November 1, 2018.
In This Series of Ten Tips Between Now and the Launch of the Mastermind Program you’ll get Coaching, Advice and Practical Recommendations on what You Can do to Improve Your Business Results Starting Today.
TIP Number 1: ” Take Control of Your Business. Don’t let it Control You.”
Some business owners and clients have asked me, “do you mean I should take a 1,000 foot view of the business, to better understand what’s going on?” While that’s a good analogy because it’s helicopter height and you see a lot more of what’s going on than at ground level, there’s a lot more to it. Looking at it from the reverse perspective, if you’re not controlling your business, then who is? A reasonable conclusion might be – your customers, suppliers, staff and perhaps even your competitors.
Here are some practical steps you can implement in your business immediately, to free up valuable time so you can focus on areas that should be a priority.
1. Take stock of where you are and where you want to be.
• Where are we today?
An honest, realistic assessment of the current situation
• Where do we want to be tomorrow?
Give time frames, e.g. in 6 months / 12 months /24 months
• What must we do to get there?
wp themes /> Specific, measurable and time-bound actions and steps that have to be taken to achieve the desired end goal
2. Ask yourself “how Healthy is My business?”
• What are the three keys to measuring the health of your agency? (i.e. Sales, profits, number of accounts, customer service, employee retention)
• Score yourself out of 10 (1 low, 10 high) for each of the three functional areas
• Review and discuss with your partner / senior managers
3. If you haven’t adopted Key Performance Indicators (KPIs) for your business
(I recommend 5 – 10 for Owners / CEOs), Select and Start Measuring them.
Some of those which have the greatest impact are:
– Total revenues and revenue growth
– Net profit (dollars and %)
– Working capital and cash flow
– Monthly Retention Rate (MRR) compared to MRR Expansion Rate
– Customer Lifetime Value (CLV).
US businesses: To get full program details for the Digital Agency Mastermind Program click here, or to guarantee your Space and Substantial savings, Register Now.
Canadian and International businesses: Click here
President and Founder
Professional Business Coach
BizGrowth Coaching Inc.
Phil was Google’s Business Coach for the Partner Academy Program for Canada and the US from April 2015, until its conclusion this Summer. He coached 65 Digital Agencies in that role and continues to work with Owners and CEOs today.