Whether you’re just starting out on your own or have been running a company for years, it’s easy to get caught up in the complexities of your business and forget about the basics of business success.
But I’ve got some important advice for you: There are four essential building blocks that you need to master to truly thrive.
These are time, delivery, destination, and numbers.
These might sound simple, but trust me, they form the solid foundation for building your path to business success.
Let me break it down for you and give you some simple exercises to help you on your way:
Time Mastery
Let’s talk about how you’re currently investing your time. Are you happy with it? Is your work-life balance where you want it to be? Do you find yourself glued to your emails in the evening and sacrificing your weekends just to keep up with everything?
Well, I’ve got something that might help you out. I want to share an exercise that I often use when evaluating my business model.
Here’s how it works:
● Grab a pen and paper and write down everything you do during your work week. Let’s take next week as an example.
● Give each area a score (you can use your own system). You can make it as straightforward or as complex as you like. I tend to score each responsibility out of 10 regarding how much I enjoy it, the potential impact on the business, and how skilled someone would have to be to perform the task.
● Take a moment to explain why you gave each area that score. Figure out how and why you’re spending your time as you currently are.
● Now, think about the score you’d like to achieve for each area, and get to work prioritising each task.
● Set yourself a goal. Can you delegate some tasks? Is there anything you can simply let go of?
● Describe three action points that will help you reach your goal. Maybe you can get a colleague to lend a hand with some of your daily tasks?
● Pin that list up on the wall where you’ll see it daily, and make those changes happen.
● Remember to spend just 30 minutes each month evaluating where you are. Trust me, it’ll be the best 30 minutes you invest!
The idea here is to focus more of our time on what we enjoy and less on what we don’t. When we do that, we become more motivated and, believe it or not, we make more money too!
Delivery Mastery
Many people think the key to increasing income is constantly chasing new leads. Here’s a little secret: that’s actually the most expensive way to build your business.
Instead, let’s talk about a more cost-effective approach. It starts with maintaining a well-organised database of your current, past, and potential customers. This treasure trove of contacts can be leveraged to boost your sales without launching a massive marketing campaign to attract new clients.
One of the keys to unlocking this potential is ensuring that your existing customers are happy with how you deliver your service. You can steadily increase your sales over time by improving the delivery process and finding ways to sell more to these satisfied customers.
Now, let me share a simple exercise to help you evaluate your current service and identify areas where you can improve.
Here’s how it works:
● Take a moment to ask yourself: Are your customers truly happy with how you’re delivering your service? Are there any areas that could be enhanced?
● Give yourself a score on different aspects of your service. Take a step back and assess your performance in each area.
● Take some time to explain why you gave yourself each score. Understanding the reasons behind your ratings will help you pinpoint areas for improvement.
● Now, think about the score you’d like to achieve and set a deadline. Hold yourself accountable and make sure you stay committed to reaching that goal.
● Describe three action points that you can implement in the next month. Jot them down on paper and stick them on your wall as a reminder.
● Mark a date on your calendar and set an alarm to check your progress. Regularly evaluate how you’re doing and if you’re on track.
● Finally, evaluate your three action points. If you haven’t met them, take a moment to reflect on why and consider if you need assistance from others. Understanding the reasons behind setbacks will help you overcome them and make things happen.
Imagine the possibilities: you could double your sales with each customer by improving your service and focusing on existing customers. Now, that sounds appealing, doesn’t it?
This exercise is a simple yet powerful way to enhance your service and unlock the potential for significant growth.
Destination Mastery
You know, as businesses evolve, things can change in both positive and challenging ways. Sometimes, it’s easy to lose track of our initial goals and get lost in the daily grind, missing out on our wins and achievements.
So, let’s take a moment to reflect on where your business is heading. Take time to think about your goals when you started, and then evaluate where you currently stand. Are you on track to align with your initial vision?
To help you with this assessment, I’ve got a little scoring exercise for you:
● Score yourself on a scale of one to ten for how clear you are about your dreams and how your business can work to fulfil them. Think about the bigger picture and your ultimate life goals.
● Evaluate your goals for the business. Do you have specific, measurable targets to propel you toward your desired outcome? If you’re uncertain about your goals, giving yourself a lower score of 2 out of 10 is okay.
● Assess whether you have a solid plan in place. With a plan, it becomes easier to reach your destination. Give yourself a score out of ten for the strength of your current plan.
● Consider how much time you’re dedicating to learning new things. We can’t be masters of everything, but continuous learning is essential. Score yourself based on the time you invest in acquiring new knowledge, whether it’s through podcasts, books, or other resources.
● Now, let’s look at your action points. Are you effective at identifying what needs to be done and taking action? Score yourself here, as taking action is a crucial component for progress.
● Add up all your scores and reflect on how you can create actionable steps for the next month. Set a specific time, one month from now, to reassess and score yourself again. By following this process, you’ll see progress and improvement over time.
Remember, the journey toward your goals involves continuous evaluation and adjustment. So don’t take these scores to heart and focus on creating actionable steps to move forward. You’ll be amazed at the progress you can make by simply following these guidelines.
Numbers Mastery
When it comes to the numbers side of a business, it’s common for people to either love it or hate it.
Whether you enjoy diving deep into spreadsheets or dread it, here’s the truth: every successful business owner must have a firm grasp on their numbers.
I’m talking about knowing the nitty-gritty details, from the cost of the envelopes to your company’s broadband package. It’s essential to clearly understand your company’s financial situation on a day-to-day basis.
Just like before, I encourage you to perform a simple yet crucial exercise:
● Score yourself on your current hold of your business’s finances. Can you jot it down on a single sheet of paper, or are you unsure about what’s coming in and going out this month?
● Once you’ve assessed your financial standing, it’s time to set some action points. If needed, don’t hesitate to delegate tasks or seek support. Remember, numbers are key to the success of your business. The longer you avoid looking at them, the greater the risk that your business won’t grow.
So there you have it—the first four building blocks of business success. I encourage you to follow the scoring system we’ve discussed and take action on the identified areas for improvement.
By doing so, you’ll witness your time freeing up and your income growing. You’ll reach your destination more quickly, with less stress and greater happiness. Good luck!
If you need more continuity and clarity with your business plan, join us for our next quarterly GrowthClub, a 90-Day business planning day, on Friday, the 22nd of September, 2023.
