There are so many things that make a business successful. Here are 5 that we think are important (not in order of importance!):
- Develop a realistic but challenging budget and compare your actual numbers to your budget. Determine why there are differences.
- Develop a dashboard of key metrics for your business that you want to follow and have your bookkeeper update it at least monthly for you. Include financials but also marketing and sales metrics.
- Develop written procedures for all the key processes you have in your business. Review these at least annually to see how you can make them more effective/efficient or if you need to do them at all.
- Create a one page business plan and review and update your action plan weekly.
- Think outside the box. Just because someone is not doing it doesn’t mean it’s not a good idea. Remember – if you always do what you’ve always done, you’ll always get what you always got!
What tips would you give to business owners?