Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
Stepping back to work on your business, not in your business, takes dedicated time and effort. There are several factors that contribute to the profit and growth of your business that you should keep in mind when working on your business.
• Vision – know where you want to be in the future. Most people’s vision is to do better than last year, in today’s global economy that approach will not work. The vision is likely to include divestments, acquisitions, new products and services, and hopefully career opportunities for all.
• Innovation – This doesn’t always mean innovation in the technology sense. It is the application of creative thinking and solutions to your business problems. How can you apply innovation to make you a better leader, create more sales, recruit better people, and make more profit?
• People and team dynamics – the key resource for making it all happen. A general rule is that a third of your people are fantastic, another third, you wonder how they got there and the remaining third are somewhere in-between. People are one of the biggest costs of most organizations, but one we tend to do little to improve.
• Strategy – making sure you are competitive and successful. Do you understand your competitive advantage? Is it sustainable? Do you use it to make decisions? Do you have an up-to-date business plan? Are you planning to make some significant improvements to your business this year?
Understanding these factors and regularly checking in with your management team will assist you in keeping your business on track and growing.