Like many people and businesses the last few years have not been the best. There are a few exception are you one of them? If so don’t read the rest of this.
All 3 Strategies tie together. I don’t know how you can do one without the other.
Since it is so close to the end of the year have you hit your target sales number? If not did you spend time at the beginning of the year to figure it out? No, huh? Why not? How do you know you can’t do more? Oh wait you don’t want to pay more in taxes, that’s right. You realize the more income comes in the more income there is to spread around. In other words its a lame excuse.
You remember when you started the business do you write a business plan? I hope so, it is not too late to start one. You want to know where the business is going and who your competition is. How are you different from your competition and what your USP (unique selling proposition) is.
Productivity is putting your goals into place and acting on them. With the downsizing over the last few years many companies are doing more with less people. How can you achieve that? Through innovation? Technology? Combination of both?
Technology is away advancing. When I purchased my first property digital cameras were just coming out and they cost a lot. If you wanted to take before and after pics at tenants turnover you would have to purchase an expensive camera or use film and then develop it. Now almost all phone come with a camera.
Another example is the credit card. There used to be no way for a small buy and hold investor to take credit cards. It was all expensive and you needed a phone line, meaning not portable. Now with several different manufacturers produce this little card reader that goes on your smartphone, you can take credit cards now. No upfront fees all you pay is a transaction fee as well as your cell phone bill.
Innovation is how are you doing things better than your competition it works in conjunction with your USP. Are you creating a new problem that people did not know they had? Are you willing to integrate a new technology into your business that you know now idea how it works as long as it make you more efficient..
In a recent Yahoo News article a man hired a person to slap him every time he went on Facebook. He claims that his productivity went up 90%. Now is that being innovative? Productive? Or is that a way to achieve his goals?
The last step is Education.Where are the trends in your business? Is your business as a group growing, stagnant, or going down. What will that mean for your business? Are you up to date with technology if not that is something you might want to consider learning.
As business owners you should take a personal inventory of what you know and where you want to see the business going. To see what you are lacking. Then is that something you want to learn or do you want to hire it out? No one said running a business is easy but if you run it the right way the payoff can be immense.
I am open to hear your ideas PLEASE post below
Image courtesy of Danilo Rizzuti / FreeDigitalPhotos.net