It can be a struggle running a business, especially a small business. If things have not gone to plan this financial year, you must snap out of it quickly and face the new financial year with a positive mindset. This means creating the right strategy in order to create a clear direction for yourself and your staff. You need to demonstrate that “opportunity time” is coming. As a result, you need to stay ahead and be profitable, for everyone’s benefit.
Businesses Need to Make a Profit!
Businesses cannot stay in business if they are not profitable. As a business owner/leader, if you keep thinking things may get worse, then you will fail to kick off to a good start this financial year. I also hope you have your new budget ready to go with a clear idea of where you need to perform.
Business can be tough but it is up to you to change the mood within your organisation and drive your team to success. Having a sense of purpose for this coming financial year is key to creating positive change in your business.
With the competitiveness of today’s world, you must constantly update to stay profitable. You need to continually stay on top of your business and drive positive messages, while you work out a way to stay ahead of your competitors. That may mean going after new markets that you have not chased before.
If you need to create change to survive, don’t wait to see what happens. Drive change quickly, especially if staff are not following your latest instructions and leadership. You may want to seek professional help and advice to make your strategy happen.
To create change or diversity in your business, it is recommended you seek the advice of industry experts, especially if you are a family business, or a business looking to grow or expand.
How do you create change with a sense of purpose? Below are some recommendations that may help:
Revisit Your Strategic Business Plan.
You may need to update and make the necessary changes to satisfy your mindset for motivation. Make sure it is linked to a strategy around financial outcomes, people, sales, product, and marketing initiatives.
Get You Leadership Team on Board
Conduct an off-site meeting with your leadership team (even if it’s just for a ½ day) to get clarification on what your business must do to be profitable this coming financial year. Make sure there is trust, commitment and accountability when it comes to achieving collaborative results.
Energise Your Whole Company
Create an event to celebrate the wins for last financial year and set some strong goals for the new financial year. Explain the importance of why your company must dominate in sales, and deliver on customer service and loyalty.
Train Your Staff to be Successful
Put that line in the sand so you can have a successful business. Explain the reasons why you need to change products, and update systems and processes, to be more effective and profitable
Explain What Success Looks Like
Explain what success looks like for you, your business and your staff in your business. Link this back to your company’s Mission, Vision and Values.
I feel many businesses are not broken, even though it has been a tough year for many business owners. I believe it is all about the way you and your leadership team drive your positive messages. If you have staff that are not on board or have bad attitude, you better address this quickly as it may damage your message, motivation and drive. If you don’t have a good strategic plan, let Key Business Advisors (KBA) help you build one that is sustainable for you and your business.
At KBA we are passionate about taking businesses from good to great. We can help you with this process, and assist you in achieving your business and personal goals. Dealing with the emotions of managing staff and everything that goes with it can be challenging and frustrating, however, if you are unsure, then seek professional help. Let someone help you achieve higher returns for you and your business!