Thursday, 24 January 2013

10 Steps to a refreshed business

2013 has well and truly begun, so it's time to make (and keep) those new year's resolutions, both personally and for your business. By breaking your resolutions down into 10 steps, you can create a clear pathway to success.

  1.  List your business goals for 2013. Remember they should be SMART goals - specific, measurable, achievable, relevant and time bound. Examples include:
    •  increase sales by 5%
    • increase net profit by 3%
    • introduce a new product line
  2. Now list two ways to achieve each goal. You might think about retraining staff, streamlining processes or researching new product or service innovations.
  3. List 5 reasons why customers should use your business. This is your service standard! Think; open communication, industry expertise, competitive fees.
  4. What areas of your business are most profitable? Rank them!
  5. Ensure your marketing strategy supports everything you have noticed in points 1 to 4.
  6. Get your staff on board. Make sure they are committed to the goals too.
  7. Your profit and loss and cashflow statements are crucial. Make sure you understand them fully and monitor them weekly.
  8. Set up reward structures for you and your staff.
  9. Identify areas of waste in the business and work out ways to eliminate them. Think overproduction, inventory and defects.
  10. Sometimes you need an outside perspective, so ask a third party to review these goals.
Let's not procrastinate. Now is the time to put the plans in motion to achieve your goals for 2013. If you need a hand, we're here to help.

t:  07 3210 5500

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