Exclusive Insights: 5 Must-Know Strategies for Total Business Success
What does total business success mean to you? Is it finally hitting that million-dollar revenue mark, opening a 2nd location, or feeling confident you’ll be able to sell your company when you’re ready to retire?
Total business success can look different for each of us. As a business coach, part of my reward is going to sleep at night knowing my clients are meeting the goals they’re setting. And I find significance in being part of their success.
No matter what you envision for your business, if you want to get there, it’s important to have a plan. You can start with these key strategies.
Strategy 1 – Define Clear Goals
Les Brown once said, “Your goals are the road maps that guide you and show you what is possible for your life.” And I would add… “and your business.” Clearly defining where you want to take your business will go a long way in getting you to that place.
As small business owners wearing all the hats, it’s sometimes easy to get distracted by what seems like a never-ending to-do list. But when you stop and define your primary goals, your to-do list will fall in line with them. You’ll immediately know better how to spend your time.
Strategy 2 – Take Action
Let’s talk about taking the actions needed to achieve those goals. First off, when I talk about setting goals, I always say they have to be realistic but still challenging. If your business is just breaking $400 thousand, it’s not realistic to set a $1-million-revenue goal in the next six months.
A goal of $600 thousand in the next year may challenge you, but it’s certainly attainable. Then, plan for $800 thousand the year after that. When you define your business goals, be that specific and then outline the actions you’ll need to take to move toward them.
Strategy 3 – Build an Effective Team
It may be that you need to add to your team to reach the goals you’ve set. In this era when potential employees are looking for remote work and flexible schedules, how can you be sure the team you build will be strong and effective?
Tony Robbins suggests your leadership is one of the most significant factors in effective team building. When you set clear expectations of your staff, you’re letting them know you expect every team member to perform at a high level every single day on the job.
Strategy 4 – Maintain Strong Relationships
What’s your plan for maintaining strong relationships among your team members, with your customers, and in the community? Total business success certainly includes those.
When you’ve hired a strong team, for example, plan to keep them by paying them well, giving them opportunities for growth within the business, and building rapport through positive interactions and team building exercises. Outline customer perks as well, and plan for your company’s engagement in the community. Strong internal and external relationships are key to your success.
Strategy 5 – Stay Financially Fit
I often tell my own story of struggling to know my financial numbers for years. When I sold real estate in New York City, I found it easier to get by without being a stickler about my books. Then, when I bought a printing company in North Carolina, I should’ve been in the know at all times, but that was not a strength for me.
More than a decade later, I have a financial team in place — a bookkeeper, a banker, a financial advisor, and a CPA. These professionals are essential to my success, and I encourage you to put a financial team in place, too, if you haven’t already. Staying fit financially is critical to your total business success.
Success in business starts with your goals. Where do you envision yourself a year from now? Five years from now? Use these strategies to set yourself up for total business success.
And if you need accountability, guidance, and encouragement along the way, reach out to the experts at Growth Academy Coaching. We’re here to help!
