As business owners, it’s critical to set apart time on a regular basis to assess our situations. When
we do this honestly and with great clarity, most of us will be able to admit that we can all make incremental (if not larger changes) to our businesses to help constantly improve upon our current standings in a particular industry or product. We have put together these tips to help business owners hone in on what you can do to take your business up a notch. You don’t need any special skills, although you may want to consider learning some.
How are you managing your time?
Time management is an area which, for some businesses, can yield a huge opportunity. Many businesses lose tons of time through manual tasks that can be automated, through ineffective procedures, through indecisive management, and lost office product. Consider:
- How much better would your business do, for example, if you had someone do your accounting or if you had better software to handle expenses?
- How effective are your managers?
- How much product (whether it be your own or those you buy for office use) are you wasting on a regular basis?
- How quick are you to act on purchase orders or following up on outstanding bills?
All of these things when we tally them together in terms of time alone are impactful, because you lose time, not only money. Reading books and taking time management courses can help your business get to the next level. Simply put, taking time every morning, to create lists as to what needs to be done during your day, during the week and during the month, can help any business enormously.
Being accountable for what happens is also very important. A business owner must possess the clarity to understand where his business is every day to be more successful. Without this, you are just going through the motions, akin to a hamster on a wheel without any real meaningful focus.
How effectively are you running your business?
We touched on effectiveness in the last tip, but let’s face it, many of these areas are tied intrinsically together.
Effectiveness is really accessed by digging into the details of your business.
- How are you holding your managers (or yourself) accountable for how to the business is being run?
- Do you have targets goals set?
- How are you meeting those targets?
- What are you doing if you are not meeting those targets? In terms of particular tasks within your business, are there known issues, and
- How are you effectively dealing with them?
Many businesses have issues with either quality, reputation or their service level agreements with other parties. How does your business compare?
Are you managing your weak points to the best of your ability, and if not, what are you going to do to deal with them? Enlisting the help of small business experts like AVB, can help.
Take time out and list all of the things you are concerned about and that you would like to improve upon. Include items that others have mentioned which may be issues as well. Then call AVB on 1300 123 181 and let us help you to address those particular items.
Taking your business up a notch need not be carried out as a monumental change, but rather incrementally with the right continued focus. The critical thing is ongoing progress that is achieved utilizing the right frame of mind.
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