The Top 3 Business Tips And Strategies That Every Business Needs To Get Right
We recently created an e-book titled “20 Reasons Why You Don’t Make Enough Money In Your Business”, which has proved to be very popular with our clients. This e-book covers 20 things that you can (and should) do to make your business more profitable.
We have taken this one step further and distilled these business strategies down into just three key areas. We know that business can be complex, and it is difficult to distill all of the hundreds of business strategies, tips and approaches down into just three, but here we go (and we are more than happy for you to disagree with our list and suggest some of your own)…
1. Have a clear approach and process for winning new work
You may have heard the saying that nothing happens until there is a sale, and this is so true and it is where everything begins. You may have the best products and services, which help your customers and clients achieve amazing outcomes, but if you can’t communicate this to your market and get them to buy from you then it means nothing.
It is amazing that the vast majority of people who don’t run their own business think that “sales” is a dirty word and generally has negative connotations. But we, as business owners, know that sales (and marketing) is a key part of what we do and we need to learn to become good at it.
STRATEGY –> MARKETING –> SALES
These are the broad steps to win work.
- You need to be clear on your strategy… What is your business model? What is your value proposition? What position do you want to hold in the market? What makes you different? Etc.
- You need to be able to run effective marketing campaigns to generate leads, enquiries and opportunities.
- You need to have a good sales process and sales skills to convert those opportunities into new business.
2. Know how to deliver your products and services effectively, productively and profitably
So many times we meet businesses who are super busy but they are just not making the money that they should be. They have the first part, about winning the work, working well but then it all goes to waste because the work that they are winning isn’t profitable. There can be a number of reasons for this:
- They are managing the jobs well, but they have priced the work too low and therefore never stand a chance of making money. I always tell people that “the profit is in the price”, and understanding how to price your products and services goes back to the point above about getting your Strategy right.
- There is insufficient proper planning of the work and the team, which leads to wasted time and inefficiencies (and therefore money).
- They are just too many errors and re-work, either because of poor management, poor training or the wrong people with the wrong attitude and lack of care.
At the end of the day, this second part of every business is one of the most important. For it to work well you need a great team, with good systems and processes for them to follow, and all of it well-managed by you or your senior team.
3. Make sure that YOU are organised and that your back office is working well
Now, I understand that this tip sounds pretty boring, but it is so, so important. There is no point doing all of the hard work of winning the work and then getting it done if you drop the ball in this third area. This third area is really what pulls everything together and makes your business sustainable. It involves:
- YOU being on top of your week and your workload. If you’re not feeling organised and on top of things then the stress and frustration will build and this will flow down to the rest of your business and your team.
- Making sure that your admin processes work well so that you invoice properly and collect the cash. I’ve seen too many businesses struggle because of invoicing incorrectly or not collecting the cash that they are due, or even upsetting customers because they are so disorganised.
- Knowing your numbers, which includes looking at your financials and KPI’s (Key Performance Indicators) regularly and understanding which products and customers make (or lose) you money. From my experience, those business owners that know their numbers are the ones that have much more successful and profitable businesses.
There is obviously a lot more to running a successful business and getting all of these areas working well. If you would like to learn more then you are welcome to download our e-book “20 Reasons Why You Don’t Make Enough Money In Your Business”, or contact us for an obligation-free and confidential discussion about your business.