Want A Winning Business? Get A Winning Strategy
From flat profits to untapped potential, what’s holding your business down? Keep reading for some ideas that will help you manage your business’s structure and strengthen your bottom line.
Embrace Delegation
You have two choices – either do it yourself or hire someone else to do it. When deciding which choice is best, consider your strengths and those of your key employees and where your time would be best spent. Are you looking to take some work off your plate? Which team member could help lighten your load? Are you searching for somebody to take over a larger business function, such as HR, payroll, marketing or IT? There are companies that specialize in providing these types of services at affordable costs. You may be surprised to learn how much time you can reclaim with a little bit of delegation.
Read Also: What To Do When You Can’t Do Everything Yourself
Develop A Business Plan
Oftentimes, owners choose to shun paper in favor of keeping their business plan “in their head.” Needless to say, this is not a best practice. A written, strategic road map helps keep your company in line, accountable and prepared for surprises – and is crucial for solid structure and growth. Among other things, your business plan should include where you want your sales to be in three to five years. Furthermore, your business plan should be a living document, one that can be revised and reworked as needed. Be sure to meet regularly to ensure that yours is current and that it accounts for succession.
Evaluate Your Team
Are your aces in their places? Take an honest look at each team member’s strengths and abilities. All it takes is for one individual to be stationed in the wrong place to keep your business stagnant. While uncomfortable conversations aren’t fun for anybody, they are essential if you have goals of moving your company forward. Clients have had great success through our Predictive Index for workforce assessments and management. This tool can help with evaluating new hires and existing employees as well.
Invest In Processes And Procedures
When a company is efficient and effective, the results normally take care of themselves. But if you’re not there yet, you’ve got some work to do. Work toward putting systems in place for nearly every facet of your business – from routine functions to complex processes. A common pitfall that business owners struggle with is missing the details, and being oblivious to how much time they, and others, spend chasing their tails. As a result, issues are only temporarily fixed in lieu of long-term solutions. Continual evaluation and investment in your systems and processes can keep you organized and moving in the right direction. Additionally, consider establishing a platform that keeps your company competitive and primed for growth as well as one designed to keep equipment updated, efficient and relevant.
Establish An Advisory Group
It gets lonely at the top, but it doesn’t have to be. Consider surrounding yourself with a core group of trusted advisors and other business owners. Or, you might institute a board; even the smallest businesses find benefit in a governing body. A board usually consists of a group of trusted business professionals who meet a few times a year to review the business strategy and suggest ways to move forward.
When looking for members, don’t forget to tap experts who are not currently connected to the business world or to your industry. You will benefit by hearing various opinions on a particular topic. For example, you might consider bringing in that retired business owner from your church or a trusted friend in a related industry. Having a good balance of internal and external members is important.
Not looking for something so formal? You might consider pulling a group of respected peers and thought leaders together sometimes just to bounce around ideas. CEO peer groups have proven to be incredibly valuable as well.
Email Rea & Associates to discover strategies that can help you find success in your business.
By Kyle Stemple, CPA, CGMA (New Philadelphia office)