The Tribune

It is not unusual for business owners to feel stuck at times, especially if sales are declining, and you feel like you are in a rut. When this happens, you may need a new set of eyes to help you find ways to reenergise and grow your business. At some point you may have to ask the question: “How do I get to the next level?” The answer could cover a day-long workshop, but here are a few options you can take.

Set clearly defined directions

Establish clear, meaningful goals and milestones, and define the strategies that will get you there by answering the following questions:

• Do your employees know where your company is headed?

• Do they understand what actions they need to take to move in that direction?

• Do they know if you are on track to achieving the most meaningful results?

Communicate

Regular communication, feedback and support are essential to achieving superior results.

• What communication tools do you use to reinforce trust?

• How do your employees interpret your communications?

Mind the numbers

Imagine playing a competitive sport with no access to statistics or scores, and no way of knowing if you were winning or how to make helpful changes. Before you can begin tracking data for business tools, determine which methodology is best.

• Are you focused on the right result drivers?

• How do you ensure that you are tracking meaningful information (and not just numbers)?

Anticipate the future

Evaluate past and current results, and anticipate the future so you can make it happen.

• How well are you identifying opportunities and threats?

• How reliably can you project results?

• What business tools do you use to get the best results?

Identify top-performing players

Processes are critical, but it takes the right players to make your team truly successful. As a leader, it is crucial to know how to place (and coach) your top performers. You will always reap the best results by “putting your best players in the game changer positions”.

• What are your game changer positions?

• How do you ensure you get ‘A’ grade players in those positions?

• How frequently do your key people receive coaching?

Keep it moving

Small changes often add up to big results. Analyse your current structure to find ways to improve and keep it moving.

Keeping employees happy

Employee morale is vital, and you must ensure your staff feel valued and appreciated. “If we keep our employees happy and engaged, they will keep our customers happy, who would then reward us with their loyalty,” so the saying goes. “That repeat business helps our bottom line and creates value.”

• Are you measuring employee and customer satisfaction?

Build in downtime

This is not vacation or “off” time. This is time away from working in the business to work on the business. This is used to review data, and plan for the next day, week, year or whatever timeline makes sense for your business. This is a good time to strategically plan and have insight into small problems before they become major issues.

Advisory board

Forming an advisory board to boost your business performance and provide fresh ideas is an increased value to a business.

Ask and share

Never hesitate to ask questions from other business owners for fear of looking like you are not the expert. Truth is, you are not the expert; you are the entrepreneur. Be willing to share business knowledge. It is in the exchange of information that others perceive your confidence in building a business, and new partnerships are discovered.

Develop a strategic plan

Develop short-term goals and create a plan that will help you achieve them. Ensure that your plan considers the resources you may need: Cash, people, equipment, inventory and additional operating costs. Set the metrics and monitor them to see if you are meeting your goal. If not, find out why? Is marketing not working? Are you targeting the right customer segment?

Do not go it alone

Build your team of counsellors who can offer input, join in your celebrations and help you find the light at the end of the tunnel.

What is the risk?

Reaching the next level can involve growing pains, but with these steps you can be ready to tackle the growing pains that stand in the way. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com

ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained Graphic Designer/Brand Marketing Analyst, Author and Certified Life Coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.