Manage episode 172252163 series 173119
The start of the year can be quite overwhelming. This is the time when most business owners are scrambling to implement changes to expand their businesses this new year. Many of my clients, however, find themselves in an analysis paralysis, because they simply don’t know where and how to start improving their businesses.
Progress is a continuous process. It’s not something that can be achieved through one strategy or action. There are certain things that you will need to do consistently to ensure that your business is constantly improving. Otherwise, you will find yourself faced with the same challenges that you are struggling with now.
You start by looking within. Analyze your strengths and weaknesses to determine the things that you need to let go of and the things that you need to keep on doing for your business to move up to the next level.
Here are some tips to help set you off on the right start.
“We want to stop thinking about our time as free and start really focusing on the tasks that generate income.”
Today’s Topic Covers:
- How to pivot from one business strategy to another
- Be clear on your numbers. You need to start with your burn rate to understand what is needed to keep your business alive. Only then, can you understand what is needed to help it grow.
- What are the most valuable revenue producing tasks in your business? Determine most valuable revenue producing tasks in your business.
- As you are sourcing, you need to continuously optimize your sourcing processes. Focus on tasks that can consistently and reliably produce the results that you need.
- You should spend the time to really optimize your processes, because that’s the only way that you’re going to have access to more scalability.
- Don’t take things personally. Don’t allow your emotions to overwhelm you when faced with seller rejection.
How to Set Your Priorities:
- “If I stop doing these things, my revenue will drop.”
Focus on the things that are actually going to bring money into the business. Think of the tasks or activities that you cannot stop doing, because it will lead to a great loss in revenue. Focus on these things first.
- “If I stop doing these things, I will start leaking money.”
These are back office activities, which if you don’t do will lead to gradual loss of revenue.
- Strategic Planning
Focus on activities that will help you optimize your processes and make things more efficient. Like planning and long term strategy.
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