After many years of coaching business owners to success I have noticed an oddity. Once their business is established and providing a measure of success there seems to be a temptation to let it run itself.
In reality, you need to review your progress on a regular basis, to make the most of where you are and determine where you want to go.
You will need to monitor your success consistently.
It is obviously important to monitor the numbers - the money. Cash flow and profit margin are key performance indicators (KPIs) that require your undivided attention, but there non-financial factors that are also key in determining your business success.
Here are some areas that also need focus during business coaching engagements in order to ensure business success:
Your Employees - Your team's morale should be high - they should be happy. Negativity needs to be addressed and quickly. Not only do you want a team with the best people on it, but also a team that is fulfilled and productive. If morale seems low, address it and resolve it. Communication is of the utmost importance.
Your Customers - You want satisfied customers, so ask them. In addition to analysing the market and reviewing the competition, you need feedback from your customers. Content customers deliver repeat business and referrals, exactly what you need for business success.
Your Innovations - This tracks back to your employees and your customers. Your employees should always be encouraged to innovate both products and services. They understand how to do so by engaging with customers and delivering improvements to your existing products and services.
Your Business Plan - As a business owner, you should have a well-thought-out business plan in writing. If you don't, stop right now and create one. If you do, keep in mind that it is alive, just like your business, and it should be periodically reviewed and adjusted to meet changes in the marketplace, the economy, and the competition. Your business plan is your roadmap to business success.
Your Passion - Your business success is dependent on your passion for what you do. Check your attitude regularly and make sure that you still love what you do!
Monitoring your business success is ongoing. It is something that you must do constantly. It is important to remember that cash flow and profit margin are vital, but so are your employees, your customers, your business plan and innovations, and your passion for what you do.
Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.