It’s time to be the Girl or Boy Scout of your Business
Know your business inside and out. Leave nothing to chance! The more prepared you are the more able you will be to contend with the unexpected. Instead of it becoming an unmitigated disaster you will just call it a small blip or an exciting challenge.
The Winging it Phenomenon
If nothing, the Academy Awards and even St Patrick’s Day has taught us, that being prepared will ensure that little is left to chance. Being prepared means that in business and in life we are able to perform at our optimum level.
The phenomenon of winging it just won’t cut it, I don’t care how good your product or service is, if you don’t have a plan the wheels will eventually fall off. You might see the money coming in, but not know where you are bleeding money and slowly going bankrupt.
The Sales Pitch
You probably started your business for a number of reasons, but the crunch was that you had a product or service that solved a customer’s problem. So make sure you know your offering well, be very clear on your Features & Benefits.
Under promise and over deliver, but not to the detriment of your bank account. At the very least you must deliver what you promise.
Stick to your time lines. Always deliver early or on time, but never late. If you are having problems, communicate, communicate, communicate! It’s amazing how intolerant we will be when we don’t know what is going on!
Finally, follow up with your clients after their purchase. Check in with them to find out how you can improve and if you can be of further service.
The Financial Performance Indicators
The areas to keep an eye on to ensure your performance matches your preparation are lead generations, sales, receivables & cost.
These areas should be compared on a weekly, monthly and/or annual basis depending on your business. I would suggest the monthly report is the important comparison.
You can also use these indicators to predict your financials once you have a few months’ worth of records. You will be able to see what percentage of leads convert to sales. You will also be able to look at projected sales and costs and compare them to the actuals.
Remember, keeping track of client payments is an extremely important part of business planning. You are neither a charity nor a bank.
Be Prepared with my Business Fire Session
Together we’ll make your business Thrive!