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“Opportunities don’t happen. You create them.” – Chris Grosser
Reflecting on your business’s vulnerabilities and defining where your business is at, warts and all, is a crucial step to Build A Better Business.
Knowing your starting point will clarify how you’ll reach your endgame.
Define exactly where you are now – warts and all
This crucial step is so often overlooked. But without knowing your starting point, you don’t know what your path to success looks like. It sounds obvious, but many business owners plan for the future without fully understanding where they are now.
Answer the following questions honestly to help define where you are now (warts and all):
1. How aligned are the owners / leaders of your business?
If asked independently, would the leaders have the same vision for the business?
Conflict must be addressed and thinking aligned before we can plan the future.
2. What activities are generating your current results?
It’s not just about the sales numbers, but the activities driving your results.
Consider the number of leads you’re generating, your proposal or quote conversion rate, average sales value, etc.
It’s essential to know these numbers now so you can improve them.
3. How engaged is the team to deliver your vision?
Businesses with a great culture and an engaged team significantly outperform those without.
Your team needs to understand how their roles contribute to the overall vision for the business. Without the team on board, you won’t achieve leverage.
4. How appropriate are your measurement and reporting systems?
If you can’t measure it, you can’t improve it. Review the systems you use to measure your results.
Do they provide accurate and useful information? The decisions you make are only as good as the information they’re based on.
5. What are your five biggest vulnerabilities right now?
What keeps you awake at night? Is there industry disruption? Is there new legislation that could impact operations? Are your systems robust? Do you have high team turnover, succession to plan for, cashflow strains, or a weak Balance Sheet?
Take the time to define where your business is at now.
Be honest and identify the weaknesses in your business so you can take steps to improve.
Skip this step at your peril!
Need help answering these questions? Get in touch!
Step 4 of Building A Better Business is available here.
Step 2 is available here.
Posted 1 month ago
It’s crazy how many businesses have no idea the projects they are working on qualify for R&D. Here’s some case studies where we’ve uncovered secret R&D….and a cash refund!