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Small Business Owners: The Building Blocks to Increase Profits
The basic building blocks of every business are processes (procedures/policy), people (employees), customers and resources (ideas/capital). Leaders, who strengthen and understand each of these blocks, build their businesses. Those who undermine or ignore these building blocks, find themselves with declines in both their top and bottom lines.
Believe it or not, organizations can sometimes forget that creating and delivering top quality products and providing excellent services is their main objective. Organizations leverage effective processes because it is intuitive, secure, and familiar. Leaders should regularly set aside time to define and redefine their processes, track errors and poor service, and make improvements to strengthen these (5) key building blocks.
You have to make a mental shift from running your business as a self-employed job/good employee to building a business that you can one day sell, scale or passively own to fund your retirement.
This means constantly reminding yourself that you are only a temporary producer, and that your business must eventually replace you with your daily tasks.
Be clear on your mission
There’s a reason you started a business and quit your job (or didn’t try to find a new one). Why are you doing this? Keep in mind that your personal mission and your company mission can be different, as long as they are aligned and can co-exist. You’ve written a mission statement in a business plan and it’s on a bookshelf collecting dust.
Network and find a mentor
Get a business mentor or coach. It doesn’t have to be a professional, just someone who can share experiences to bounce ideas off of and tell you when you’re losing team, money and mindset.
Get your business out of the way
When the money runs low and the momentum fades, you’re left with the day-to-day running of the business, this is when you learn how to run your business. It can be a grind because sales are slow and you’re understanding how the business actually operates, getting customers, marketing products, changing processes and how products affect your finances, and every idea you have doesn’t automatically work the way you envision it to grow. do profit
At some point when running a business, you’re likely to experience that burnout or exasperation feeling. Work-life balance is important; There is a truth, in working hard and playing hard to rest. Daily devotional reading and daily 30 minute walk can help relax the mind, etc.
Since customer acquisition is expensive to acquire new customers, companies must effectively target, market and persuade customers to try their product or service.
Many business owners don’t take the time to figure out who their target customers are. What are the likes, dislikes, needs and wants of their target customers? What types of media do they consume? What is the cheapest way to reach them? How much is the target customer willing to pay for your product or service? Where and how do we sell our products?
Remember, it is cheaper to keep a customer than to acquire a new one.
Master the art of engagement
Whether it’s communicating through email marketing, social media, blogs, videos and other professional formats, it’s important to be involved in every part of your business.
Take social media attention
A social media marketing plan should include Instagram, Facebook, Twitter and the company website to communicate with your customers. Use the same theme, images (banner pages) and similar products.
Understand the importance of business logos
It’s the first thing potential customers notice about your brand, make sure it’s presentable, professional and polished. Make sure the logo is aligned with your customer’s needs and wants.
Create an experience for your brand
Create a fun and informative environment to solve your customer problems
The right customers are more important than many customers
Most business strategy is to get cash in the door by any means necessary to get more customers in the door. The problem is that you get all this at the expense of quality, profitability and sanity. The right customers will allow your company to do better, build a better reputation, generate more profits and retain better employees.
Focus on your goals, objectives, content but most of all profitability
Don’t try to be all things to all customers. Become an expert in solving your ‘target audience’ problems and have fun doing it. Even big companies do their best when they focus on keeping ‘the main thing the main thing’.
Actions and applications are what executives and teams put in place to achieve desired results.
Leaders need to take a step back to review their processes—individually or in cross-functional groups—to eliminate inefficiencies and optimize performance, whether annually or as the market changes.
Systems are reliable processes and procedures that empower your business to consistently produce superior results for your customers and your profits.
Documenting automated processes can increase your company’s efficiency and reduce costly mistakes; Checklists for your staff to follow to ensure all orders are shipped correctly; An orientation process for all new clients when you start working together; and standardized contracts you use with all your new hires and vendors.
Controls are processes, procedures and safeguards that protect your company against unrecognized or inappropriate decisions or actions by any team member. They are also your business’s way of ensuring that key tasks are done on time and correctly.
There are (4) main types of business controls:
Checklists/Visual Business Process Controls
Metrics by Scorecard/Business Performance Measurement (KPI)
Embedded internal quality controls—product/process quality checks
Policies and Procedures — Written / Measured
Systems (using Excel and QuickBooks), processes and procedures that worked for a $1 million dollar annual business, are not good enough for a $10 million dollar business or a $25 million dollar business.
In order to scale your business it needs to be built in such a way that your business model and systems can be rolled out and replicated on a much larger playing field, based on increased product ordered / processed sales volume.
For example, choosing a database solution or 3rd party fulfillment should be based on actual growth rates, not potential or projected sales.
Cash flow and financial statements are your ‘lifeline’.
Know how you are making and losing money. Understand profit and loss statements and what processes and procedures link to improving the ‘profitability’ of your business.
In addition to the company’s financials, the measurement tools needed to manage and track finances and assets. Do you have the necessary knowledge, skills and skills to use those tools to increase your profits?
Small and medium-sized businesses must master the ability to manage their working capital and cash flow. Each company has access to profit and loss, balance sheet and cash flow statements. Management is either using accounting software or someone is preparing reports for management.
How well does senior management understand the company’s financial situation and its relationship to their strategy? Do these managers understand which parts of the company need investment, why cuts can be made?
Managers must take the time to learn the relationships and interdependencies between their tools and the reports they use to maximize their resources.
Teamwork makes dreamwork
You can’t do it yourself. It is important to ensure that your business does not depend on the presence of any one person.
Steve Jobs and Bill Gates, too, needed a great team to help execute, deliver, and do everything behind the scenes to deliver on their vision to clients.
Surround yourself with the best people you can find. Hire people smarter than you, then step back and let them do their thing. Remember championships are won by teams, not players. Employees are hired either to increase revenue or reduce expenses to increase profits, for no other reason.
People are not your greatest asset; Be the right person. The wrong people are your greatest disaster. Middlemen are the biggest drain on your resources.
Leaders should strive to create learning organizations where the organization always strives to improve. An organization where employees feel valued and are contributing to their potential.
Effective management will create an organization where personal growth is expected and rewarded and employees are both challenged and satisfied.
Employees motivated by the company’s vision and mission will produce profits, but frustrated employees will cause losses.
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