Every business owner is different and they all have unique reasons for being in the business world, however they all have one thing in common and that’s money; every business needs to make money to be successful. If your business isn’t making as much money as it needs to, it can be a very stressful time.
It all depends on your mindset. Pushing your business when it’s not doing so well is a positive thing and is most definitely the right thing to do, however the problem comes when the business starts to do well but you ease off in your management approach – this is when progress becomes a bit stale.
If your business is a bit down in the dumps lately and you simply don’t know how to get through the rough times, you’re in the right place! Read on for an action plan that will lead you to SUCCESS!
Planning is key
You should make a plan of what your staff do that makes the money and what products/services you sell. You can do this on a simple spreadsheet if you wish, just as long as you do have a plan in place. Make sure every penny is accounted for.
Your companies success partly relies on your staff so it’s important to treat them right. Start by setting both goals and consequences.You should make sure every member of staff knows what they bring to the business that’s good. Then you should ensure you have plenty of incentives in place. These could include things such as extra money, recognition and thanks.
When it comes to goals, it’s best to have a high and low goal; this creates a sense of your staff being in control of their own work. You should of course offer a decent reward for people hitting the high target so it’s worth their efforts. However it also means if someone is having a bad month for personal reasons, they know the minimum they have to do to keep you happy but also have their job secured.
Staff will be very motivated by the security but also being able to contribute more to get rewarded. On the other hand you should definitely avoid de-motivators. For example if people think the business isn’t doing well, they will think their jobs are on the line which will in turn affect how they work. The best thing to do is give everyone a job to do and ensure they know exactly what they’re doing then just let them do that job.
Track progress
It’s important to track your employees progress at least once every week as this is a good time to spot any problems and means you can quickly sort any out that may be occurring. You should be sure to ask your staff how they are and how everything is going, ask what they think they can do better but don’t put them under huge amounts of pressure or it will backfire on you.
You should be encouraging and don’t breed a culture of blame. Look at the work against the plan, not reasons for people’s absence etc. Basically stick to the facts and figures. You should determine the reason for the difference between what they’re supposed to be achieving and what they’re actually achieving.
Once you know the root of the problem you need to figure out if it’s a one off or if it’s going to be a continued problem. If someone was on their jolly holidays there’s no point hanging onto it, let it go and move on looking forward to the next week’s goals.
If the problem is under your control or at least under your influence then you can create a solution, however if the problem is out of your influence you should focus on the bigger picture and go from there. Sometimes the solution will be obvious, however sometimes you may need to be a bit creative and think of a fresh solution but just do whatever you need to sort the issue out.
Be clear on tasks
Every member of staff has a different (but valued) role within the business even if it’s not directly bringing in money. People involved in sales for example are the people who physically bring in the money, make sure they know exactly what their role is. However the roles of other members of staff are less obvious.
You need to ensure every employee knows what there job is, for example make sure the security guard knows his basic job description is to prevent break-ins and protect staff in the event of an attack. If your employees are clear about their overall job descriptions and what they need to do, they will be more motivated to do well. There’s nothing worse than being unsure of what you should be doing within your role.
For professional advice about setting up and maintaining your business, be sure to contact My Biz Advisor NOW!
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