Winter sports are starting again soon. Superior performance in sport can often be attributed to getting the basics right.
If you are struggling in your business, use the following as a checklist to see if you need to revisit some basic concepts to allow you to improve.
SYSTEMS
1) Set clear goals and targets - everything will work more smoothly when people have clarity
2) Sell for more than what you pay - sounds obvious but do you understand the full cost picture? across all products? including overheads?
3) Build things that work - put some thought into designing how your business will run, don’t just accept what everyone is offering
4) Monitor cash flow and project it by forecasting - this is your heartbeat, check you are planning to stay afloat
5) Don't build your business to fail by aiming for lowest cost everywhere - the business wind up being brittle and you will fight fires continuously
PEOPLE
6) Get good people - a great process won’t work if supported by bad people
7) You are in control, so take charge - if you are complaining that your staff don’t do what they’re told, stop complaining and do something about it
8) Get rid of people and things that don't perform - be decisive about stuff that doesn’t work
CUSTOMERS
9) Know what your customer wants and design a product to meets their needs - have you asked them what it is they want?
10) Make it easy to buy - make your offer both compelling AND simple
11) Satisfy emotional needs with great product AND service - people remember how they are treated more than what they bought
12) Fix mistakes quickly to maximise the likelihood of referral - set expectations about identifying and fixing errors quickly
Between 30% and 60% of new businesses fail within the first 3 years. See the RBA report - see link
Between 30% and 60% of new businesses fail within the first 3 years. See the RBA report - see link
Many businesses don't make it past the 3 and 5 year mark. Avoiding obvious errors and fixing problems quickly can help alleviate a lot of the pressure business owners experience.
If it currently seems too hard for not enough reward it might be time to 'get back to basics'.