Top Ten Tips to Better Know Your Business’ Business
Jacki Hart • June 28, 2019
This months newsletter, I’m sharing my Top Ten tips to better know and run your business. Last month, I shared the first half of the Facebook Live interview with the Bracebridge Chamber of Commerce – entitled Know Your Businesses’ Business. I’ve had a lot of response since from business owners, so I struck a chord with many of you, and thought I’d include the summary of the Top Ten here with you.
The Facebook Live interview was a Q and A format. Hopefully you can take a small snippet away to mull over to inspire you to keep working ON your business, and to recognize the signs when you might need to ‘know your businesses’ business” better than you do at this point in time.1. Work smarter : Start with realizing that your business won’t be profitable all on its’ own. Working harder isn’t the answer, working smarter is. Technology integration has become a must in order to keep up with the marketplace. Tools and information at your fingertips is crucial to being effective and efficient. You’re the leader, which included the being the thought-leader, critical thinker and strategy developer. Make the time for all three of these roles, every week.
2. Equip yourself for success : Good tools are needed to support every business – the equipment, the right software – the right person inputting data, the right marketing tools especially online, the right advisors, the right client: product match, the right people etc. Always consider what it’s actually costing your business to NOT spend money on qualified people. Hire Up – build the bench strength of your team to handle tomorrow’s business.
3. D on’t compete on price : A common mistake is to compare your prices to everyone else and match the competitions price. This is a death wish. Without knowing your competitors’ costs of goods, labor, equipment and fixed expenses, you have no idea whether your price should be comparable to theirs, or if you should compete on a different basis than on price alone. Competing on price alone in a young business typically ends up a race to the bottom of the profitability drain.
4. Stick to what you’re good at: make sure that you don’t try to be all things to everyone. Know when to say no to an ‘off-brand’ request or to one that’s out of your service territory or supply chain.
5. Get help to learn what you don’t do well. Whether it’s understanding how to price what you do in order to pay yourself better, or how to build a team who like coming to work with you, get proven advice to fast track you to better success. Find a trusted and experienced mentor, an advisor, a Peer Group (ie Landscape Ontario Peer To Peer Network!), a bank advisor, a good office manager, a talented book keeper, or a good coach.
6. Change your thinking: Einstein said: “you can’t solve a problem by using the same thinking that created it”. If you always do what you’ve always done, you’ll always get the same thing. Learn. Review results. Adapt. Try again.
7. Step Back – Stop, Start and Continue: Take time to slow down and take stock of what’s happening. It’s counter intuitive to step back, and it pays you back in spades to get clear on what you should stop, start and continue doing.
8. Get Clarity – Why do you do what you do? Why did you start your business? Where is it going? It will be successful when what exactly is happening? What’s your vision? What’s non negotiable – your core values…
9. Build a team who believe what you believe – Simon Sineks infamous ‘Start with Why’ – search the TedTalk and watch it. WHY are you in business? What should others believe in, to help you follow your business vision.
10. Work hard to keep Right-Fit customers, staff and suppliers. Relationships are the key to successful companies. Word of mouth referrals from clients, suppliers that you treat well, who will return the favor when you need it most, customers who promote you first hand – these are all critical to your business success.
At CBH, our team of seasoned Business Coaches and Consultants are well equipped to guide you through the steps to build better financial results, stronger leadership, a cohesive team culture and consistent systems for improved accountability. If your looking for solutions to master these key business components, qualified help is just an email away.
Thank you for reading! Until next time.
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