If you run a business experiencing shrinking sales, employee compliancy or operational inefficiencies, you are not alone. Although more small companies are growing than ever before, many more are lagging for reasons that are easily corrected. .
A handful of factors account for most of the problems in smaller companies:
• Lack of effective operational processes that reside at the core of every business. These start with a weak customer finding platform, followed closely by inefficient operational systems
• Gaps in staffing and the cultural deficiencies that result
• Management isolation
• External factors such as industry consolidation, product obsolescence or predatory factors
• Inaccurate market perspective
• Underfunding or inadequate financial controls
Embracing these 4 steps can improve your business by 20% or more:
1. 1. Identify – Examine the business through its operating functions. Almost every company requires a marketing function, an operational platform, a team, and management. Distinguish every function in your business and examine every step in detail. Learn, or hire the skills required to improve each one.
2. Document – Create an Operations Manual for your company. Every franchise has one, documenting every step and building your manual will be invaluable now and worth half a million or more at succession time
3. Perspective – Almost every problem, even money problems are fixable when you break them into manageable parts. If you are too close to the matter, get help as soon as practical. Above all, be honest and keep your hope gene in check.
4. Lead – The most important lesson that small business owners forget is to communicate objectives. A big part of building a dedicated, willing workforce is reinforcing goals and objectives. Good recruiting and hiring practices, plus keeping the staff, “in-the-loop” tend to motivate ordinary workers to invest extra effort.
Consider the fact that implementing change in a functioning company usually requires skills that do not reside within that organization.