Your Capital
The next “Business Driver” I’m going to discuss is Capital. This can be broken down into human capital (your staff), intellectual capital (your knowledge) and financial capital ($$$$).
Are you leveraging each to the maximum? Probably not.
Do you train your staff on sales, retention, generating referrals, delivering great service and overdelivering on what you promise to your clients? Do you train in semi-private settings or small groups to leverage your staff’s time?
If you can get each of your staff members to improve 10-20% in each area you’ll double your business.
Are you leveraging your knowledge by packaging it and selling it as a product, writing articles for publicity or giving talks to groups to pre-sell prospects? Are you training your trainers with what you know? Are you creating systems to teach your staff what you know?
Do you get the maximum return for the money you spend? How about your marketing dollars – do you track the ROI? How about the wages you pay your staff? Do you track performance relative to compensation? How much money do you waste on unnecessary stuff?
By studying these things you can become your own “Profit Expert” and reduce unnecessary costs or expenses and uncover untapped opportunities or underperforming areas.
It’s you’re responsibility as a business over to become an RO (Return On) Expert – you need to understand the return on your investments in all areas – money, energy, people, activities and opportunities. Think of it like investing money – why settle for a 1 or 2% return if you can get 10 or 20%?
Your business is your main investment – treat it accordingly.
Are you leveraging each to the maximum? Probably not.
Do you train your staff on sales, retention, generating referrals, delivering great service and overdelivering on what you promise to your clients? Do you train in semi-private settings or small groups to leverage your staff’s time?
If you can get each of your staff members to improve 10-20% in each area you’ll double your business.
Are you leveraging your knowledge by packaging it and selling it as a product, writing articles for publicity or giving talks to groups to pre-sell prospects? Are you training your trainers with what you know? Are you creating systems to teach your staff what you know?
Do you get the maximum return for the money you spend? How about your marketing dollars – do you track the ROI? How about the wages you pay your staff? Do you track performance relative to compensation? How much money do you waste on unnecessary stuff?
By studying these things you can become your own “Profit Expert” and reduce unnecessary costs or expenses and uncover untapped opportunities or underperforming areas.
It’s you’re responsibility as a business over to become an RO (Return On) Expert – you need to understand the return on your investments in all areas – money, energy, people, activities and opportunities. Think of it like investing money – why settle for a 1 or 2% return if you can get 10 or 20%?
Your business is your main investment – treat it accordingly.
posted by Pat Rigsby at 9:37 AM
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