Resist the urge to make things complicated in your business. To get your business on track you just need to do some basic simple things.
Financial well-being – Pull financial reports at least once a month. I cannot emphasize enough how important it is to look at your numbers on a regular basis. You can track your business metrics in a program like Quickbooks to get started. Learn how to read the reports that manage your business. I suggest focusing on three reports; a standard profit and loss statement, a cash flow statement and a balance sheet. With these three reports you start understanding your business financials and how your cash is flowing through your business.
Business metrics – What are the one or two indicators that are responsible for your business success? Watch and review those indicators on a regular basis (weekly or monthly). By tracking these numbers, you will be able to determine whether you are on track.
Team morale – Once a quarter or once a month schedule a conversation with your most important teammates. This is not a strict ‘business-only’ discussion. Ask about their families, how they feel about their work, are there any tasks that they have that they do not really get excited about, review their role responsibilities and their passions in your business.
Customer experience – Create a schedule to speak to your customers. Pick the best customers or random customers and ask them about their experience. Do this on a consistent basis, even as often as once a week. Try a variety of methods, not everyone will be comfortable discussing things face-to-face so consider sending a survey or having a telephone interview. This does not need to be terribly sophisticated; the point is to interact with customers and find out how they perceive your business.
Focusing on these four aspects will help any business owner gain control of his or her business future. As the business grows and expands, each of these items will increase in importance. It is good idea to get them under control immediately.
Mediocre work quality and poor customer service will lead to massive failure.
To achieve your dreams you need a workable plan; a process of how to discover your most important goals and create a roadmap to accomplish them. Business Coach Hugh Stewart ConfidentSolutionsCoach.com