How To Fix Your Business – 10 X Steps To Guide You
Many years ago, my partners and I owned a website design and marketing business. Although we ended up selling it as its height of success, there were times when business was definitely gloomy.
To fix my business, I spent thousands upon thousands on coaching programs and completely immersing myself in sales, marketing, and business systems.
In this article, I’m going to share with you the 10 x important points you need to focus on to fix your business.
How To Fix Your Business – 10 X Steps To Guide You
If your business is stalling, it’s dying
The first principle to learn is that if your business is stagnating, then it’s dying. The reason I say this is because your competitors are constantly growing and reaching your market with new, innovative ideas.
If you don’t continually move forward, then you’ll be stalling – and you’ll slowly be left behind your competition.
Understanding this mindset shift is the first step to fix your business.
Have something worth selling
Do your prospects and potential client base have a want or need for your products or service? You may think your product or service is amazing, but in front of the wrong audience, you’re not going to be making any sales.
Get clear on who it is in fact that you want to serve, and have the right product fit for that desired audience.
A big difference between a business owner who truly wants to fix their business, versus one who desires it but doesn’t execute – is one who gets help.
Getting help is crucial if you want to grow your business; especially finding people who know more than you in that area you need help fixing.
The mark of a good business owner is that they surround themselves with people who are smarter than them in the areas they need assistance.
If you’re a start-up business owner, you don’t necessarily need to hire help full-time as this can put a budget impact on your business.
Have a distinct sales process
The number one difference between a successful business and one that isn’t is one key word.
This word is Consistency.
Smart and successful businesses put system sin place to create consistent outcomes. The most important system is your sales system, because sales is the lifeblood of your business.
To learn more about what sales process you need, click the link below for more details.
Related article: The Sales Process – A Step By Step Guide
Know your numbers
Accounting and numbers may not be the most exciting part of your business, but it is a very important one.
What metrics should you be measuring to fix your business?
These may range from:
- Cost per lead
- Sale price
- Monthly expenses
- Rent/ lease
- Cost of item purchase
- Lifetime value of customer
This is a small set of examples, but research what numbers you need to know to survive and grow.
Related article: Why You Need To Be Focusing On Metrics In Your Business
Hire the right management
Is the management in your business, in the right place? Your people may have great personalities, but if they’re in the wrong management structure or wrong role, you won’t be getting the best results for your business.
You may also be setting up your management to fail.
Have the right personality types in the right roles, and ensure they get training on how to efficiently do their roles effectively.
The right management can be the difference between failing to fix your business or succeeding.
Hold people accountable
If people aren’t held accountable for their tasks, they won’t know what is 100% expected of them.
Make it clear what their individual goals and metrics are, and hold them accountable on a regular basis so they know whether they’re meeting, or not meeting those tasks.
Build systems and procedures
Authors like Gino Wickman and Michael E Gerber have written excellent books on the importance of implementing systems in your business.
Ask yourself a question – do your people know how to complete each tasks consistently, or do they execute it from how they remember to do it? Is it written down?
Ensure your systems and procedures exist, are documented, and can be easily found by your staff working in your business.
Get sales training
As previously mentioned, sales training is one of the most important parts of being successful in business. Nothing happens until a sale is made.
Invest in sales systems training, so that you and your staff can follow a step by step process to build rapport, serve your clients, handle objections and areas of concern, and consistently close and enrol new people.
Automate with software
One of the biggest impact changes we’ve implemented in our business, is the amount of our systems that run on software and autopilot.
By putting in systems and putting them on autopilot, we fixed our business because there was minimal room for human error.
Secondly, because all this was happening in the background, we no longer needed to continue hiring people to fulfil the functions, saving time and money.
There is generally not one key area to focus on to fix your business; but instead, several areas to fix and change for maximum returns.
If you want to learn how to increase your sales more consistently, register for our 7 day sales challenge here.