1. Fix your financials first: Accurate reporting of your current state and where you have been allows you to project to the future. Knowing how much money you have in the bank is not enough. A real balance sheet, profit and loss, and cash flow statement are imperative if you want to survive, much less grow your business.
a. Project cash flows for at least 6 months.
b. Use year over year comparisons for revenue and expenses to look for trends.
c. Use best case/worst case analysis to make decisions with financial impact.
2. Pay attention to your people: Having the right team in place will make or break a business. Those people include subcontractors and vendors, not just employees. Are their goals aligned with yours? Do they do business like you? How do they treat people? If they are not a good fit, find someone who is. Business is hard, you need all the positive interactions you can get.
a. Interview potential vendors with a relationship in mind, doing business with people you like is much easier and less stressful
b. Focus on ‘why’ people do things. What are their thought processes? When the pressure is on, the ‘why’ will hold them true to the goal.
c. Find their strengths, set them up to do that, then figure out ways to shore up their weaknesses. It is your responsibility to make them a star.
3. Clarity of purpose: Knowing where you are heading creates logical decisions. All should be based on that purpose. Do you want to sell the company in 5 years? Do you want to double in size in 2? Do you want to be a hands-on producer or a manager of many? Clear goals should mean clear decisions.
a. Basic goal setting is to set personal goals (long term and short), then set business goals that complement them (long and short). Personal should always come first.
b. A clear purpose has measurable items and a time table along with a ‘why’ it is important.
c. Get your inner circle involved in the plan. They will bring accountability in the future.
4. Sales cures all: The problem of too many sales and too much growth is always easier to deal with than too little! It comes with its own set of problems, but controlling growth is a lot more fun.
a. Schedule ‘green time’ each day to focus on revenue. Do not miss an appointment or get distracted. Your business depends on it.
b. Make a visual of your hottest prospects. Post it where you can see it as a constant reminder.
c. Ask the question, ‘why not now?’ before you make a sales call or appointment. Most prospects are just waiting for someone to present the opportunity in the right way.
5. Commit to make it happen: They call it work for a reason. For most, it is not a hobby, it is the sole source of income for our family. How committed are you to success? What are you willing to do?
a. Be very clear with your team on where this business is going and that you need their help getting there. Completion of the steps to success is the most important thing, not hours.
b. Post progress toward goals to remind everyone of the mission. That which is tracked is achieved.
c. Celebrate achievement along the way. Enjoy the journey!
