We all started our own business to make an impact, to follow our own dreams and ideas. We all walk past, drive past and deal with so many small businesses everyday. When i do, maybe it’s the coach in me, but I notice a lot of things that perhaps others don’t. Here are 3 of my tell tale signs that a business is not operating at it’s best:
Any paying customer is a good customer right? Wrong. You, your company and your brand represent a particular degree of respect, authority and ability. If you’re just selling to whoever you can it tells me you don’t know your target market very well, you’re not marketing correctly and therefore wasting time and money. Who is your target market? Where are they?
The sale, the delivery of your product or service, the running of your business is all done by you. It is all in your head. There is no system or process review, nothing written down which leads to mistakes being made. Elements accidentally forgotten as you grow and get busier. Consistency is key. How can you make your customer service delivery consistant?
You base your price on what your competitors are pricing. You manage day by day, week by week and pay the bills you need to but there is no budget, no cashflow, no assurance of how much money is due in when and how much money is due out when. You are surprised when your accountant gives you your profit and loss statement each year. Did you know already know what that bottom line figure would be? Money is the language of business, learn to speak it and it will put you far ahead of any of your competitors.
(c) Copyright 2021 The Milestone Academy
Enter your email below and you will receive a link to a free sample of Profitable Finances!