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The Competitive Edge Newsletter

Edition 41

So How Is Your Business Travelling?

Ideally, you'll have all your financials up-to-date and you'll be focussing on making this new financial year your best one ever! If not, here are some tips to get you in the right mindset...

To improve on your previous year, it's essential to know...

Where your business made money,
Where your business lost money, and
All the reasons why your business made or lost money.

But sometimes it's hard to see the wood for the trees. To clarify these areas, it helps if you work in close partnership with your accountant and your business coach.

I've found this game of business to be a continual learning experience - for both myself and for my clients. Always keep your mind open to learning what, how and why things are happening in your business so you avoid repeating the same mistakes. By constantly learning, and using your knowledge, you can plan to minimise your business losses and maximise your profits.

To help you keep your business on track, follow the guidelines below. In fact, why not copy these out and act on them daily?

Team up with business experts to help keep you focused and fast track your success.
Make sure you have a goal to aim for. If not, put aside time today to think about and set your goal. Make it worth striving for.
Prepare a plan on how you are going to get there. Put it in writing, on the wall and refer to it regularly.
Let your team know your business goals.
Encourage your team to make their own goals. Train and nuture your team.
Make sure you fully understand your financials and KPI's. Keep them timely and up-to-date.
Test and measure your results - always. Keep doing what works.
Be aware of when you're off track. Take holidays and have breaks to keep your mind fresh.
Celebrate every win you have with your partners and your team.
And most importantly, enjoy your journey.

Following on from there - some guidelines on being in control of your business by earning more and working less. When you work for someone else, basically they call the shots. How you spend your day, the money you earn and whether or not you'll still have a job by Friday is all decided by other people.

But, in running your own business, you have the incredible opportunity of:

Creating the amount of money that you would like to earn,
Working the hours that you'd like to work, and
Creating the lifestyle you dream of...if you know how!

If you have difficulty believing that, don't worry you're not alone. Many business owners are paying themselves a pittance, working all the hours under the sun and have no 'lifestyle'.

But it doesn't have to be that way if you apply the principle of leverage...

Leverage quite simply is getting more from less input/time/effort. If you want to earn more and work less, you'll need to leverage parts of your business. Here are just a few ways of doing this to get you going.

People

If you'd like to work less hours in your business, you'll need to get others to perform some of your tasks. Delegate to an existing team member or employ a new person to share the load. Get the right people, train them well and let them get on with the job. Don't be a control freak.

You'll need a great system to attract, employ, motivate and keep great team members...

Systems

Implement systems so that your business is consistent. All great businesses run on systems. A system is a set way of doing a task within your business - a step-by-step process of how things are done. Typically, in a new business, all the systems are in the business owner's head. Yet as the business grows, the owner needs to document these systems so things are done consistently, regardless of the staff member.

Financials

Make sure your financials are systemised so they are always accurate and up-to-date. That way you know exactly how your business is progressing at any given time and you're poised to take advantage of any new opportunities that may come your way.

Technology

Keep up with improvements in technology, and update your equipment if the new model is going to save you time and money.

Sales and Marketing

Once you have developed your sales and marketing and you know what works...systemise it too. That means you plan when and where to place your ads, mail your letters, deliver your flyers and so on.

When your marketing is systemised it'll work on autopilot. This frees up your time. However, make sure you have a 'test and measure' system set up...so you know what's working and what isn't.

Do it Right, First Time

Make sure your business is not wasting money by redoing a shoddy job. Or replacing faulty products. Even time spent on the phone pacifying unhappy customers could be spent on productive work.

So, look closely at your service or your products - are they of a consistently high quality? If not, do something about it! You will get loyal customers, save time, and make more money.

_______________________________________________________Quote of the Month_______________________________

"Genius is the ability to reduce the complicated to the simple"

C.W. Ceran

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