It goes without saying that change has been a theme of late. In the last year, much of the change we’ve experienced has been out of our control. However, if we focus on what we can influence, such as our response to change, we can regain some control and plan to maximise outcomes. If you're a business owner, discover the 5 things that are within your control that will have the most significant effect upon your business.
Five things within your control
Here are 5 things within your control that will have the biggest impact on your business:
1. Working on your business, not just in it
It’s hard stepping back from your operational role. Many of us have been in ’crisis mode’ for an extended period - running on adrenaline and coffee… but it’s still essential to set aside time to focus on your plan and review it regularly. After all, working hard will only pay off if we’re working on the right things. Block out 2 hours each week to step out of your business and ensure your plan is executed. If this is something you struggle with, ask someone to hold you accountable.
2. Your product/service mix
It’s likely you’ve already made changes to your product or service offering. This may have happened under pressure and without a proper plan. Take time to thoroughly review your offering. Which products or services have the highest margins? Which products or services haven’t been performing well? Are there new products or services you could introduce which complement your current offering?
Do you need to review your pricing?
3. Marketing and communication
Have you updated your Marketing Plan to reflect changes to your business operations? Clearly communicating with customers and prospects is essential in these times as they need to know when you’re open, that you’re taking their health and safety seriously, and any changes to your offering. You also want to be front of mind as customers look to support businesses.
4. Human resources
It’s likely that your HR department took a hit over the last year. While government support helped save some jobs, for some businesses, they had no choice but to reduce the size of their team. Have you spent time reviewing your organisation structure to identify resourcing gaps and areas where you’re over-resourced? You must ensure your team is the right size for your business with the right people on board.
5. Your finance, profitability and cashflow
You may feel this part is out of your control, however, there are steps you can take to regain control of your finances. If you haven’t already, revise your personal budget and identify areas you could reduce your spending. Then update your business budget. Ideally, you’ll review and update this monthly. If you’re struggling with cashflow, here at Rowdens, we can help you identify improvements you can make to your processes to manage your cashflow.
As we slowly head out of lockdown, there’s a lot you can control and it’s crucial for morale and progress that you focus on these things to get your business in the best possible shape. Even if your business stayed open during lockdown or you’ve been back to business for a while, use these simple strategies for continuous improvement.
Success in 2021 will look very different from previous years. What does it look like for you and your business? If you need help developing a plan, improving your profitability and cashflow, or just want someone to bounce ideas off, get in touch.