Every Fall, Apple “surprises” the world with a newer release of a new product meant to change the way we think or interact with technology. And, treading your business similarly, constantly upgrading, perfecting and developing your business will not only ensure you success but the ability to stay ahead in your industry. But, when you haven’t worked “on” your business in several months (or years) then knowing where to start can seem very overwhelming. Below how to upgrade your business to grow, gain more profit and win over new customers.
Before you start re-vamping your business you’re going to need to examine your business from the inside out. Think of this as an X-ray or medical exam. A doctor would never (hopefully) prescribe you anything without first giving you a thorough check up. Run an evaluation of your sales, business model, staff, marketing and customer feedback for starters. This will help you identify which area of your business needs the most focus.
Mulah Comes In, Money Comes Out. Knowing your business model - the way in which money is generated for your business - is clearly crucial. Now, this may seem like common sense. Yet, over 80% of the business owners I have worked with have never tracked their time. And, when asked to do this exercise for a week, begin to realize that they actually spend anywhere between 5-20 extra hours per project than anticipated. That’s 5-20 unpaid hours per project! So, before you skim through this section and read further, please record your time for just a week and make sure you are not letting hours of work go uncompensated. Then, make a list of all your assets - everything that makes you money in your business - and check that your prices are coherent with your recent findings.
Pyramid or Circle? Next, you need to look at your team. Ideally, running annual employee evaluations is a great way to keep you and your employees on track for success. Your employees will feel validated if you keep track of their progress and reward them for their hard work. Look at your organization and consider the leadership model in your business - is it a pyramid where everyone reports to a leader? Or is a circle where everyone is responsible for their work and come together for a common vision or goal? If it’s the ladder and your business is starting to suffer from common miscommunication or poor management from your mid-management or the inability to ignite passion into your team then, this will ultimately hurt your bottom line, the efficiency of your business, and the customer experience you are delivering.
Loyalty Regardless of Price. Once you are done analyzing your business internally, then it’s time to look at external components such as the customer experience you are delivering. Now, to be clear, it is nearly impossible for you to deliver incredible customer experience if your business foundation (business model, team, sales, marketing, services/products etc.) are not in place. That would be like building a house by starting with the roof. However, if all the other pieces in your business are rockin' then yes, please start focusing your energy on customer experience - it’s the one area where your money with never go to waste. Consider the ways in which you could give your clients more of what they want and less fruit baskets. This, will make all the difference between you and the competition.
What area of your business needs a bit of an upgrade? Let us know below or email us @ [email protected].
