The lack of defining SMART business objectives can lead to failure in providing the clarity that is essential to good business.
Nowadays it’s easy to run financial reports through accounting software. But what then? There are so many numbers to look at; it can be overwhelming. Having business numbers out of date is a fatal mistake business owners fail to give it its due priority. There are many reasons that business owners neglect their numbers, here are some of the most common ones:
• I don’t understand them so why bother?
• Things seem to be going just fine. As long as I’m making money what difference does it make?
• I don’t have the time; I’ll get to it someday.
• I’m afraid of what they will tell me. What if I find out that my business is a failure?
• It’s just me; I’m a solopreneur, why do I have to keep track of the numbers?
• I just don’t know where to begin.
Many firms have them, but few business owners know what to do with them – the disinterested workers who contribute little or nothing to your business. In today’s blog post I will explain what you can do with these ‘dead men/women walking’ in your firm.
The totally disinterested, who contribute little to the daily workload and then slide home apparently without a care, can suck the life out of a team and greatly reduce productivity. The impact of a majority of committed employees having to carry a minority of slackers is magnified in small firms, where everyone’s contribution is utterly essential. As an owner-manager, it’s important not to procrastinate when dealing with staff that turn up, go home and do little in between.
With an increasing number of businesses reporting that they currently host a website, it’s clear that business owners know the importance of having an online presence. However, what many business owners don’t realize is that just having a website is not enough – you have to have a good one. If a potential customer comes to your site and can easily find the information they’re looking for, they have much more of an incentive to check out what your competitor is offering. If you want to convert online leads into customers, avoid the following mistakes.
Your customers are the lifeblood of your business. Manage your client relationships and sales pipeline effectively and you will grow your customer base. Fail to do that and you will be heading towards trouble. Whoever are your customers they will reflect on your business. Consequently, when you find great customers, they will eagerly co-create with you. They will engage and invent and spread the word.
Early on in a business, most companies take every client they can get. After a time, some can afford to be a little bit choosier, to ensure that they are profitable and productive. You shouldn’t get so discerning that you put your success in jeopardy by turning business away left, right, and center, but you can strive to align yourself with the right customers. It could be highly beneficial to do so!