Have you developed a plan that includes the below 12 Strategies for Becoming More Profitable and Less Stressed?
If you are not sure if your plan includes all 12 strategies; or if you have not developed a plan; or if you are just curious about the 12 strategies, continue to read.
1. Create and review your business success plan. Your business success plan is an evolving document. Review your business plan frequently and make adjustments so that you stay on target.
In order for your business to prosper, you must spend most of your time strategically growing your business and increasing sales as defined in your success plan.
2. Be a leader and not an employee. A true leader is one who empowers others; he/she understands the key operational processes of his/her company and he/she does not micromanage.
3. Focus on the big picture and not just the day-to-day dilemmas. Be careful not to become engaged in day-to-day dilemmas, your employees’ drama and the time-consuming meetings that end up being a waste of time.
When you find yourself immersed in a task that is taking a lot of time, ask yourself: “Is this activity helping to achieve my goal?” If not, drop it or delegate it.
A better question to ask: “Would a million dollar business owner being doing this task or would he/she delegate it?”
4. Review your business success plan frequently to make sure that the business is going in the direction of your plan. I recommend that you meet with your success team each quarter. Schedule these dates on your calendar for the entire year.
Take 45 minutes and review your sales, marketing, publicity and profit goals. If you check in regularly, you’ll be able to make adjustments and stay on track, or possibly exceed your business goals.
Don’t wait an entire year and then wonder why you are not more profitable and why you have so much stress.
5. Document each key process and create systems. This is a critical step that all businesses must embrace. When you have documented the processes – then create the systems.
Be sure to review the processes and systems at least once a year. Add this task to your calendar now and set it up as an annual auto-repeat.
6. Insure your business and the key people who make you successful. There is absolutely no reason why your business and key employees should go uninsured.
If you don’t have business insurance, get some today. If you do have business insurance, make an appointment with your agent to review your policy. Chances are, your business has changed and may be worth more than you think.
7. Leverage your business by delegating. If you find that you’re the one person who is doing all the work, chances are you are working very long hours for very little pay. Use the key processes and systems that you created in Strategy 5 to identify, delegate and automate your day-to-day tasks.
8. Build your business on intention – not reaction. Don’t spend your time reacting, be intentional with every minute of your time. Before you leave your office each day, identify the tasks that you want to achieve the next day. Each task should be on one of the three lists.
Review the tasks and make sure that they are important and will lead to business growth. If you don’t have any of these lists, you may find yourself answering the phone, checking emails and winding up spending your entire day reacting and responding instead of leading and prospering.
9. Create a systemized client attraction plan that will attract new customers and increase sales. I see a lot of businesses that do a little advertising, only send an occasional newsletter, or respond on social media every so often. Stop doing that and become a focused, intentional marketer.
Identify five ways that you’re going to market your business and target your ideal clients based on your budget. Review this plan each quarter and if something is not working, drop it and replace it.
In the meantime, if someone tries to sell you an ad, you can reply with this: “That sounds interesting, but it’s not in my marketing plan for this quarter. Let me review your information and I’ll let you know if we make any changes.”
10. Guard your time and stop being so accessible. Open-door policies, while they are warm, fuzzy and friendly – are also time wasters. If your door is open to everyone then everyone will come through it. If you answer your phone each time it rings, people will call you for problems that they can solve themselves.
You’ll find yourself very stressed with nothing completed and less profitable. Shut your door and complete your tasks without interruption. If everyone in your company does this, you’ll find that you’ll have time to celebrate your latest achievements of more profits and less stress.
11. Schedule time for learning. When you stop learning, you’ll stop growing. Read every day. If you are one of those people who fall asleep reading every night, then try reading first thing in the morning.
Identify those professional groups or organizations that offer learning that will help you to lead, grow and prosper.
If you don’t block time for learning, you know that the busyness of every day will absorb your time and you’ll miss out on those opportunities to learn to be more profitable.
12. Work with a coach, mentor or mastermind group. I don’t know of any person who has achieved their success alone. Hire a coach, engage with a mentor or join a mastermind group.
Collaboration allows you to see different perspectives, gain fresh insight and you will become more profitable with less stress.© Copyright 2013 Laureen Wishom