Get your business financially fit
Business strategy expert and founder of the a&ta and the money barre, Melissa Browne shares her advice for achieving golden outcomes in business.
I love watching the Olympics. It’s usually on the couch with chocolate but nonetheless, I’m in awe of the determination it takes to get to that elite level.
Of course, the athletes don’t get there by crossing their fingers and hoping or by waking up in the morning and deciding it’s too hard and hitting the snooze button. Instead they set up a series of daily habits and rituals that cover everything to help ensure success and the achievement of their long term goals.
It’s the same for us mere mortals. Too often business owners see me and want the magic formula that will guarantee success, but sadly there’s no such thing. However, by working out what is important to you, what your goals are, and how you can create activity and track those goals, you can set up a series of rituals and habits that will ensure you become, perhaps not quite an Olympic athlete, but certainly a stronger business owner.
If you’re not hitting your targets, alter your activity before you abandon your targets.
Know your numbers
You need to understand what your current numbers are so you know what you have to work with.
Know what you want them to be
Knowing your numbers is great, but working out a goal for what you want them to be is even more important. Once you’ve worked out your retention rate, conversion rate, leads, average sale price, number of times customers do business with you, net profit, debtor days, etc., then work out what these numbers should be and by when.
Know what you need to do
Hoping the numbers will improve is not a strategy. Work out the steps you need to take to make it happen and commit it to paper (or computer). Then get started.
Work out a 90 day plan
Once you’ve completed step three, it can be daunting to know where to start, so work out the activity that is critical to do first. Break it down into those activities you need to do in your workplace tomorrow. Just figure out the next steps, the date and commit to doing those things in your first 90 days.
Stay on track
Create weekly, monthly, quarterly and annual milestones and then check in weekly to make sure you’re on track. If you’re not hitting your targets, alter your activity before you abandon your targets.
Every 90 days work out your next lot of activity and keep going. That’s because success isn’t a magic pill — it’s a training program committed to and performed daily. It’s a habit.
Finally, get help if you need it. There’s a reason why professional athletes have coaches. Sure they might be able to do it by themselves but it’s much easier when there’s someone there pushing them along, helping to correct any imbalances, celebrating with them and keeping them accountable to what they say they are going to do.