Posts Tagged ‘turning plan into results’

6 Tips For Growing Your Business in 2015

Tuesday, January 13th, 2015

January is the month for New Year’s resolutions, freezing cold and, for many, a new fiscal year.Tips to successfully grow your business in 2015

Everyone wants to ‘do better’ in 2015 than in 2014 and, for business owners, ‘doing better’ is shorthand for growing.

I don’t know how often, in the last couple of weeks, I’ve been asked something like “What are your top 6 tips for growing successfully”.

The answer depends on a number of things.

That said here are some of the things that the companies I’ve seen grow successfully have in common.

Those companies are:

1.  Very willing to try new things (innovate, adapt). However they don’t bet the farm. They do limited scale tests of new products and ways of doing things first. Ones that work are rolled out quickly; ones that don’t are killed – just as quickly.

2.  Always trying to be better – than themselves. They are continually looking for ways to, for example, improve their own quality, do things more quickly and become more efficient. They don’t compare themselves to others, they just want to the best they can be.

3.  Following a strategy or plan. They know where they want to be in 3 – 5 years but don’t expect to get there by following a straight line. They try to keep growing steadily in good times and in bad.

4.  Skilled at turning their plan into results. Knowing what success will look like makes it easier for them to set priorities and allocate the resources and funds to achieve them. They link every individual and every department’s work to the company’s goals and hold themselves accountable.

5.  Able to spot trends earlier than most of their competitors. They stay close to their customers and suppliers, monitor their competitors and watch for developments in technology.

6.  Working from a solid foundation. All of their core business processes – sales, marketing, operations, finance and HR – are tried, tested and automated wherever possible. They find, hire and retain smart people who are a good “fit” with their culture and values. They are fiscally cautious, never over extend themselves and can fund their growth.

Here’s the rub. All 6 are much easier to talk about than do.

But if you start on them now you can make some progress this year. And if you need some help just give us a call…….

 

If you enjoyed this post you’ll also enjoy 3 Leadership Tips From A Great Scotsman

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Jim Stewart is the founding Partner at ProfitPATH. He has been working with business owners for over 16 years to increase profits and improve the value of their companies. LinkedIn

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6 Things That Get In The Way Of Results

Tuesday, November 12th, 2013

Recognize any of these?6 things preventing the business owner from achieving their desired results

1.  The business owner, or division head, and his/her team are fully occupied dealing with day-to-day problems. So, even if there is a plan for growth, no one makes sure it’s followed.

2.  A meeting is held every year and a really good plan is developed. But just doing that takes forever and exhausts everyone. So there’s no time or energy left to figure out how to turn the plan into results.

3.  Money and people are allocated to projects which, it is believed, will deliver short-term benefits. But those benefits, if they occur, may not support long-term growth.

4.  Personalities get in the way. The stronger ones make most noise. Their opinions dominate the company’s direction and their areas get the most resources.

5.  “It’s just a job.” The employees don’t know how, or if, the business will grow. So they’re not committed, long term, to the company. And probably wouldn’t help – even if they knew how.

6.  It’s important our area (e.g. finance) looks good. So there’s no reason to share information with, or help, other areas (e.g. sales).  Anyway, if the company doesn’t achieve its results we don’t want to be blamed.

Apparently, recent studies have revealed these 6 things are still preventing companies delivering the results their owners want. I say “still” because they’re not exactly new.

One reason that they still exist is that they’re invisible. Or, if not quite invisible, they are at least hard to see – if they’re occurring in your company.

It’s unlikely that all 6 are present, although some are related to, or caused by, others. For example #1 could result in the short-term focus in #3 or the disengagement, caused by poor communication, in #5. And #’s 4 and 6 are both the result of a poor culture.

We see them often. This, despite the fact that countless blogs, articles and books have been written and webinars, podcasts and seminars delivered about them.

Why?

Because they really are hard to see, even invisible, if you live with them every day. The good news, however, is that they, like a broken bone, can be fixed.

Sometimes it takes an outsider’s pair of eyes to spot them. And a willingness on the part of the insiders – the owner/division head – to believe what the outsider is saying and to do something about it.

But, until that happens any, or all, of those 6 things could come between you and the results you want.

You can find a more academic description of the barriers here.

 

If you enjoyed this post you’ll also enjoy More Heat Less Chill.

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