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Level Up Your Business to Realize Your Future Vision

Level Up Your Business to Realize Your Future Vision

by | Jun 15, 2018 | Goals, Operations, Processes, Systems

When you imagine your business five years down the road, what do you see? Additional locations? Increased revenue?  More focused service offerings? Maybe you see yourself playing a different role than you play today, with the freedom to step away from your business for vacation.

Now, is your business set up for that dream to become a reality — to get from where you are today to that imagined future?

It’s easy to dream up a future for your business, but making it a reality takes focus and intentional action.

If you continue doing what you’ve always done in the way you’ve always done it, everything in your business will stay the same because all you can see is what’s right in front of you at the moment. You put a ceiling on revenue and potential, continuing to live the status quo.

The hard truth is that you won’t get to the level of success you aspire to if you stay stuck in old ways of thinking and doing. Businesses can only grow and scale to the level their infrastructure will support, and getting to the next level takes real, committed changes in thought and action.

If your business future vision is too tempting to turn down, it’s time to figure out how to get there.

Here are 3 aspects of your business to up-level:

 

1. Workflow

Maybe there was a time when your client list was so small and your process so simple that you could track everything on a notepad. But that only got you so far.

To successfully and sustainably scale, you need to develop and document clear, repeatable processes that you and your team follow every single time. This ensures that you aren’t relied upon as the only one who knows how the workflow functions and that your team correctly provides your company’s services for every client, every time.

2. Workforce

Try as you might, you can’t do it all, if you want your business to grow. And your business can only be as successful as the talent you hire. So hire well! Get the right people in the right roles, then focus on training and development. With a solid system for effective training, your team members will have a clear understanding of their role and accountabilities, and the company’s goals.

Don’t overlook one important part of cultivating a strong workforce: motivation. If you think your employees are motivated by money, look deeper. Think about what motivates you, for example. Is it just money? Couldn’t you get a job doing something else that would pay you more? Probably. But you don’t, because you’re ultimately after something deeper from your work.

As Daniel Pink suggests, most people are motivated by something internal — the desire to improve lives or create, for example — and not something external like money or risk of ridicule. If you want to build a strong team, learn what motivates each individual and tap into that.

 

3. Workload

Focus and accountability in your business start with you. Model the behaviors you expect from your employees. Be realistic about your workload and the workload of your team members, and remember that by doing less, you accomplish more.

Clearly define priorities for the organization as a whole, and ensure that each team member is clear on his or her priorities, with focused, achievable goals. Everything you do should support one of your priorities, and if it doesn’t, time, energy and resources should not be wasted on it.

Implement systems for accountability to ensure follow-through. Make sure that your team members each have an appropriate workload and that they manage it well. It should be clear what each person’s priorities are, and they should have focused, achievable goals.

It’s important that team members have accountability too and are held responsible for their workload. Have systems in place to achieve that and guarantee follow-through. Your clients and partners need to know they can count on your team.

Where to Start

If it seems daunting to focus on these business elements, or you don’t know where to start, don’t complicate it!  

Simply observe, ask questions and listen. When you slow down to do these things and open your eyes, ears and mind, you might be surprised at what you learn.

  • Talk to team members: Find out what causes them headaches and what solutions they have to overcome these frustrations.

 

  • Ask for feedback from clients/vendors/partners: What would they like to see done differently?

 

  • Evaluate where your inefficiencies are what needs improvement: Look at departments, projects and tasks. What’s inefficient or ineffective and could be improved?

 

It can be hard to ask for feedback from people close to you or your business, and it can be even harder for them to give you an honest take on what they see and experience though. That’s why it’s smart to reach beyond your circle for advice and bring in someone from the outside get an expert outside perspective.

When you bring in someone with an outside perspective to put fresh eyes on your business, you get the benefit of an unbiased set of eyes to help you see things differently. Our consultants at Kleriti Business Solutions can help you uncover and recognize new opportunities, and and shift your thinking and ways of acting. An expert outside opinion can be a welcome voice of reason and help you implement real change to realize the next level of success that you dream about.

 

Where do you see your business in five years? What’s holding you back from getting there? Tell us in the comments below!

Bounce Back: How to Rebound After a Business Failure

Bounce Back: How to Rebound After a Business Failure

by | May 11, 2018 | Operations, Processes, Systems

If you’re an established business owner, you know that business failures are the stuff of sleepless nights. And if you’re a newer business owner who is reading this because you’ve experienced your first failure, welcome to the club! Unfortunately, it’s not an exclusive club, because business failures are far more common than any of us would like them to be. Why? Because humans run businesses and we aren’t perfect — no matter how hard we try.

I have had multiple business failures of my own and even made a mistake that cost the company $17,000 in my first professional job. But you know what? I get better every single time.

Now if you like the idea of being part of an exclusive club, join me in being a business owner who dusts him/herself off, gets back up and tries again. According to Harvard research, there’s an 18 percent chance that a first-time entrepreneur will succeed. But that rate increases to 20 percent after they fail once and learn lessons. And once an entrepreneur succeeds, their chances of doing so with future endeavors increases to 30 percent.

Once you’re convinced that perseverance is the answer long-term success, here’s how to overcome a business failure.

PAUSE

When something goes wrong, we have a tendency to panic and rush into “fixing” mode. Instead, take a beat to get a grip on what happened. Make sure that everyone involved fully understands the situation. When everyone is on the same page from the start, it helps to avoid redundancies or more failures in the future.

PUT IT IN PERSPECTIVE

Not all failures are created equal, and that’s important to remember. It can be easy to go to extremes and feel like the situation is the end of your world (or business). Be realistic about how drastic it truly is. Make sure the remedy matches the severity of the screw up.

 

UNDERSTAND WHAT WENT WRONG

What caused the failure? Was it miscommunication? Confusion? Misdirection? Lack of oversight? When you understand what what broke down, you can better explain the situation to your team, learn from the experience, determine how to move forward and make sure it doesn’t happen again.

 

CREATE A SYSTEM TO AVOID A REPEAT

It’s likely that the issue can be prevented next time with solid processes in place that make it clear what needs to be done, when and by whom. Standardized processes reduce operational failures because of their repeatable nature. Create a process for anything you do more than twice in your business. It will save you time, energy, money and yes, mistakes, down the road. When you implement strong processes and the appropriate checks and balances to oversee quality and consistency, you help safeguard your business from errors.

If you’re struggling to overcome a business failure or want focused guidance on how you can prevent future problems, Kleriti Business Solutions is here to help. Contact us today.

Best Business Practices to Keep Finances on Track

Best Business Practices to Keep Finances on Track

by | Dec 12, 2017 | Finances, Operations, Processes, Systems

As a business owner, year’s end is a time to evaluate the overall performance of your company —whether or not you’ve achieved set goals and what projections to set for the coming year. One of the most important barometers of business performance is finances. It can be rather difficult to plan for big purchases or set reasonable sales goals if you don’t understand your cash flow, know how a particular service offering performs or recognize the factors impacting your profitability.

 

Here are three financial practices that will keep your business on track throughout the year, making annual reviews (somewhat) pain free.

 

1. Diligently Track Your Income & Expenses

 

You have no idea how many long-standing businesses don’t know how much cash they have on hand. In addition, their method of logging “expenses” is a shoebox full of crumpled receipts. Using these rudimentary methods for monitoring money coming in and going out is not only inefficient, but you are putting your business at risk.

Does any of this sound familiar? If so, take initiative by signing up for (and using) one of the many online bookkeeping platforms like QuickBooks, Xero, or FreshBooks. Having access to real-time updates that show your financial standing can help inform current and future business decisions. If this seems intimidating, invest in a reliable bookkeeper! Having a knowledgeable person on hand to answer questions and log income and expenses, all the while making sure your financial “house” is in order, will save you time, money and many headaches in the long term.

 

2. Complete Quarterly Reviews

 

Equally important to the year-end financial review is the implementation of quarterly reviews. Setting aside time to dig deep into your financial statements will not only make your end of year closeout and tax preparation infinitely easier, it will allow you to course correct any negative trends before the negative financial impact is too great. For example, if you notice a drop in sales for a particular offering at the end of the first quarter, you have an opportunity to redesign or restructure the offering, increase or adjust marketing efforts or get rid of it all together. Leaving issues like these undiscovered until an annual review can have a significant negative impact on your business. The essential financial statements you can leverage during quarterly and annual reviews are your: A) Income Statement (aka Profit and Loss Statement) B) Balance Sheet and C) Statement of Cash Flow.

 

3. Pay Attention to Larger Trends

 

Look at the macro trends of your business. With your financial statements up-to-date, widen your focus and distill data into valuable information to identify trends and help your business grow. Remember the example we used in #2? Let’s pretend you decided to continue selling the underperforming service. You determined the drop in sales was a fluke due to seasonality and would like to give it another chance. During your annual review, some nine months down the line, there will be a wealth of data to determine whether or not your decision was a good one, and to decide to continue offering the service or not.

 

Make financial management a priority in the New Year. Take time now to schedule the following:

  • Two hours monthly to update your books or get information to your bookkeeper.
  • A half-day at the end of each quarter to review your financial statements.
  • A full day at the end of the year to dive into your financial standing for the previous year and make detailed projections for the coming year.

Getting into these practices will make success less of a question and more of a certainty.

 

What are you doing to tame your finances and set yourself up for success next year? Please share in the comments section below.

 

How to Price Your Services: 3 Keys to Knowing Your Worth

How to Price Your Services: 3 Keys to Knowing Your Worth

by | Nov 27, 2017 | Customer Management, Finances, Marketing and Sales, Operations, Systems

Have you ever felt the fear of losing a client if you didn’t price your services to meet their needs? You’re trying to grow your business. You want to receive referrals. You’re scared of turning them away because you have no idea when another potential client will walk through your door.

 

Sound familiar?

 

Waffling on price is a common occurrence among business owners, as a result of the fears mentioned above. The solution to tackling these issues is to create standardized prices for your services. For some, this can be an even scarier scenario because the fear of losing current clients or turning away new ones can be debilitating. However, in order to create a sustainable and successful business, standardized pricing is essential and can bring more benefits than you ever thought possible. When you’re in doubt, remember this:

 

Saying “yes” to the wrong customers, means you’re saying “no” to the right ones.

 

Having set prices for your services will create “buckets” for your customers to fit into. Let’s say a prospective client comes to you with a particular need. You will already have a short list of accurately priced services that COULD be a fit. Here’s the catch: you need to have a better understanding of your customer’s pain points and how you can solve them so you can offer the perfect package, product or service. This underscores the importance of having questionnaires or checklists to ensure you’re gathering all the information you need to offer a solution that speaks to them. What’s the bottom line? You should know the scope of the project ahead of time so you can serve clients appropriately and make money in the process.

 

So, how do you create standardized prices for your business? Below, we’ll go through three key factors to consider when creating your pricing structure. It is imperative that you move through this process with intentionality. In other words, when writing down these numbers, have a vision for how your new and existing clients will reap the benefits of your offerings, while keeping in mind the long-term goals of your business.

 

  • Know Your Margins — Just because you give an hour of your time to a client doesn’t necessarily mean that it only takes an hour to attract, nurture, and secure their business. Think about the time and materials required up-front, then quantify and incorporate it into the price of the service.

 

  • Know the Industry Standard — Knowing what other providers in your industry charge for their services can be a valuable benchmark for creating a standardized pricing model. Are you just starting out and need to build testimonials and a solid client base? Perhaps your prices will be just slightly lower than the industry standard. Does your unique value proposition set your services far apart from your competitors? Perhaps it’s time for higher prices that may set the bar for clients who can afford you. You could even “buck the system” and design a totally new model that differs from the industry standard. You never know, it may catch on. You’ve heard of Uber, right?

 

  • Know the PERCEIVED Benefits to Your Client — What does your client get from investing in your services? Hint: it’s not just the services themselves. If you’re a dentist, your client doesn’t just walk away with cleaner teeth and better breath. They may also have more confidence because of your work! What about your office environment? Have you spend a pretty penny on office space in a prime location? Have you made a solid investment in equipment or décor? Whether they realize it or not, your clients may develop a higher perceived value of your services because on some level, they “sense” you know your worth.

 

After you’ve taken the time to create firm pricing for your business, you’ll be able to speak with confidence about your offerings, knowing these prices are fair, reasonable and “worth it” to the customer.

 

Finally, once you’ve shown your prospective clients how your service can solve their pain points and have given them a price, be prepared for the “Yes.” Know the exact next steps that need to happen so you can get to work and get paid. Have a standardized agreement saved that you can access within minutes, a payment system to invoice your client immediately after services are rendered and a follow-up mechanism to capture feedback and testimonials to improve your business even more!

 

 

Have you ever been afraid to raise your prices? Now’s the day to change that. Share your experiences in the comments below!