By Mark Pantak, Business Coach
In part one of this series, we will discuss some of the "Big Picture" ideas to consider in Building Your Business.
Having been a Business and Sales Coach for over 20 years now, I have consulted with many different industries, and have found common patterns repeated in every business. Here are five common areas and what to do about it.
1) Do You have a Clear Vision or Plan for Growth? We have all heard that it is important to set goals and have a business plan.
As high as 80% of the business owners I have consulted with over the years do not have a plan. When we are helping a business to grow there are several things I consistently ask. "Where do you see yourself, and your business in 5 years?" "What do you intend the annual sales and profits to be?" "How do you intend to get there?" "What changes will you need to make in yourself and your team, in order to accomplish this?" "What investments will you need to make in marketing, technology, systems, staff, and do you have a written business plan to implement this?" "What is your profit margin? Your cost of acquiring new customers? Where do your current customers come from? Your most cost effective method to attract "ideal customers"? There are many other good questions, this is just a start.
2) Do You Practice the 80/20 principle? Many of us have heard of it, few use it. 80% of your business comes from 20% of what you do. I have consistently assisted business owners, sales people, and their staff to have dramatic increases in productivity and profits as a result of implementing this in the business. When you take the time to identify "YOUR" 20%, and begin to focus your time and energy there, it is amazing how quickly everything can begin to change! You will soon begin to realize that 80% of what you do, could be done by someone else, and should be. It is costing you money to do clerical work, rather than thinking, planning, and selling. What is the value of your time when you are doing your most productive activity? It should be $100 or more! What could you pay someone to free up your time to focus on the most important and valuable things?
If you paid someone from $10 to $25 per hour, so you could have more $100 per hour time, how long before your income would double?
3) Do You Know Your Numbers?
For years I have asked business owners and their sales people, "Do you know your numbers?"
Often I am greeted by blank stares, "What do you mean?" How much money do you intend to make this year?
This is something that you can choose and plan for. You just have to know your numbers, and how to improve them daily!
I learned long ago to track and measure my numbers. How many contacts do I need to get an appointment? How many appointments to get a sale?
I became number one sales person at several companies, because I mastered this one simple idea.
4) Who is your "Ideal Customer" and why? Often when I ask the average business owner or sales person this question, I am told, "Well, Everyone is a prospect for what I have to offer!" Wrong! This is why you are broke! It has been said, "The Riches are in Niches" Not everyone wants or needs what you have to offer. Once you realize this, and can focus all of your efforts to spend your time in front of "Qualified Prospects" your sales and income will go through the roof!
5) We are all in the People Business.....What are You Doing to Improve Your Most Valuable Asset? Your People!
When I share my story of going from being a security guard to becoming the Vice President of a Securities firm, I am often asked, "How did you do it?" I invested in Myself! I realized that I had to grow and change, and get stronger, and develop my skills, in order to become more valuable! The number one thing I recommend is Toastmasters! It changed my life in more ways than one! We may know how to talk, and most people have no idea how to communicate effectively! The more you study people, and people skills, the more valuable you will become. The same is true with your people. Having a culture of growth, where people are constantly seeking to improve themselves, is one in which your people become more valuable, and more productive. As you and your people grow, so does your business.
