Resources
Helpful Resources for Business Owner Success
Where’s the magic?
Here are a few samples of the multitude of resources and tools clients leverage to achieve their goals…..
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EXAMPLE ONE
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Trusted Resources
Every business encounters needs that the owner and company employees cannot handle due to a lack of expertise or bandwidth. That’s when you turn to outside resources. But who? Sometimes you have a trusted relationship to provide what is needed, but not always.
Do you have quality, cost effective vetted resources that you trust? If you sometimes need help but don’t know where to turn, reach out to Richard and he will introduce you to a member of his vetted network of trusted advisors. Call/text if you need a referral.
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EXAMPLE TWO
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Owner Self-Assessments
All business owners benefit from stepping off the gerbil wheel of day to day operations (working IN the business) and taking some quiet time to assess their business status and make strategic action plans. Staff meetings, manager meetings, and company retreats offer a variety of inputs. But, HOW are you leading the people and the meetings?
Are you running a country club or are you a true team leader emphasizing both people and productivity? Consultations with an expert business coach can help. If you don’t have KPI’s, financial goals, and operational metrics, start now!
EXAMPLE THREE
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Employee Assessments
If you are clear on HOW you lead and you believe you are highly effective, then consider your team members. Do you have an assessment like Predictive Index to evaluate them and know how to motivate them? Hiring and motivating “superstars”, evaluating how to make “cheerleaders” more effective, and handling your “terrorists” and “dead wood” requires insights and thoughtful planning.
Managing people can be your most effective leadership activity working ON your business. Do you go beyond annual performance evaluations and have strategic people plans for each type employee? If not, why not?
EXAMPLE FOUR
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Financial Management
“Revenue is vanity, profit is sanity, but cash (flow) is king.” Since 49% of businesses fail in the first five years and the majority of all business failures are due to lack of cash/funding, financial management is critical. Financial forecasting and results/ratio tracking comes first. Are they getting better or worse?
Are you going beyond the “raw numbers” to understand your business better? Are you reviewing trends and making thoughtful adjustments to your forecast/budget? If not, what’s stopping you?
EXAMPLE FIVE
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Strategic Planning
All businesses need a strategic plan. It is the foundation of current/future actions. If none, the owner is “winging it.”
Your plan needs to explain why your are in business, why customers will buy from you, your current and future goals, etc. Shown is a high level example of how strategic planning might be approached to get you thinking.
Do you have a strategic plan? If you do, is it up to date with changes in your industry, your competitors, your pricing and product/service alternatives, etc? If not, request an outline from Richard to get you started!
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