The Difference May Surprise You!
#1 You (the Business Owner)…as you go, so goes the business side of your business.
- It is imperative to deeply understand your own personal purpose. Are you where you want to be? As you visualize the path you are walking, is it leading you to the dream you have always had for yourself and those loved ones around you? Is your business and its purpose an ally or an enemy, a tool or a distraction in assisting you to achieve those purposes and dreams…this is vital to the overall success and personal fulfillment of the individual business owner.
- Are all the legal affairs of your business in place? Do you have the appropriate insurance coverage for the various areas of your company?
- Do you have an ongoing strategic plan for success and continued growth? Do you have ways to monitor your progress along your given plan?
- In most cases (majority of businesses), the business does not have training on how to actually run a business. Do you constantly seek training on 1) how to effectively manage the business side of your company with a proven structure and systems; and 2) how to manage people effectively and create an incredible and happy culture within your business?
#2 The people who are hired into your business can make or break you. Do you know the cost of a bad hire… 5X the annual salary of that employee.
- Do you know and understand how to hire the right person (honesty, responsibility, integrity, and longevity potential)?
- Do you have a specific way in which that person can be effectively trained?
- Do you have a mentoring or apprenticeship program so that the employee can become independent, effective and a responsible member of a productive team?
- Are listening and communication skills being taught to your employees? Hundreds of books have been written on the need and ability to communicate within a business organization and to the potential customers/clients. Your company can rise or fall based on that first phone call and the communication that follows.
- Are leadership skills being taught, so that you have leader oriented employees, rather than task oriented employees?
#3 Marketing and sales have their own unique nuances that are often overlooked in terms of effectiveness and implementation. When not done correctly, thousands of dollars are wasted! Your overall gross income is directly proportional to the effectiveness of your marketing and your ability to attract new customers/clients into your business. When it comes to your marketing and sales program, ask yourself…
- What is the ROI for your current marketing efforts?
- Are you doing effective surveys to determine your target market’s pain, wants and needs?
- Does your graphic artist utilize the surveys to develop effective graphics for your marketing pieces?
- Is your ad copy effective?
- Are you and your employees engaging with the potential new customers/clients and genuinely showing interest in them?
- Are you accurately identifying the customer's/client's needs, and having them accept your product or service easily?
- Do you and your employees understand your customer's/client's personality and communication style to more effectively communicate to them?
- Are you consistently reviewing the cost of goods/supplies and eliminating waste?
- Are your payroll and payroll taxes being handled efficiently and paid on time?
- Do you keep a special account specifically for your income taxes and pay them in a timely manner?
- Do you have an emergency fund account with money in it?
- Do you have a business expansion funds account with money in it?
- Do you have a specific and effective strategy to handle past-due accounts?
- Are you 100% confident that the materials and human capital that are needed to treat your customers/clients are always available to you and your team?
- Do each of your employees know their specific responsibilities, and how they contribute to the success of your business?
- Do you know, in hard numbers, how productive you and your employees are on a daily, weekly, monthly basis?
- Do you and each employee have specific formulas to follow to achieve maximum productivity?
- Are you able to see at a glance the areas that need immediate attention?
#6 Quality control. This is often missed. Ask yourself:
- Are your company's products or services consistently evaluated and enhanced based on customers/clients feedback?
- Do you review your employees’ productivity and the quality of their work?
- Do you provide additional employee development and training to create rock star employees?
- Do you have a specific system to get testimonials and reviews from happy customers/clients?
#7 Public Relations
- Does your target market know you, like you, and trust you?
- Are you receiving consistent referrals from other industry professionals?
- Do you have raving customers/clients, and do they actively refer you to everyone they know?
- Do you have a specific online reputation marketing program in place, and are you consistently receiving the highest ratings?