The key to mastery in any business is getting back to basics.
These 4 keys to mastering your business will help you have a great foundation as you focus on the other areas of your business.
- Destination – This first step is all about understanding where you’re going as a person or family and how the business will get you there. Most people spend more time planning a trip than they do planning their business. When do you want to sell? What is the sale price that you’d like to get for your business? Starting with the end in mind gives you a roadmap to get there.
- Time – How many of us say we don’t have enough time? We all have the same amount of time. The difference is how we use our time. If we as business owners are using our time to do things other than what brings in business, then we’re not spending our time on the right things. What do you spend your time doing?
- Financial- Do you shy away from your financials? Do you pretend that they’ll get better if you ignore them? Trust me, rip off the bandage and take a look. They will improve if you look at them. What is your breakeven? Do you have a cash flow forecast? What is your debt repayment plan? What are your profit and loss statement and balance sheet telling you?
- Delivery – Are you looking at how you deliver your product or service from your customer’s point of view or what is easiest for you? Do you deliver your product or service consistently or is the experience for the customer different every time? What do your customers complain about consistently? Look at their feedback as a gift! They could have kept it to themselves and then gone somewhere else.
When you look at these areas in your business, what are the areas of opportunity that you can work on right now?
Do one thing today that will give you a better business tomorrow!
By: Jackie Zach