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How To Create Business Systems

Posted on by Joan Nowak

Systems and procedures don’t get business owners excited – at first. But attitudes change when they actually put them to work and see the results. Do you want a team that is productive and delivers consistent quality and service? Or a business that is efficient and profitable, with a lot less effort? If so, it’s time to make systems and procedures a priority.

Are You Ignoring Business Systems?

Systems are nothing more than ‘routines’ that are applied to business tasks. Parents rely on morning and bedtime routines to create a structure that reduces stress and meet deadlines like getting to work on time. Business systems do the same thing. So why do so many small business owners ignore them?

Many assume that only big businesses or franchises need them. They’ll say things like, ‘We’re small, we talk to each other, and we all know what needs to be done’. And maybe this is true when you first get started and it’s just you or maybe your spouse.

But what happens when you grow and suddenly you are serving more customers, or bringing in new staff? What happens when people leave and take the knowledge they gained with them? What happens when you want to outsource or delegate work you currently do? What happens when you, as the owner, want to go away for two weeks with your family?

If you want a profitable business that works for you, whether you are there or not, then make business systems a priority.

Ready to Get Started?

As you get started, here is the best advice I can give you based on my work with clients. Think one procedure at a time. You will eventually end up with a how-to manual, but the thought of doing a manual is simply too overwhelming. Instead set a goal to document, communicate and implement one system or procedure every week (or another timeframe that works for you).

This approach keeps you focused on small steps, allows you to implement changes as you go, and will get you results faster! As clients often learn, each time you develop and implement a procedure, you experience improvements — in efficiency, productivity and profit.

8-Step Approach To Create Systems

Identify Events. Most processes are triggered by events that occur in your business. Some examples include you get a lead or new customer, you receive a bill, you need to hire a new employee, you get a customer complaint, you need to schedule a service appointment, order supplies or prepare a quote. Start by making a list of the different events in your business.

Prioritize the List. When it comes to documenting your procedures, start with the ones that are most important to you. Choose those that make you money, free up your time, are currently causing poor customer service or duplication of effort among your team. In other words, focus on the things that need fixing or cost you money.

Write Down How It Gets Done. Once you select the process you wish to document, pull together any supporting documents or information. This includes paper, digital (on your computer) or software programs. Then write down step-by-step what you actually do. Keep it simple and reference the supporting documents or programs as appropriate. The best people to document a procedure are those who actually use or implement them.

Refine Your Process. The goal with procedures is to create repeatability, regardless of who performs the task. Initial attempts often contain missing or unclear steps, so others cannot easily replicate the task. I recommend you give the written process to someone unfamiliar with the task – and ask him/her to attempt to perform it based only on what you wrote down. You will then find the gaps and can fix them. Now you have a procedure that others can easily follow.

Determine How You Will Measure Success. How will you know if your procedure is delivering the results you want? You won’t unless you measure it. For example, sales conversion rates are often used to evaluate a sales process. If you want to improve your business, don’t ignore this piece – because what we measure we can improve.

Put in Procedure Template. Once you have it finished, type it up. Give it a title (and maybe a code) and save it in a computer folder. Remember to include any supporting documents too! For the template I use with my clients, click here.

Communicate & Implement. Once you complete a procedure, you want to get it working for you. Print and review the procedure with those who will be using it. Remember to discuss how you will measure success. Also, encourage them to provide feedback and look for new and better ways to get things done.

Monitor & Modify. Technology and other factors, including innovation, will create opportunities for improvement – if you look for them. So use the feedback, metrics and other information to look for ways to improve. Then be willing to modify your procedures when you uncover improvement opportunities!

Systematizing takes time. But every procedure you document and implement will start to add efficiency, productivity, and profit into your business. And as you start to see the benefits and results, you too will love systems!

Leverage Your Business With Systems

If you are serious about leveraging your business with systems and would benefit from some practical, how-to instructions, check out my Ultimate Guide for Systems and Procedures. Designed specifically for small business owners, my step-by-step guide with templates and examples makes it easy to do it yourself.

Ready to Put Your Business on the Path to Success?

Would working with a business coach help you take your business to a whole new level? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

3 Habits to Help You Take Control of Your Time

Posted on by Joan Nowak

Too much to do and not enough time. It’s a common complaint among business owners, but it’s something you can manage when you take control of your time. With a little discipline and a desire to change, you can improve time management skills — and get more done each day.

There’s no quick fix or silver bullet to improve your skills overnight. But little changes done consistently will put you on the right path. It’s a skill worth perfecting because it delivers some great rewards. More productivity. More time to relax. Less stress from missed deadlines. And when you own a business, more money!

If you want to take control of your time and get more done, then let’s create some good habits. By definition, a habit is a behavior or action regularly followed until it becomes almost automatic.

Here are a few that can make a difference when it comes to managing your time.

Set Goals to Stay Focused

No surprise here. Setting goals and reviewing them daily is one of the best habits you can develop for your business and personal success. Clear goals keep you focused on what’s important. They help you prioritize how you spend your time.

Without goals, everything appears important. How will you decide what to work on now, what to work on later or most important, what you should not work on at all?

The key to building goal setting habits is to keep it simple. Write down five or six goals for the next 12 months. Remember to apply the SMART principle – specific, measurable, actionable, realistic (to you) and time-specific.

Next, for each goal you establish, identify 3-4 tasks you need to DO to achieve it. Refrain from listing too many tasks or tactics. It makes it easier to focus, take action and stay on track. Goals without action are simply wishes or dreams.

Finally, review your goals daily and use them as you prioritize your days, weeks and months. Invest more time on the activities that move you toward your goals. Learn to ask yourself – Is doing this moving me toward my goals?

Need help? Check out my Ultimate Goals & Action Planning Guide.

Planning With To Do List.

Routine tasks, those you do daily, likely get done without a reminder. You rarely think about them. They are almost automatic. Meetings you schedule are also likely to happen because they are on your calendar – hopefully.

But what about commitments you make to others? Or unplanned customer or team issues? Or new ideas and strategies for growth that float into your head? Or tasks you identified to support your goals? Or tasks that are important but only need your attention periodically?

As a business owner, you are likely inundated with these things on a daily basis. While most do not require immediate action, they do need action at some point. So you need to capture them easily in one place or they will be forgotten (we are human).

Fortunately, smartphones are a great tool for creating your to-do list. It’s with you most of the time and there are applications to make it easy. While I use Google Task Organizer, Evernote and Wunderlist are also popular apps. Check them out and find one that works for you!

While making a to-do list is important, scheduling time on your calendar to actually work on the tasks is critical. On a weekly basis, review the list and identify the priorities for the coming week. Which tasks do you need to complete or work on? Then block time off on your calendar to work on them.

When it comes to blocking and scheduling your time, keep the following in mind:

– Treat the blocks like appointments – sacred and not to be arbitrarily canceled. If the tasks are important to you and your business, treat them that way.

– Be realistic. Most tasks take longer than we expect and some require smaller blocks over a few days. Don’t over-schedule. You’ll feel better and stay on track.

Plan for Fun.

Growing up, my dad was a planner. Vacations, family outings, ‘big’ dinners and parties were planned in advance. While we always laughed about it, one day he told me something I never forgot. When you work hard all week, you’ll be a lot more productive when you have things that you look forward to. Think of these as rewards.

He was right. Think about the last time you went on vacation. How much more did you get done the week before simply because you were going away? Whether it’s dinner with your family, a round of golf with friends, trips to the local gym to work out or anything else you enjoy, schedule them so you too have things to look forward to daily, weekly and monthly. It helps my productivity and it may just help yours!

Take Control of Your Time

People skilled in time management stand to gain more from everyday life. And you can conquer it if you take it one step at a time. Try building these habits into your routine. You will feel more in control and your productivity will soar!

More Business Building Ideas

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5 Ways to Avoid Peaks and Valleys For Better Sales Results

Posted on by Joan Nowak

Do your sales results look like a roller coaster? High spikes followed by steep declines? Here are five ways to avoid peaks and valleys for better sales results.

Set Goals — Without clearly defined goals, you will achieve very little. Since your sales success directly impacts your personal income, this is always a good place to start. Ask yourself how much you want to earn – then how much you need to sell to achieve this income.

Don’t stop with sales or revenue goals. Since results come from taking action, set some activity goals — how many calls, meetings, proposals, events do you need to achieve your sales objectives? Break them down into daily, weekly or monthly goals as appropriate – and focus!

Be a Prospector — While your website, advertising and other marketing efforts will send leads your way, you must be willing to generate some of your own – by prospecting. Put a system in place to regularly find new customers through referrals, networking, social media, past customers, etc. Build and maintain your database – your pipeline of current and future opportunities. Don’t wait for leads to come to you – go get them!

Qualify Before You Invest — Qualifying prospective customers is crucial to managing your time and getting more from your efforts. We have all had situations where we invested a lot of time and other resources trying to sell to someone who will never buy, for whatever reason.

Your success here starts with being clear on your ideal targets — those who need and value what you sell and have the ability or authority to buy now or in the future. Without clarity, every prospect looks like an opportunity. Be clear on what you want, screen out what you don’t and watch your sales improve. Do you have 4-5 good questions to help qualify customers? You should.

Use a Sales System — People buy from those they know and trust, so building relationships is an important part of sales. But relationship building in business and in life takes time. For most people, it won’t happen with a five-minute phone call or a brief conversation at an event.

A system is the best way to ensure a consistent approach to nurture leads and build relationships – from the initial point of contact to the eventual sale. Depending on the business, it may take a week or months, a few contacts or a lot of them. Use your past experience to select what works best for you, then be consistent. Stay connected and choose methods that appeal to your targets. I recommend a combination of methods, including phone, email, mail or social media. Linked In is a must for sales professionals – so make it part of your sales system.

Follow up — Follow up is a key to converting more prospects to customers AND getting customers to buy more. So why do so many salespeople fail to do this or give up after one or two attempts? When you consider that most sales are made after seven or more contacts, the gap is obvious. No need to hound prospects. Just follow-up until you get a decision – yes or no. Be relentless with your follow-up and your sales will improve.

Follow-up is not just for prospects. Incorporate a system for customers too! It is the first step to the next sale or referral. Whether you mail a thank you card note, call to determine satisfaction with a recent transaction, or provide them with a token gift, your follow-up after the sale can pay big dividends.

Sales don’t just happen, they require effort, persistence, and consistency. So try integrating or improving these five elements into your sales efforts and get off the sales roller coaster.

New Monthly Article & Business Tools

Empower People To Perform Like You

Posted on by Joan Nowak

Does your team handle your customers in the same way you would? Do they sell your products better or at least as well? Do they look for ways to make the business better? As the owner, your passion and commitment are often unmatched by others in the company. But it doesn’t mean they can’t perform as well or even better than you.

But it starts with the belief that they can! Too often, owners assume employees simply don’t care as much as they do. Possible, but maybe they just don’t know what you want or how to do it. So if you want your team to perform like you, be the leader and do these three things:

Set clear expectations. You have a vision of what you want your business to be and hopefully goals to help you get there. Don’t keep them to yourself. Share them with everyone in your company – especially the frontline employees and those who make things happen behind the scenes. Help them understand how each one of them plays a role in making the business a success.

Invest in training. Helping others develop new skills and knowledge is one of the best things you can do for your people and your business. It’s no surprise that great leaders are also great teachers. Take the time to share your expertise. Whether it’s technical skills, business knowledge or customer understanding, be a mentor to your staff. In areas of personal weakness, look to others inside or outside your company to fill the gap. When learning and development are priorities, everyone wins.

Empower your people with systems. Systems allow average people to do great work. They help people deliver consistent quality and service that customers expect. Documented systems make training and decision-making easier and more effective. And most important, they provide a method for others to look for and find ways to do things better. Think innovation!

7 Tips For Creating Systems

Keep them simple. A documented system, for any task in your business, should be easy for someone else to replicate. If it’s too complex, then keep working! When is it truly simple? When someone else unfamiliar with the task can complete it using only what you have documented in the system.

Write systems that make money or reduce risk. You are not in the business of creating manuals, so only create a system if it simplifies a task, improves quality, speeds up a service or improves profit. This will keep you focused. The trick is to start small and let it grow with time.

Make sure the systems are used. As you create systems, build a method to monitor to ensure the systems are used. Changing the culture of your company takes time and there will be failures. Even when the culture has changed, it needs maintenance. A monitoring system will do this for you.

Insure they are accessible to those who need them. Not every team member needs to use every system. Your master manual (online or in a binder) should contain all your systems, but individual team members should have copies of those that involve them. This makes it easy when someone is filling in or when training a new team member.

Get the team involved. Who better to help document the systems than the people who are currently doing the tasks. Of course, the team can also help you improve the current systems by identifying what’s not working and any redundancy that exists.

Define team roles and responsibilities. Unfortunately, it is normal for team members to disagree on what needs doing and how to best do it. Team members need to know their role and how it affects the overall results. Clear written and agreed upon roles (job descriptions) will go a long way to accomplish this. So start here.

Take it one step at a time. Documenting the systems in your business may seem overwhelming. Don’t try to do them all at once. Document one or two systems, implement them and monitor the results. Once you are satisfied, move on to the next one.

Get Serious About Systems

If you are serious about leveraging your business with systems but struggle with where to start and how to do it, then check out my Ultimate Systems and Procedures Guide. Designed specifically for small business owners, my step-by-step guide with templates and examples, makes it easy to do it yourself.

marketing elements to build relationships

What Marketing Elements Are Missing?

Posted on by Joan Nowak

The term marketing conjures up a variety of things. To many, it means advertising, publicity or maybe lead generation. But promotion is only one marketing mix element. Since the key objective of your company’s marketing efforts is to develop satisfying relationships with customers, it involves every aspect of your company, not just communication. So what ingredients are you missing?

The 7 P’s of Marketing

While product, place, promotion and price (the 4 P’s) are certainly key ingredients in your marketing mix, I would argue that there are three more: people, processes, and physical evidence. Focusing on a few and ignoring the others can cost you sales and profit, especially in service companies.

Since 80% of small or medium companies are SERVICE businesses, you likely need all seven ingredients working together to create a pipeline of quality prospects and build a base of loyal, profitable customers. Here’s how you can fill the gaps in your marketing.

Products

The products (or services) you offer must solve a need or pain for your target customers. That’s obvious. The right features, ease of use, packaging, and other benefits also matter. But what makes them different or unique? How can you and your ideal customers benefit from product diversification? These two areas are often overlooked but are a great way to maximize profit and revenue, reduce risk and better meet the needs of your target customers.

Place

In your marketing mix, place refers to distribution, providing a convenient way for customers to access your products or services. For some, this may be local retail or commercial space. It can also include online delivery through your website or another third party site like Amazon. Wholesalers and distributors, resellers, other retailers and strategic partners also provide a channel to reach more customers. And of course, franchising is yet another option. There are a lot of ways to get your products and services to customers. Look beyond the most obvious.

Promotion

This includes all the ways you communicate information about your products or services to prospects, customers, channel partners, and alliances. Promotion comprises elements such as advertising, public relations, sales promotion, digital marketing and your sales organization! The purpose is to (a) deliver the message or promise to others, (b) get them to take action and (c) build relationships that eventually turn into sales and repeat business!

Most businesses recognize the need and value of promotion. But it starts with a budget and marketing plan to support all the important relationships that impact sales, not just new prospects. The plan includes what you will do, when you will do it and what it will cost. Since you don’t have an unlimited budget, here are two suggestions to get the most from your marketing. First, choose the tactics that put you in front of your target, not necessarily what everyone else does. Second, focus on profitable and unique products and services, not all of them.

Price

When pricing your products or services, you certainly want to know and understand your costs, what competitors charge, standard industry mark-up and the value to the customer. But often overlooked is the relationship of price, value and product positioning (such as quality, convenience or low cost). Keep them aligned to avoid confusion. For more on this topic, check out my article, 6 Common Pricing Mistakes

People

The employees or sub-contractors who sell your products or execute your service impact the success of your marketing. Do they have the skills necessary to do their job well? Can they solve problems and perform quality work each and every time? They are a direct reflection on you and your business. So choose wisely, invest the time to train and develop them and keep them in the communication loop.

Physical Evidence

Your promotion activities communicate the promise, what customers can expect. Physical evidence is a way to demonstrate how you do this. It reinforces or supports your claims for service, quality, convenience and more. It reduces the perceived risk for customers. There are a variety of ways to do this. Online reviews, testimonials, guarantees, customer satisfaction scores, quality assurance programs, certifications and post-sale surveys are just a few common ones. Look to support your claims and your messages will be far more compelling.

Process

The systems and procedures that impact the execution of your sales and service delivery are often overlooked. But they impact both new and repeat business. From initial contact to delivery and billing, each step in the process is an opportunity to create a positive or negative buying experience. Don’t ignore this area and the effect it has on your marketing results.

The Bonus P

Profit. It’s your reward for excellence in marketing that comes from mixing the ingredients just right.

Remember, marketing is more than just a website, ads, mailers or social media posts. So start asking the right questions and take action to fill the gaps before you invest more money in promotion activities. By building a stronger foundation, you really will get more from your marketing budget.

Experience the Power of Business Coaching

Why do so many successful business owners choose to work with a business coach to build a better business? Because it works. They get results! Now you can experience the power of business coaching with a complimentary session. Click here to learn more.

How To Reach New Levels of Success

Posted on by Joan Nowak

As we approach year-end, now is the perfect time to reflect, re-focus and re-energize yourself and your business. It’s time to prepare so you can reach new levels of success this year.

Preparation starts with planning and it works best when you follow some simple steps.

5 Steps To A Better Year

Look Back. Take a few minutes to look at where you are today in your business and personally. What do you like and dislike? How do your sales, profit, and other key results compare to the prior year or the goals you set at this time last year? Are you ahead or behind? What about your personal goals? Did you make progress on your financial, family, health, social and other goals you set?

Acknowledge Accomplishments. A natural tendency at this point is to focus on what you didn’t get done or what you could have done better. It’s important to acknowledge what you did accomplish, big or small. Take the time to pat yourself on the back and thank the team of people who made it possible.

Learn & Adjust. No matter how much you plan or how well you execute, some things may not work out as you expected. We tend to view these as failures. But if you learn from mistakes and make changes to improve it next time, you haven’t really failed. You simply delayed success! Don’t dwell on it. Make adjustments in the coming year and move on.

Reset Goals. What do you want to be, do, have or accomplish in 2017? Think big, but be realistic — keep your goals to a manageable number. It’s difficult to stay focused if you have too many critical goals.

Identify Key Tasks. Results come from doing. Therefore, you need to identify the tasks or activities you need to do in order to achieve the goals you set. For example, a common goal for business owners includes revenue growth. So if you want to increase your sales by 15% next year, what do you need to do (or do differently) to get there?

Write down your goals and supporting tasks. Assign responsibilities (even if it’s you). Set deadlines. You now have the key elements of an action plan. With a roadmap to guide you, focus on implementation, the most important part! In doing so, you will accomplish and achieve more in 2017.

Need An Action Plan?

Want to set a better course but struggle with planning and setting goals? Then check out my Ultimate Goals and Action Planning Guide for small business owners. With my step by step instructions, plus easy to use templates and examples, you can create an effective and actionable plan for your small business in less than 8 hours! Click here to learn more and download your copy today.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Can Storytelling Propel Your Small Business?

Posted on by Joan Nowak

We all love a great story. And in business, this can be a powerful tool. Whether you want to inspire your team, share an idea with colleagues, teach others valuable lessons or motivate prospects to buy – a compelling story can move and persuade people to take action.

Why Storytelling is Effective

Simple and Timeless. You don’t need a degree in communication to tell a good story. Stories are handed down from generation to generation. You likely have a few you’ve shared with others too.
Memorable. When you blend a few facts into a good story, people tend to remember. And what we remember, we can easily share.
Appeal to All Learners. People absorb information differently. Are you familiar with VAK learning styles? Approximately 40% are visual learners, 40% are auditory and 20% are kinesthetic (learn by doing or experiencing). Through mental pictures, words, the tone of voice and emotion, a good story works for all learners.
Subtle and Informal. Most people are open to new ideas and suggestions, but rarely like to be told what to do. Stories provide a way to teach valuable lessons in a way that is informal and doesn’t appear arrogant.

What Makes a Story Compelling?

A compelling story is often about conflict and how you or others dealt with it. It combines facts with emotion by addressing the following:

What challenge or problem are you faced with?
What obstacles (3-4) are standing in your way?
How did you confront these obstacles?
What was the outcome or result?

Storytelling has become popular in marketing as a way to tell your ‘company’ story in a more compelling way. But it can be used effectively in other areas too. Create a story around your vision and share it with your team. Add emotion and storytelling to your next sales or business presentation to help you ink the deal or drive home key messages. Use stories about a customer experience to help your staff improve customer service. The list is endless.

So why do small businesses hesitate to use this approach in marketing? According to my favorite storyteller, Adrienne Richardson, fear of putting yourself out there and showing vulnerability tends to stop many of us.

Others simply believe they don’t have a good story to tell. Since most people have experienced challenges in life – growing up, starting a business, changing jobs, losing a loved one, we all have a story to tell. You simply need to be willing to share it.

Tips to Become a Better Storyteller

Start with the end in mind. What is the message you want to deliver – the one that will linger with your audience? Then work backward!
Be authentic. Stories are compelling when you are sincere.
Be concise. Most experts believe that storytelling in business should be 3-5 minutes. A story isn’t a 30-60 second commercial nor is it a bedtime novel.
Be creative. Good stories have ups and downs to build intensity. Give some thought to the words you choose. Visual and persuasive words can add imagery and encourage action.

Is there a story in your future? Give it a try. Create one, practice it and deliver it with passion. Don’t be afraid to get feedback and suggestions from others. In no time at all, you’ll turn your conversations or presentations into something truly memorable.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Follow-Up System: Easy Way To Boost Sales Results

Posted on by Joan Nowak

No surprise that a lot of sales are lost because the business did not follow-up or gave up too soon. A good follow-up system can often boost your sales conversion rate by 10% or more! But a one-size fits all approach isn’t the answer. You need to build your follow-up system to support your business.

When it comes to follow-up, there are plenty of excuses floating around. I don’t have time, I don’t want to appear pushy, the customer will call when they are ready, I knew they weren’t interested, I know they don’t have it in their budget so why bother!

It’s true that a customer must be ready, willing and able to buy in order to close a sale. But a good system will certainly nurture your leads and help you close more sales now and set up future sales opportunities.

Sales Follow-Up | What To Consider

What’s the Risk? Buying decisions take longer as the cost goes up or when the purchase has long-term impact or higher perceived risk. Buying a new home or car, doing a major renovation, investing in business equipment or replacing a heating system are big investments, not impulse buys! The decision can take many months depending on where your prospect is in the buying process.

How long is the sales or buying cycle for your products and services? You need to know this. Then build the follow-up system to match it. A six-month sales cycle often requires at least six months of ongoing communication.

Think Contacts. Follow-up is not a series of phone calls asking “have you decided yet”? Nor is it a series of reshuffled sales pitches. A good follow-up system is a combination of education and communication. It’s a way to share information, build trust and keep your name in front of the prospect – to move them closer to YES.

Remember, buying decisions often require seven or more contacts or touches. Giving up after a few tries will leave sales on the table. Berating prospects with a stream of sales pitches will simply annoy them. Find the frequency and communication that works for your business – then do it consistently for each prospect.

Mix Up Connections. While phone is certainly a great follow-up tool, it is not the only method available to you. I find a little variety goes a long way. Based on your customers preferences and type of business, why not use a combination of phone, email, direct mail, text and social media to follow up and stay connected.

Now here’s a real benefit for all the “I am too busy” people out there. Many of these methods can be systematized, automated, delegated or even outsourced. So supplement the personal phone calls with other communication. You’ll save time and convert more sales. Sounds like a win-win to me.

Consistency Matters. Leads come from a variety of sources such as networking, referrals, website, search engines, direct mail and social media. While it’s helpful to know the source, don’t take shortcuts based on that information or other assumptions. Apply your process consistently to all prospects – because you just never know.

6 Steps To Create A Winning Action Plan

Posted on by Joan Nowak

In sports, getting off to a fast start is often the difference between a winning and losing season. According to Joe Gibbs, “A winning effort begins with preparation.” The same is true in business. It begins with an action plan.

Creating a winning plan is not difficult. Sure it will take some time now, but saves a lot of time later. Most important, it delivers big dividends – more sales, profit, and control. So what are you waiting for?

6 Steps to a Winning Plan

Research.

It helps to know where you are today before you map out where you want to go next year. Research is simply gathering information about your business, competition, industry, and customers. So here are a few ways you can get up to speed:

Financial Trends. Review your current financial statements – and the previous two years. Look at trends in revenue, margins, profit, and expenses. How about the number of customers, retention rates, debt, and receivables. It can help you uncover the improvement opportunities – so you can focus your efforts in the right areas.

Competitive Analysis. How do you compare with your major competition? Look beyond price and consider some of these competitive factors.

SWOT. An honest assessment of strengths, weaknesses, opportunities and threats goes a long way. When doing your analysis, don’t be afraid to ask others – customers, vendors, employees – for feedback.

Industry Trends. Is your industry growing or declining – and why? What changes are you seeing? Are you capitalizing on the changes?

Customer Feedback. They can tell you what you do well and what you can do better – all you need to do is ask and listen.

Mission Statement.

It may feel like fluff, but a clear purpose-driven mission statement for your business helps you keep your goals, objectives and values in mind – as you build your plan. A mission statement summarizes the purpose of your business, what steps you are taking to achieve it and the motivation (values) behind it. It should inspire you and keep you committed.

Goals and Objectives.

Start with the big picture in mind and look at all areas of your business – not just sales. Goals are simply your destination on a map and objectives are your route you take to get there. Here are two examples to demonstrate this point:

Goal: Increase revenue by 25%

Objectives (to support this goal) might include some or all of the following: Grow customer base by 10%, Increase average transaction from $203 to $225, Launch new product by March 31st, Hire one additional salesperson by April 1st.

Goal: Improve profit by 18%

Objectives (to support this goal) might include some or all of the following: Reduce delivery errors and re-work by 10%, Invest in [technology] to improve scheduling, Eliminate products with margins under 15%, Revise and implement new credit policy by May 31st, Reduce outstanding receivables by 10%

As you can see, there are a variety of ways to get you to your destination. Choose the ones that work best for YOUR business. Your research can help along with my 155+ Profit Building Ideas.

Promotional Tactics.

Using the information above, now it is time to identify the marketing and sales tactics (or tasks) you need to do to accomplish your goals. This should include methods to generate new leads, retain and grow existing customers and improve sales conversion rates. You have a lot of options here, but it’s a quality versus quantity game. Decide what you want and then execute with consistency. Remember to include timelines for completion and responsibility if the task is delegated or outsourced.

Operational Tactics.

Your business is a combination of people and systems that evolve together – and are the key to sustainable growth and profit. So as you build your action plan, you need to look beyond the marketing and sales elements. How can you improve your daily operations and increase efficiency and profit? What actions can you take to build a stronger team — employees, subcontractors, vendors and suppliers? My business success checklist may provide some additional ideas. Remember to incorporate timelines and responsibilities here also to ensure the work gets done.

Budget.

While it’s never on the “can’t wait to do list”, preparing a budget to support your plan is important. It shows you how the growth and investments you plan to make will impact your profitability. Simple works best so many owners use their current profit and loss format to complete their budget.

If you are serious about your business and committed to its success, an action plan is the best tool out there. Make creating an action plan a priority and invest the time to do it!

Additional Resource

For help with setting goals and creating your action plan, check out my Ultimate Goals & Action Planning Guide, a step-by-step approach to planning. This guide provides everything you need, including tools and samples, to get it done!

5 Must Have Tools to Attract and Retain Quality People

Posted on by Joan Nowak

Have you ever noticed how some small business owners seem to be a magnet for attracting and retaining quality people while others struggle to do so? Getting the right people into your business and keeping them there is not a matter of luck. It’s a matter of choice. You must choose to make hiring, developing and retaining quality people a priority – for the sake of your customers, team members, and your business.

You don’t need to be a human resource expert to build a strong team of quality people. You simply need to make the commitment and use the tools that are already available and very under-utilized by many small business owners.

Tools For Developing a Winning Team

Job Descriptions. A good hiring system will always include a job description to outline the duties and responsibilities. Remember to also include the skills and competencies that will be needed to perform the tasks. Many skills are transferable, from job to job and industry to industry. So consider both skills and tasks when hiring and ensure your job descriptions include both.

Performance Feedback Process. Employees need feedback to continue to develop and improve. A good process has two purposes. First, to facilitate discussion on goals and skills. Second, to help team members develop their potential so they can take on new challenges and responsibilities. If you won’t take the time to provide feedback, you will get the employees you deserve. The poor performers will stay, the good performers will leave.

Employee Handbook. These are more than just a tool to reduce legal risks. Sure they provide employees with written policies on such topics as discrimination, sexual harassment, and family leave. But a good handbook offers a lot more. It includes your vision and mission for the business and expectations for your team. It also provides relevant information on benefits, holidays, vacation, work hours, how performance is measured and expectations regarding the use of the internet, cell phones, and social media

While some of the policies are guided by law, the majority of the policies are determined by you, the business owner. The handbook simply provides a written method to communicate what’s important to your current and future employees.

Engage and Reward Your Team

Engaging Team Meetings. Meetings for the sake of meeting are a waste of everyone’s time, but pulling together the team with a clear purpose gets peopled engaged and keeps communication open. Pulling people together to brainstorm new ideas, work together to solve a problem or make improvements in the business can pay huge dividends beyond the bottom line.

Add some fun. Recognize individual accomplishments. Share the good news about the business: new customers, sales growth, productivity improvements, customer testimonials, and reviews. Whether you do them monthly or quarterly will depend on the business. But do them.

Performance Bonus Program. Many small businesses build their compensation around one thing – salaries and wages. While wages are important, they are fixed and generally go up annually based on individual performance. Performance bonuses are an easy way to financially reward people when and if the business achieves its financial or other goals.

Unlike wages, a bonus is not guaranteed. It is only paid if the goals are achieved. A bonus program provides flexibility since you can modify the business goals and amount annually as the business grows. Keep it simple. The best programs are easy to understand, implement and track. When done well, a performance bonus program motivates employees, helps change behaviors, and creates actions needed to achieve results.

Power Your Goals By Sharing With Team

The tools above are of little value if you don’t have written goals that you are willing to share with your team. Where do you want the business to go? What goals do you want to accomplish? Be clear on these and share them with those that can help you make it happen – your people!

And when they do, remember these words from Sam Walton, ‘Nothing else can quite substitute for a few well-chosen, well-timed, sincere words of praise. They’re absolutely free and worth a fortune’.

If you are ready to build a better team, start integrating these into your business. Take it one at a time, if necessary – but do it. Then you too can be a magnet for attracting and retaining quality people!

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com