An article by Lisa Pentland.

It's that time of year again, when our focus shifts to our annual financials and questions like:

"How has the year shaped up?" foster in our minds.

 

Depending on the year you've had, you could either be feeling:

A. A bit of excitement building with the knowledge that it's been a great year and you've smashed your financial targets.

or

B. A few regrets could be coming to the fore, knowing that you failed to take some actions or make some tough decisions and these will have a negative impact on your profitability for the year.

Either way we all now have the opportunity to make some decisions - the greatest potential limiters to your business success are:

indecision                      -                 complacency                  -                  inaction

I dare say that if you have some of those feelings of regret lurking, it will be due to one of these factors.

 

For those of you feeling excited - congratulations!

 

Your decisions and actions have been prosperous, you've been diligent and determined, take a brief moment to celebrate and enjoy your achievements with your team, but beware - the new risk for you is complacency.

 

With a clean slate ahead, for all of us, what is your strategy for 2017?

 

Let me throw a few ideas out there for you. Depending on your business strategy 1 of these 6 capabilities might be of interest.

For further GROWTH, some possible options to consider:

• Improve your data and communications model
• Employ more specialist business development staff
• Invest in skills training to improve conversion volume
• Purchase another rent roll
• Enter into a partnership
• Take on another premises

To sure up the foundations you may choose to reinvest in the MECHANICS of your business for improved outcomes in areas such as:

• Customer satisfaction (NPS scores)
• Efficiencies - technology
• Efficiencies - improving team members technical and specialist industry knowledge and skills

To attract and retain a high performing TEAM, providing great career paths and options, you might implement:

• Staff wellbeing and whole team initiatives
• Update the working environment
• A review of your organisational structure
• Refreshed management and leadership strategies

To elevate your reputation, community standing, online presence or transaction value you might update or overhaul the QUALITY of your marketing collateral:

• Review your purpose, vision and values - align your messaging and materials
• Employ a specialist to assist you to design a quality marketing strategy and materials
• Refresh your branding, shopfront, uniforms, car wraps
• Update your client communications to better reflect your business identity
• Align with a local community event or charity

To provide you with greater peace of mind and decrease your exposure to RISK you should:

• Review and test your policies and procedures manual
• Contract a 3rd party auditor to review your business practices
• Survey your existing and exiting clients to identify failings and opportunities

To provide greater FINANCIAL comfort and rewards:

• Work with an industry specialist business coach to help you develop your business plan and goals
• Employ a business manager or coach to help you implement and monitor your focus and progress
• Know what's achievable and what you want, surround yourself in the best people for each role
• Be open and agile in the execution of your plan, but don't compromise on your expectations
• Manage your time and ensure you allow sufficient time to invest in yourself and your people
• Schedule your work in the business & work on the business time proportionately to your goals
• Know your numbers and your goals, set your waypoints, review and track them diligently

Now is the time to decide how you want to feel this time next year and how you want your business to look, I wish you all the very best!

The concepts above are outlined in greater detail in the book "Connecting the Dots" for which I was a collaborator. The book can be downloaded from Amazon Connecting the Dots or you can contact me lisa@bwt.com.au for more information.