We’ve completed 5 months of 2016 and there are 7 to go.
How are you feeling?
Excited because you’re on track with your business plan?
Or perhaps you’re worried because you aren’t?
What happens next?
Back to the business plan
When working with clients, I focus on the following five key areas in the business plan:
We review each goal and action item in the above areas, and we ask the BIG question….
What’s the ONE thing that will make the biggest difference NOW?
For instance, if your revenue is under budget, what’s the one thing that you must do now to drive more revenue to your business?
Is it having a sale or special promotion? Is it launching a new product or service? Is it following up with potential clients in your marketing pipeline?
If revenue is good but profit is lower than budgeted, what’s the one thing you must do now to address that?
Perhaps it’s you or your accountant reviewing your line items and undertaking a ‘common sizing’ exercise with your financials. Perhaps it’s looking at more efficient ways to manage and run your business to reduce overheads. For instance, systemising, automating and perhaps outsourcing some elements of your business.
If cash flow is a major issue for your business (and it is for many businesses), what’s the one thing you must do now to address that? Is it reviewing your accounts receivable register and creating a new system for ensuring timely payment? Is it changing your terms of business? Is it factoring your receivables?
What’s the one thing that will make the biggest difference in your business right now?
Work it out and do that!
Get your business back on track and fast!!
Please don’t let your business control you. If you don’t take control of the month end results and address the issues, your business will control you and your lifestyle.
Don’t put your head in the sand and hope that things will get better next month. They won’t unless you take charge.
Review and evolve your business plan to ensure you achieve the key performance indicators you’ve set for yourself and your business in 2016.
Move projects that you were due to start now into the next quarter or next year… perhaps they can wait while you sort out your immediate business challenges.
Re-double your efforts on the critical elements of your business and you should see the results as the remaining months of the year pass by.
What’s critical is the viability of your business. Doing the basics well is the key to success in the long term.
Those basics are:
- Having a clear strategy and business plan.
- Having a clear marketing plan that results in prospects coming into your ‘marketing funnel’ so you can communicate with them over time.
- Having an effective sales process that converts prospects into customers.
- Reviewing your financials each month against a budget.
- Having a clear process to recruit, retain, train and engage staff (directly or outsourced) so they can do their jobs to the best of their ability.
Do all that and you will reap the rewards. … the financial success of your business.
Question: What is the one thing you’re focused on in your business right now? Please leave a comment below.