it. Decide how you will do this and define early on what constitutes a success. Becoming information-driven and applying insights to the results you receive is a powerful way to measure this.Remember to give the initiative time to really get going, and not to measure its return on effort too soon.
In a tight market, being a little different can be vital. This can mean bringing a wholly new and different product to market or it can simply mean streamlining your processes and boosting efficiency in a completely unique way.
With every new element you introduce to business, you need to ask yourself: is there a better way to achieve this? Can the same advantage be achieved whileusing fewer resources and spending less money?If the answer is yes, then you need to pursue this angle and keep at it until you develop a truly unique advantage for your business.
Can I test it quickly and affordably?
Testing and understanding new moves in business is one way to really know if it is going to work or not. However, such testing can be expensive and drawn-out. Define how you will test the initiative; which metrics you will use to measure its success and over what time period. This is especially important for small businesses who are really motivated and enthusiastic in achieving growth in a short span of time.
Next, you need to assess how much this testing will cost. Will the cost of testing be offset by the eventual rewards of implementation? Factor in all elements of the testing process and decide if it is worth it.
What am I going to have to drop to implement this?
As businesses evolve, new elements are introduced while old ones are jettisoned. So, which parts of your business will need to be dropped when the new procedures or initiatives are implemented?Where do the new elements of business fit into the wider structure? Envisioning how you want your business a few years from now is a good way to having an idea of what needs to be dropped in the near future.
Remember the point made earlier about cohesion and integration. This is particularly important here, as your whole business needs to be working as harmoniously as possible. Different processes should complement one another, moving together as one. Make sure that this is the case.
Can I use existing resources and knowledge?
This is where your knowledge of the market and of the industry you operate in is going to come into play. Can you use your existing knowledge and insights in order to make this business priority reality? Can you leverage this in the right way to secure success? Answering these questions will give you a good indication as to whether this move is right for you and your business.
However, this is not the end of the story. There may be additional resources you require to ensure that the implementation is a success.
Getting your business to a good start is easier said than done. Stress, poor time management, and, of course, lack of funds are all potential hindrances to growth. So, for owners and founders looking to improve their business, joining a mastermind program like Build Live Give Club is a wise decision. Being a Build Live Give Club member will give you the necessary tools and knowledge to reduce working hours and pinpoint your business’ top priorities while potentially doubling your earnings as well as giving you access to a network of smart, driven business people you can learn from and will support you.
Build Live Give Club founder Paul Higgins will guide you through the process of jump starting your business. Through his free online training, you’ll discover how to increase profits, business efficiency, and have more time for yourself, family, and your passions. Signing up for the webinar also entitles you to a free copy of Paul’s ebook 5 Key Profit Drivers for Scaling Your Business—a useful read about increasing profits which nicely complements the free online training.
Click here to sign up and set your preferred webinar schedule and be a lot closer to fast tracking your business’ success.
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