To kick things off and get our business goals in place for the year, here’s a quick check in on some key business areas that can make a big difference to your business moving forward.
Goals:
We all know it’s important to set goals. Knowing what your specific goals are for any week, month, quarter, or for the year sets the course. It’s easy to set individual goals but when working as part of a team it’s crucial to share the big picture objectives to get the buy in and engagement, as ultimately this ensures accountability for everyone.
If working with a team, share and decide on your main objectives and then map the Key Results for achieving this. Ask yourself:
What are your objectives?
Do you need to bring in more revenue?
Do you need to build your client base?
Do you need to optimise your internal systems or launch a new product range?
Products & Services
When was the last time you reviewed your product or service offering?
Do you need to cull a product or service that is eating margin or cutting into staff time?
Do you need to look at adding services or complimentary products to add value to the client relationship or to raise transaction values?
The old adage applies that 80% of your business comes from 20% of your client base - what else are you offering to add value to the transaction?
Have you looked at the costs of adding a new product or service and the impact it might have on the business?
Michael says” Provide a value ladder. Giving clients a range of choices starting with something that feels achievable and then creating next steps which are easy to say yes to is key to adding value”.
Team culture & staff planning
2020 hit businesses across a range of spectrums, however none more than staffing and culture. With more people working remotely and everyone throughout the workforce having to adapt to the uncertainty, now more than ever it’s important to set a tone for your team that provides confidence for 2021 in your business.
Ask yourself:
Do staff levels need review?
Has the business grown and staff levels need adjusting or have roles changed within the business so staff remuneration or job descriptions need to change to reflect this?
Ensure you sort this to provide clear leadership and operational direction.
Do communications support staff engagement?
Could the team benefit from training and development? If so what type?
Brand positioning
Know your story, tell your story and ensure your messaging is clear. Your brand is more than just a logo.
When was the last time you reviewed the competition?
Do you know what you do differently or why your clients come to you?
It’s a good time to revisit your business story, check your brand is fresh and working for you.
Where does your business sit in the market?
What stories are your customers telling about your business?
What do you do differently to your competition?
Are your prices competitive?
What offers are you making?
How does your brand look and feel?
All these things combine to give you your brand positioning so ensure you have scrubbed up and ensured you are in the best position to drive forward.
The Numbers
How well do you understand the figures? It’s always busy being an owner/ operator so it’s easy to lose focus of the numbers. Ask yourself:
How did the the 2020 year end up for you?
Are margins too tight?
Expenses too high?
Do you have your finances under control or need to put more focus on your financial plan?
Contact us if you would like to sit down and chat about your business goals. We have a range of services including Business coaching and development which can make a big difference to both your leadership mindset and your business results.
Call us on 07 578 5416 or email us kristen@graceteam.co.nz