How to Monitor Your Business Success

monitor your business success

 

 

Approaching a prospective client in an open and honest way is not always enough. Don’t get me wrong, being honest is crucial, having integrity is key, being able to come up with and articulate current facts and figures is also critical. There are countless other things to think about; sales targets, advertising, marketing, reps; the list is endless. One of the first things to do today is to go through a listing of some of these areas and assess what is important to them personally.

You are aware of what one of the top selling agents or salespeople in your office is doing in terms of revenue, but what are the company objectives and goals that you need to clarify? They need to know what is going through your eyes to see how they fit into the picture. Is the company doing well; how are you measuring success? Are you meeting revenue targets and are they meeting them? Is it the most you can do for the company or is there a possibility for improvements?

There are some people who are not going to hate the association with the short-term mindset; for example, sales and marketing budgets are at risk when the business does not generate revenue. The bottom line is that you need to create a comprehensive business strategy and plan for your company. This portion of the problem is called “ROI”. Everyone is going to want to know what your results are, when you achieved them and what those results lead to projected return on investment (ROI).

You need to establish your short-term wins and how you are going to use sponsorship or incentives to make up for those losses down the road. You will then be able to give quarters and years of projections about the future of the company. Your competitors will be looking to learn from your successes or failures.

How many people have you put in place within your company to deal with these issues? Is it a team of five or it is a group of twenty or more. There are too many individuals in your company and the different leadership perspectives to ever assign everyone a typical day or even week. This is a time for leadership transparency and promoting trust in the process.

Many individuals want to take ownership of all of the responsibility in your company but don’t have the responsibility yourself. While it is valuable for you to be the one taking the final call on the business, companies still sometimes hire specialized advisors to develop the business strategy. These are usually individuals that have been the part of a company, had it in for them and can relate to what your company is going through.

I love the fact that some coaches provide their clients with a “gift” in the form of a company audit. I have seen this done over and over again with my clients and have not observed the different types of clients receiving this report. I am a fellow business owner and when I opened my business I had begun to see a number of new trends over my business colleagues. I am in business development; I know a lot more about business development than I did before I became a business owner.

These changes in the strategy, the tactics and the management teams along with changes in the work models have introduced more issues for me. They have also added more things to think about in my own organization in terms of business as a whole and a new perspective that will empower me to raise my own level of frustration and also help me borrow professional thereal and action points to grow the company.

This is what is important to me. I have a new choice, I am not looking to change and I am not going against the IRS requirements for a print shop. I am going to change my outlook and my processes if you are going to do something new. I am willing to do this for my team, for my leadership team and I am willing to give them the tools, I am willing to change, I understand that going through a forum of the right type is a process that I have to go through.

The situations that are Formula 1 ” Workshop” and not work oriented, where are these folks and opportunities for our business? Why is my rate of success lower and what am I going to do about it? Have I tried in a wrong direction that is now simply not working to move my organization forward?

By putting a little energy into learning these things that we didn’t know but need to know, I am creating an opportunity,”and this may be a good thing for me to do this”. We will learn from each others’ experiences and discover a new way to make things more effective.

 

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