
I was speaking yesterday to a prospective client about their desire to streamline growth and improve their valuation. We identified a few strategic changes that could quickly make an impact. As I left that meeting, it occurred to me that what we do at Business Leaders Growth Group is support the business owner to fix challenges. Sometimes these things can be slowly undermining success for months or even years and they are not addressed. As we start the last quarter in the calendar year, why not take a moment to take a look at your business and explore ways to strengthen or reduce friction? Here are a few suggestions.
1. Key Metrics
This quarter watch closely to see if you are on track or running behind. Choose 3-5 key metrics. These may include financial metrics, sales performance, and operations metrics. Pay attention to small changes in performance and stay ahead of and/or pre-empt challenges in your business.
2. Pricing
Check to see if pricing needs to be adjusted. If you use competitor’s pricing as the benchmark in setting prices, without doing deeper analysis of your own numbers, you may not have enough margin. Use competitor pricing as one indicator of what the market will bear, but know your own numbers.
3. Keep Money Flowing
Ensure invoices get out the door in a timely fashion and your team stays on the process for collections.. How quickly a business collects money is critical to cash flow. Keep money flowing by tightening up payment terms, ask for more money up front, and ensure getting invoices paid is a priority.
4. Improve Processes
Procedures and systems across your business facilitates growth. It ensures the team know how to move product and service clients. Make it a priority this fall to ensure clients are handled consistently and the team performs tasks consistently - and document those processes. Without process, inefficiency gets in the way.
5. Stick With Your Priorities
Are you at that “wearing too many hats” point? I get there from time to time and have to sit down and reset priorities.. Maybe this quarter, as we head into the end of the year, is a good time to identify and stick to your main responsibilities. The Business Leader’s job is strategic and visionary. Do that.
6. Get Help
In my work with young entrepreneurs, people often start a business because they have a skill or passion. That isn’t helpful if growth is the goal. Yet we all do various versions of choosing to do what we love too often without prioritizing our core CEO responsibilities. That can get in the way of growth. Don't be afraid to ask for help!