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Small Business Owners: The Building Blocks to Increase Profits
Processes (procedures/strategies), people (employees), customers and resources (ideas/capital) are the basic building blocks of every business. Leaders, who strengthen and understand each of these blocks, build their businesses. Those who weaken or neglect these building blocks see declines in both their top and bottom lines.
Believe it or not, organizations can sometimes forget that their main objective is to create and deliver high quality products and provide excellent service. Organizations keep ineffective processes effective because they are comfortable, safe, and familiar. Leaders should regularly set aside time to define and redefine their processes, track defects and poor service, and make improvements to strengthen these (5) key building blocks.
The mindset of the owner
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 a constant reminder that you are only a temporary producer and that your business will eventually replace you with its day-to-day operations.
Be clear in 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 Remember 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 into a business plan and it’s sitting on a bookshelf gathering dust.
Network and get a mentor
Get a business consultant or coach. It doesn’t have to be someone professional, just someone who can share experiences to bounce ideas off of and tell you when you’re missing out on team, money and mindset.
Bring your business to the road to nowhere
When money slows down and momentum slows down, you’re left with the day-to-day running of the business while you learn how to run your business. It can be a grind because sales are slow and you’re learning how the business actually works, to get customers, understand how the products in the market, changing processes and products affect your finances, and not every idea you have automatically works as you think it should be scaled up. do profit
At some point when running a business, you’re likely to experience that burnt out or unmotivated feeling. Work-life balance is important; There is a truth, work hard and play hard to relax. Daily devotional reading and 30 minutes of daily walking can help relax the mind.
Customer acquisition is expensive to acquire new customers, companies must effectively target, market and convince 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 kind of media do they use? What is the cheapest way to reach them? How much is the target customer willing to pay for their products or services? Where and how do we sell our products?
Remember, it’s cheaper to keep a customer than to get a new one.
Master the art of engagement
It’s important to be involved in every part of your business, whether it’s email marketing, social media, blogs, videos, and other business forms of communication.
Get social media attention
A social media marketing plan should include Instagram, Facebook, Twitter and a company website to communicate with your customers. Use similar themes, images (banner pages) and similar products.
Understand the importance of a business logo
It’s the first thing potential customers notice about your brand, make sure it’s presentable, professional and polished. Make sure the logo is connected to the needs and wants of your customers.
Create an experience for your brand
Create a fun and informative environment to solve your customers’ problems
The right client is more important than most clients
The strategy of most businesses is to get cash in the door by any means necessary to get the most customers in the door. The problem is that you achieve all this at the expense of quality, profitability and sanity. The right clients will allow your company to do better, build a better reputation, generate more profits and retain better employees.
Focus on your goals, objectives, themes but most of all profit
Don’t try to be all things to all customers. Master your ‘target audience’ problem solving and have fun doing it. Even the biggest companies do their best when they focus on keeping ‘the main thing the main thing’.
There are actions and applications performed by executives and teams 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 according to annual or market changes.
Systems are reliable processes and procedures that enable your business to deliver superior results for your clients and profitability for you.
Documenting automated processes can increase your company’s efficiency and reduce costly errors; Checklists your employees follow to ensure all orders are shipped correctly; An orientation process for all new clients when you start working together; And standard contracts you use on all your new work and with vendors.
Controls are processes, procedures, and safeguards that protect your company from uninformed or inappropriate decisions or actions by any team member. They are also your business’s way of ensuring that key work is done on time and in the right way.
(4) The main types of business controls are:
Checklist/Visual Business Process Controls
Scorecards/Business Performance Metrics by Function (KPI)
Embedded internal quality controls— product/process quality checks
Policy and Procedures—Written/Measurement
Systems (using Excel and QuickBooks), processes and procedures that work for a $1 million dollar per year business may not be adequate for a $10 million dollar business or a $25 million dollar business.
Scaling your business requires building it in such a way that your business model and systems can be rolled out to a larger playing field and replicated, based on increased product ordered/processed sales volume.
For example, choosing a database solution or third-party fulfillment should be based on actual growth rates, not potential or projected sales.
Cash flow and financial statements are your ‘life line’.
Know how you are making and losing money. Understand profit and loss statements and what processes and procedures relate 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, abilities and skills to use those tools to maximize your profits?
Small and medium-sized businesses must improve their working capital and cash flow management capabilities. Every company has access to profit and loss, balance sheet and cash flow statements. Management is either using accounting software or having someone prepare reports for management.
How well does senior management understand the company’s financial situation and how it relates to their strategy? Do these managers understand which parts of the company need investment, where cuts can be made?
Managers should take the time to understand the relationships and interdependencies between the tools and reports they use to maximize their resources.
Teamwork makes DreamWorks
You can’t do it yourself. It is important to ensure that your business does not depend on the presence of any one person.
Even Steve Jobs and Bill Gates needed a great team to execute, deliver and help them deliver everything behind the scenes to deliver their vision to customers.
Surround yourself with the best people you can find. Hire people who are smarter than you, then step back and let them do their jobs. Remember, championships are won by teams, not players. Employees are hired to increase revenue or reduce costs to increase profits, for no other reason.
People are not your greatest asset; There are the right people. Wrong people are your biggest disaster. Middle class people are the biggest drain on your resources.
Leaders should strive to create learning organizations where the organization is always striving for improvement. 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 challenged and satisfied.
Employees motivated by the company’s vision and mission will generate profits, but disillusioned employees will generate losses.
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