When you are running a business, most of the time you are focused on three things: getting more customers; increasing sales; and earning more profit. So when, for example, sales are not really happening, I find at The London Coaching Group that most business owners start "reacting" and implementing activity to get more customers. "Let's run an email campaign", or maybe "Let's do some SEO" or "Let's get on the phone and call some customers."
A lot of random approaches start creeping in to their marketing activity – and it starts to get messy. What needs to be understood here is that these three things are important, but at the time of setting goals – when you are clarifying and planning the destination for your business.
From a day-to-day and marketing point of view, however, these are not what you should be focusing on. The really important considerations are the items that lead to these outcomes. "Of course" most people say, but I assure you, most businesses do not focus on the right variables on a weekly basis.
The main thing you need to get into the habit of is measuring and managing the Five Levers that lead to these outcomes:
You can download a one-page PDF of these Five Levers of growth here, with an explanation of each one. You should print this out and stick it up on your wall to constantly remind you of where your focus should be.
But the real key to managing these figures is to ensure you have a weekly business dashboard where you are gathering and monitoring these important stats. There are two main reasons that I believe almost every business owner should have a weekly business dashboard:
If you do not have a weekly business dashboard, then the truth is that you are not staying on top of what is happening in your business. This may be ok, because your business is operating fine right now, but as soon as something is not operating properly, instead of catching it at the start, it could become a major problem before you even know it is happening.
Here are a few of the must-have elements on your weekly business dashboard:
You will notice that this list does not include things such as conversion rates, which lend a deeper, richer analysis. That is because the weekly dashboard is not intended for that, you should be using those in your monthly dashboard. On a weekly basis, you want to review these eight pieces to get a quick overview of what is happening, and ensure you are on track.
Ideally, you should be measuring these against targets, which you should determine at the beginning of the year, or the quarter, as a part of your strategic planning. Creating a weekly dashboard is one of the first exercises I do with new business coaching clients. Not once have I had a business come back to me and tell me that keeping that dashboard maintained was a waste of time.
On the contrary, I have had multiple clients that have come back to me years later to let me know that they still use their weekly dashboard, as it really is the perfect way to keep on top of their business.
With the coming of age of a few businesses dashboard specialist companies, which allow data in businesses to be measured and reported event on a real-time basis, there is really no excuse today to not have a dashboard in your business.
With the giant cogs of the British economy finally whirring back into life, many businesses may experience significant growth in 2014. However, for companies to achieve successful and sustainable growth, they must expand with maturity. Here are my top five tips on how to go about it.
When a company grows organically, you create certain processes and people can get stuck in their ways. You may also find that when people take responsibility for things naturally, or by necessity, this can lead to them becoming possessive over one particular part of the company.
It’s an age-old cliché but there is ‘no I in team’, and employees putting themselves in charge of certain things and then being unwilling to relinquish them could be very unhealthy for the company. Therefore, as you grow and start to hand over responsibilities correctly, it’s important that you…
As processes grow, they often become more complex or require more detailed monitoring and management. For instance, in the case of officebroker.com these areas include the likes of pay-per-click advertising and database administration.
When we were smaller, these responsibilities were handled in an ‘all-hands-to-the-pumps’ type approach. However, to maintain their integrity and maximise their potential to influence service levels and revenue generation, boxing off these responsibilities into defined roles can be hugely beneficial. However, to specialise you need…
Specialising means handing over ownership and sometimes relinquishing the day-to-day knowledge that you gain from this interaction. This means you have to put trust in the person taking ownership. Sometimes this can be difficult, as you are very familiar and efficient in how you complete a task – but given the right support your successor will flourish and in many cases a fresh perspective can help to improve it. Nevertheless, for trust to be built you need to develop effective…
Growing companies are often built around a nucleus – be they the owners, investors or trusted employees. Stay mindful that those who were there on day one will often have a sense of ownership toward the company, built around their involvement and the part they have played in helping it grow.
As the company grows and new team members arrive, it’s important to understand that their connection and attitude may be different. To keep them engaged, communicate clearly and find the “currency” that works for them (eg financial rewards, success, acknowledgment). And finally…
Change brings challenges, but similarly, challenges bring change and it’s all too easy to resist them, have knee-jerk responses or fall back into old habits when they present themselves. You need to keep thinking forward and give the changes and people delivering them every chance of success. That said, never lose sight of the past nor ignore what it has taught you.
Blog supplied by for Liz Yorke, Director of Global Operations at officebroker.com.