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Investing in Your Business

It’s interesting that most new business owners invest large sums of money to build and open a new business. In sales we often get a license (if one is required), go through a minimal amount of training, buy some business cards, and say “Here I am!” It never ceases to amaze me that salespeople don’t approach their sales career with the same level of focus and commitment with which they went through high school, college, or vocational school.

Every business needs a plan. Every business needs financial reserves and a careful monitoring of the expenses and profits. Every business needs some sort of support staff in order to allow the proprietor to delegate low profit tasks.

To truly build a successful and viable business you will need systems and quality staff members. Once you have established your systems and processes you need to create a manual that documents and outlines each one of them. This ensures that you and your staff are all on the same page regarding policy and procedure, and this becomes an excellent tool when on-boarding a new staff member. The Procedure Manual should be used to train them and as a helpful reference tool for them to work from.

Often a great salesperson is not a great administrator- they are a “people person.” They often fly by the seat of their pants and aren’t adept at running their business like a real business. This leads to unnecessary stress and loss of clients due to mistakes or gaps in service.

To Begin Improving Your Efficiency, Ask Yourself These Questions:

1)              What systems need improvement immediately?

2)              What am I doing out of routine or habit that is no longer profitable or necessary?

3)              How can I better manage my emails and social media channels?

4)              What can I delegate that I’m holding onto?

5)              What training or direction does my staff need in order to be more efficient?

6)              Am I clear in my instructions?

7)              Do I meet with them often?

8)              How am I inspecting what I delegate?

9)              Am I inspiring to work with?

10)           Do I have the right people on board with me?

11)           Am I a good boss?

Now that you’ve answered these questions you will most likely have a list of areas that you can improve on. Remember, changes don’t usually happen unless you have an action plan to make them happen. So outline 3-5 action steps to improve upon any of your areas of weakness as a business owner. Set timelines and then get into action!

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