Business owners are able to give themselves a raise every single day. We sometimes forget this, especially right after we’ve paid our tax bill. It’s in our power to convert more prospects into sales and we need to stay focused on that instead of trying to play the blame game.
By creating time to think specifically on this aspect of your business you can begin to measure and eliminate waste in your business. Statistics says some organizations have up to 40% waste!
Imagine employees who are positive and more productive. Imagine everyone working toward your vision and having the same goals. Errors would be reduced, there would be fewer sick days taken and many other positive behaviors that go along with high engagement. Once engagement increases revenues will follow.
If you had to explain ‘Digital Marketing’, could you? It might surprise you to realize what all is under the umbrella of “Digital Marketing,” and social media is but a piece of that.
I read this morning from Google that 34% of all retail sales now occur online. AND, they also said that 82% of people who are physically standing inside of a store ready to make a purchase still look to their smart phone prior to making any purchase. So are you being found when prospects are ready to buy?
We must learn inbound lead generation for our business because smart phone technology and user behaviors have forever changed buying habits of our customers. It can seem daunting and overwhelming to learn yet another thing that we aren’t crazy about, but its necessary for our business.
Be sure to watch the marketing tip at the end of this video.
2017 is 25% over. If you had goals that you wanted to accomplish by year end, then now is the time to look at Q1 and see where you are. It’s so easy to be busy, busy, busy working in the business but the only way to accomplish real growth is to plan for it.
I challenge you to set aside 1 hour this week to FOCUS all of that time and effort into working ON your business. Turn off the phone, shut the door, leave the office – do whatever it is you have to do so you can devote an uninterrupted 60 minutes focused on your business plans. If you really can’t take an hour, at least take 30 minutes. Your business is worth the time investment. It will be there when you get back.
Business owners who do this are more successful. Business owners who bring their team in while this process is occurring are even more successful. You have to plan. You have to measure. THAT’s the secret to success….not executing orders for your customers.
What keeps you on target? You might want to find that out.
Dreams….we all have them. Dreams are fun but taking them to fruition requires action – starting with writing them down. Dreams can transform into goals when we do that, and from there we can break them into specific actions that are required to meet the goals. But what if we drop the ball? Who questions us? The accountability factor is a very powerful force when it comes to achievement of goals, or lack thereof. Finding a mentor and communicating what we need from them could truly change our business and our life. Why don’t we do that?? Take the time right now to formulate a plan to find that person who you can trust to keep you accountable.
Watch this week’s [2 min VIDEO]:
Bob Keplinger, Professional Mentor & Accountability Partner (aka Business Coach)
I hear from business owners all of the time that they want to make more money but I never hear one tell me that they want to be a better business owner. The irony is that’s exactly what it takes to have a more successful business – being a better owner!
It’s not easy, but it doesn’t have to be hard. This week I talk about the importance of measurement in your business.
Have a great week! ~Bob
We teach business owners how to be a better owners. Come see what it’s all about – March 22, 2017 is GrowthCLUB. A day long networking/education event to allow owners to focus ON their business. Leave with a 90 day strategy for growth with specific tasks.
March 22, 2017 8:30 am – 4:00 pm The Woodlands TX – Find out more here.
When I ask that question to business owners and leaders I often get that “look” that infers I just asked a really dumb question. It is proven fact that all businesses are either growing or dying. There is no in-between. I find that sometimes we measure what is easy to calculate. As business owners or leaders of our business we can start leading our people down a slippery slope without intending to if all we seem to focus on was yesterday’s revenue performance.
Our words matter, and the words that we use to direct our people and teams matter even more. I spent a lot of years working in large businesses that really focused on revenue growth. There was so much that was assumed that would naturally happen as long as revenue was growing. Therefore, every day the amount of revenue generated at each business unit was measured and in most cases discussed. When I say “discussed”, it was generally the KPI (key performance indicator) that was the determining factor of success or failure with current leadership. It is the assumption of this belief that can often times get our businesses into trouble.
All businesses are different and certainly the large corporations that I worked for had multiple metrics they were measuring daily or weekly. They also had a great deal of human infrastructure and resources that allowed for performance to be measured. Many of you reading this do not have those resources and tend to rely on a few metrics to measure progress in your business.
If you are growing your revenues, then you may be reaching the goal you have set. That does not mean that you are growing your profits. Our focus in business should be to grow our profits first. Why do all of that work and make the investments necessary to sustain growth if we make less per revenue dollar than we did a year ago?
Do you have a profitability target? What is your percentage of gross or net profit compared to your revenue growth? If you are growing at 15% revenue growth, shouldn’t your profits grow at the same pace? Think about it, at what point will your growth in revenues create an unacceptable profit return on your investment?
Take some time to make sure you are measuring and comparing profit percentages to your revenue growth. There are so many actions you can take to improve your bottom line results but if you are lost in the day to day, you won’t see it until it starts to sting a little bit.
What is your most profitable product that you sell and is it the largest category of revenue? If not, why? I am not telling any of you not to concentrate on growing the revenues in your business, but I would caution you all to make sure that your team isn’t perceiving that as your expectation. Make sure you are specific about your dialog with them on what revenue categories you choose to grow because you have a complete and thorough understanding of how that will grow the profitability of your company.
I love our coaching chassis because it does focus on growing profits faster than the business grows its revenues. We can grow revenues at 46% growth rate with the proper strategies applied and executed with a 61% improvement in profits. That is a winning combination for any business!
If you’d like to schedule a call or find out more about what we can do for your business, please contact me. Our next event is GrowthCLUB on 3/22/201 in The Woodlands TX. This is an incredible day long workshop where business owners plan out their success for the next quarter in their business.
There are 4 levels to learning and the most dangerous place to be is when you don’t know what you don’t know. At this level, you are not aware of what you need to know so you aren’t motivated to learn. The next level is you know what you don’t know. You’ve been exposed to something that has opened your eyes and you realize you are lacking….something. The third level of education is when you know what you know. What this means is you have learned a lot and you are beginning to practice it. What seemed difficult or impossible has become actionable. If you continue learning you will graduate to the next level of learning which is where you don’t even know what all you know. You’ve become so educated and practiced that you hardly think about what you do in your business to make it operate efficiently.
Watch our marketing tip here:
We’re now offering digital marketing training to business owners via MarketingCLUB. If you need to learn how to generate leads and not waste marketing money and time, this program is worth checking out.
This week’s Business Taps talks about slowing down in order to speed up in your business, which is exactly what we do in our quarterly GrowthCLUB workshop on 9/21/2016. Enjoy this two minute video to help you in your business. Click for more info
In this week’s Business Tap I’d like to talk a little bit about the Olympic games where it’s all about the competition. Athletes gather from all across the globe to compete in order to see who is the best in the world; of course, the common goal being to win gold.
There’s three important stages for every athlete who participates and it does apply to the business world. It starts with a dream. In athletic competition it’s pretty easy to identify the goal, which is to win. When you talk about the Olympics, the ultimate dream is to win the gold medal. For every athlete, that’s where it always begins–you have to decide on what is your dream or your goal.
Stage two is where one has to consider what you are willing to do in order to achieve that goal. Are you willing to make the necessary sacrifices? It will be an uphill battle. It will take stamina and training to succeed. When competing on that high level of competition one doesn’t decide to compete one day and win gold the next. It’s an endurance race which requires preparation and training.
Finally, have you ever heard of any professional athlete competing without a coach? In order to compete, these athletes realize they need a coach. They need that person that’s going to pull the best talent out of them and create an even playing field to allow them to compete at that high level. When you watch the Olympics you see the athlete, but inevitably you see the athlete going to their coach and embracing or talking to their coach. They understand that they can’t just do it on their own.
Here’s a question for all of you this week? Do you have a specific goal in your business? Where are you going? What’s your gold medal? And, are you willing to sacrifice to achieve that goal? Too often we start off with that goal or dream in mind and then life happens, or business and daily transactions happen and we lose sight of the goal, and therefore we lose our motivation to get there. Building a business is an uphill battle and it’s not easy and it’s not going to happen overnight, but if you know where you’re going then you can make the sacrifices needed to get there
Finally, do you have a coach? Do you have someone that’s going to bring the best talents out of not only you, but of the team members in your organization and make you a world class business so that you’ll be the gold medal standard of your industry. Do you have these things? If not, spend some time thinking about it…restructure, reorganize, refocus and win gold in your business and in your industry.
If you need help with this, get a coach. Remember, if your business needs traction then get into action.