You’ve put in the work, you’ve spent endless hours at the grindstone, and after many sacrifices and missed “life events”, your business has found some traction and it’s starting to grow and yield results – well done! You’re staying the course and keeping your eye on the prize.
But as your business grows and expands you need to as well and what was your priority yesterday, is likely to be the priority of a subordinate now as you begin to shift your focus to executive-level decision making, you’re going to want to keep your eye on a few crucial elements of your business and if you’re just learning how to drive your business forward, there are some good tips for you too.
As you start heading into leading a bigger and growing enterprise, the one mistake that many new executives make, albeit inadvertently is to take their eye off the ball when it comes to monitoring daily revenue goals and the profit margin distribution. It’s incredibly important that even when you might have someone focusing on sales management, that you still keep a keen eye on those numbers, and if you can – do it daily. Ebbs and flows will help guide some of the more technical decisions you’re going to have to make in the day-to-day running of your business and they’ll also help you identify shifting market trends and capacities, in near real-time.
Although seemingly a responsibility of your sales department or revenue manager, this is not a bad area to keep your eye on if you’re serious about keeping a finger on the pulse of your company. Competition today means that businesses are spending huge amounts of money on programs and incentives to ensure client retention and if you’re not playing your part here, you’re losing out – big.
We all know that measuring staff productivity is important, it is impossible to plot your companies deliverables and ability to “deliver your deliverables” without knowing how your staff is doing and that metric has a financial component to it too. But (yep), you also won’t know how to steer your company if you don’t know how efficiently your operating productivity is fairing and you will need to consult with a business consultant to help you establish analytical systems to get a handle on that if you don’t know how to do it yourself.
In the world of no-brainers, this should be holding pole position but it is yet one of the most overlooked areas of any growing business and if you’ve started your business from the ground up, it should be second nature to you. Nevertheless, it gets an honorable mention here. Regular audits of your overhead costs from the bottom line all the way to your hidden expenses (parking, employee breakrooms, paper, etc) all have an impact on how many dollars and cents appear on that balance sheet at the end of the day.
IS IT TIME TO DO BUSINESS ABROAD?
This concept is not nearly as scary as you might think. It’s becoming increasingly commonplace and you don’t need to be a multinational to access lucrative markets abroad. Certainly, if you’re thinking about doing business in places with good ties to the United States like the United Kingdom, then you’ll want to know more about doing business there and you could start with learning how the environment operates there and how you would protect your businesses name there and what is passing off?
Well done on being a smart and savvy business owner, you’re about to start enjoying the challenges and rewards of growing your company, keep it real, and stay the course.