A new year is upon us and while every business starts out with big goals and the best intentions, the everyday pressure of running a business can take us back to business-as-usual in no time.
If you’ve been chasing your tail for too long, it might be time to stop and reflect on where your business is at, before the year gets away from you. Being prepared for growth takes a mix of planning, a good team and scaleable systems to keep a business growing without losing focus. A good practice here is to rate yourself on the following points and make improvements accordingly:
- Set business growth goals. Make them specific, measurable and attainable, such as ‘10 new clients in six months’ or ‘a turnover of 1 million.’
- Look closely at your finances. You might think it is a waste of time, but drawing up a budget for the year can transform your spending and profit margins. It is also important to review and negotiate supplier contracts on an annual basis so you can deal with fluctuations in business.
- Find new initiatives to implement in your business. It's okay if things aren't working, but don't allow yourself to get stuck. Change can propel your business forward. New initiatives need to cover four categories: existing customers, new business, new skills, and new ways to market or sell.
- Get the right people on your team. Clients buy people and those interactions will be your bread and butter. To get a team running like clockwork, you must clearly communicate on-the-job procedures (set out by you) and the business mission and targets.
- Invest in infrastructure. Find the right accounting software, invoicing tool and email service so you have more time to focus on your core business.
- Shift your mindset. By learning how to handle people, difficult situations, and times of adversity, you will now be embracing those situations and managing a solution quickly and effectively.
With you in every success,