MASTERING 3 THINGS FOR BUSINESS SUCCESS
Managing and understanding the financials of your business is critical. The financials of your business are your scoreboard. Can you imagine playing a sport without understanding how the scores are calculated?
It would be extremely difficult if not impossible to consistently win the game. The same applies to the game of business. Once you understand your scoreboard, the next step is to develop strategies that alter your score (i.e. financial performance) so that you improve and maximise the financial performance of your business.
The challenge with business (as in sport) is that it is near impossible to critically assess your performance whilst you are fully engaged in the cut and thrust of the game. In sport there are “outsiders” or coaches to assess performance and work out how to gain improvement; and this is what we provide to business owners determined to gain improvement.
Have you ever heard a business owner complain that they are making too much money? The reality is that some businesses have high turnovers and low margins, whilst others have high margins and low turnover, the rest have the variations in between. Which variation matches your business?
Have you come to the point where you are either running out of time, or energy, or motivation or perhaps all three? Perhaps you then read a book on time management or undertook a course? It may have helped a little but maybe not enough? Have you heard the old cliché “you must work ON your business not just IN it”?
Can you remember what you were thinking when you first got involved in your business? Did you see it as your path to success? Were you the best person performing the technical (perhaps initially when you started this business or alternatively in somebody else’s business) duties? Was there a point where you got so busy that you needed to grow your team in order to continue effectively delivering your product or service? Is that the point where it stopped being fun? Is this when the reward stopped matching the effort required? At this point, some business owners retreat and go back to where they started whilst others push through.
Have you come to the point where you are either running out of time or energy or motivation or perhaps all three? Perhaps you then read a book on time management or did a course? It may have helped a little but maybe not enough? Have you heard the old cliché “you must work ON your business not just IN it”? Has anybody ever effectively shown you what that means? What should you be doing when you are working on your business?
You see the key thing is that every business (to enjoy success and continued growth) requires time spent working ON the business. Can you imagine the Chief Executive of say the Commonwealth Bank insisting on working on the tools (ie as a bank teller)? What would the Directors say to him or her? Could it be that we pay tellers $50K to do their job whilst we pay you many millions of dollars, now get back to working ON this business or we will be forced to replace you! Big businesses insist that they have teams of people working ON the business as they know this is the only way to achieve ongoing profit growth and hence the increase in share price that their shareholders insist on. Contrast this with small business who often spend little or no time working ON their business.
The challenge is that most business owners have never been formally trained in business management and therefore have never been taught the key skills and have become way too busy to go back to school or University to learn them. This is the point where astute business owners utilise the services of Excel BizGroup to be mentored and shown the “short cuts” so that they learn how to plan and gain control to ensure
Are you delighted with the performance of your team? Let us ask you the critical question:- If for some reason your entire team were sacked today, how many of them would you absolutely insist on re-employing tomorrow?
A major responsibility for you as the business owner is to firstly employ the right person for the job you have at hand and secondly, to ensure the skills and talents of that person are fully realised. Attracting key talent or “A” players is one of the major accountabilities of you; in your role as leader and business owner. There is a lot of strategy and skill in being able to attract and retain “A” players and this is where your mentor can help you grow. Secondly leadership and management skills must be developed to ensure you retain these critical team members. It seems that “A” players are important for attracting other “A” players, and “A” player’s delight in being fully engaged.
There is the well-known story about a gentleman who had worked for an organisation for over 40 years in a warehouse. He made a speech on his final day as he was retiring and said “for 40 years you paid me for my body…but you know what; you could have had my brain for nothing”. What are the hidden and untapped potential of your team? Do you have the right people for the job?
Have you ever been taught the key skills required to get outstanding performance from your team? At Excel BizGroup our offer is to mentor you; to teach you how to recruit, and then build and retain a dynamic, proactive, successful and well-functioning team. We help and support you in further developing the key skills of leadership, management and effective communication to ensure your team are working with you in creating and driving towards business success. That is, we guide you to realise the kind of business you always dreamed of. Imagine how much energy you will experience in your business once you create your ideal environment and how much easier it will be to attract more “A” players as your business grows.