3 Must-Have Aspects for a Successful BusinessJan 18, 2023
Today, I want to explore what freedom in your business might look like. I'm passionate about helping owners be more profitable, reduce the chaos in their businesses, and build something that'll be worth a lot of money when they decide it's time to move on.
Here are some questions that come up all the time: What can I do to get a better grip on my business? What can I do to get my team more engaged? What can I do to like my business more? I believe it comes down to three main areas: finance, team engagement, and a systematic approach.
First, get a very strong understanding of your financials. Learn how to read your P&Ls, AR, and job costing reports. If you're not already doing it, start tracking labor and materials to jobs so you can run job cost reports. Finally, start reviewing your financials regularly. Put it on your calendar and review financials monthly by yourself and with your team.
"Document your process so that you can delegate it at some point."
The second big category is team engagement. To elevate your team's level of engagement, build a plan, set goals together, and have a monthly goal review session. When your team is part of the plan creation, they'll be much more engaged. Lastly, create an incentive plan that drives the type of performance that you want from your team members, from a financial and customer service standpoint.
The final category is your systematic approach. Have a systematic approach for everything in your business. When you are doing a task yourself, document the process you're going through so that you can delegate it at some point. You can also create a challenge with your team for who can come up with a documented system for something that needs to be systematized in your business and give out a prize for the best one. Lastly, have a short team brainstorming session on everything that the team feels could use documentation and a systematic approach.
If you'd like to talk about this topic or about my coaching program, click here to book a call with me. You can also reach out to me by phone or email. I look forward to hearing from you.
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