7
Business Testaments for
Small Business
Success
What is your Business Reality?
Where is your business currently falling short?
Why are you so stressed?
When did you last have a holiday?
Who do you turn to in times of trouble?
www.johnstringer.com.au
7 Biggest Spoilers for Small Business Success Hi, I am John Stringer. Over the last 30 years I’ve had a lot of hands-on-experience, working with a wide range of businesses. Each faced their own unique challenges. What I’ve discovered is that at one point or another, small business owners feel stretched, stressed and sapped – even to breaking point. If this sounds like you, you might want to look at the cold hard facts. Are you: 1. 2. 3. 4. 5. 6. 7.
Working Long, Insane Hours? Lacking Business Clarity? Suffering from Poor Cash Flow? In a Productivity Rut? Sick of Sloppy Business Processes? Grappling with Employee Apathy? Stressed and in Poor Health?
Running a small business is not easy. With the demands of meeting daily challenges head on, there are times when you feel like you’ve run into a brick wall. Maybe your confidence is shattered. You could be worrying about how you’re going to make ends meet and you struggle to pay bills on time. You could be feeling exhausted and stressed without even knowing why. You know you’re good at what you do, but you’re overstretched in terms of the hours you’re putting into your business. I want to help you get through all this. I want to show you how to uncover the full potential locked up inside your business. My passion is business performance. The smart way. I love nothing more than taking businesses like yours, from ordinary to extraordinary.
Read on for some awesome tips to help you get things back on track!
1
Working Long, Insane Hours?
“If people knew how hard I had to work to gain my mastery, it would seem not so wonderful at all” Michelangelo Buonarroti
Is running a business sucking all of your energy? Are you working more than 50 hours a week just to keep things going? You don’t have to consult an oracle to know that you can’t keep going as you are. Doing long hours is often a sign that internal systems and processes aren’t working. Or maybe you don’t have any systems at all.
SOLUTIONS •
You need to use your limited time wisely. Take action by auditing your business and uncovering the core reasons why you’re working consistently long hours.
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Working with someone like a Business Performance Mentor can provide you with a much needed ‘third eye’. They will help you develop the right strategies to turn things around and get your life back.
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Your family is your WHY. WHY you do what you do. You built your dream business, to provide and care for them. To see your family dreams come true. Spending time with them at the end of the day can be invigorating – share that time while it’s there to be had.
2
Lacking Business Clarity?
“The two most important days in your life are the day you are born and the day you find out why.” MARK TWAIN
Clarity of purpose is absolutely vital for business success. While operating in a fast-paced environment, you can’t waste time trying to work out what you need to be doing. Lack of business clarity is one of the silent killers of small business. Before you know it, profits are down and things are spiralling out of control. If you find yourself in this situation, failure might be just around the corner.
SOLUTIONS •
Time is valuable. So is working on your business. Take the time to work on your business and clearly define your purpose. This creates new impetus and motivation, not just for yourself but your team as well. Highlight the benefits you bring to the market place and your unique value proposition.
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You’ve heard the expression the Third Eye – it expands your vision. Having someone else look at your business with you, like a Business Mentor, might just help you get clarity in areas where you’re blindsided. So don’t be afraid to reach out for help.
3
Suffering from Poor Cash Flow?
“An investment in knowledge pays the best interest.” BENJAMIN FRANKLIN
Cash flow is like oxygen to a business. It’s what makes it tick. Problem is, events beyond our control can have an impact on cash flow, depriving it of its vital oxygen. Maybe Customers not paying on time which eats at your profits and damages your credit terms with your suppliers. Regardless of the cause, poor or erratic cash flow can lead you to start making rash decisions, and increase your stress levels (yes, it sucks!). So how do you get this fundamental of business success right?
SOLUTIONS •
Wrap your head around your business numbers, including profit and loss reports. Bank reconciliations must be up to date. You need to able to see and review how your business is really performing.
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Many business owners find it tough crunching numbers. If you’re one of those people that feel sick to your stomach at the thought of dealing with your finances – or constantly put them off to do other things – it might be a relief to know there’s help out there. Work with a professional who’ll help you understand your basic finances and overcome your fear of numbers.
4
In A Productivity Rut?
“Pleasure in the job puts perfection in the work.” ARISTOTLE
Employee productivity is a cornerstone of business success. Happy and healthy teams translate into more efficient teams, which in turn allows your business resources to be used in the smartest way. Best thing is there’s a snowball effect. Enhanced productivity leads to more profits, higher production, more stability, and so on. There are a range of factors that could be leading to poor, painful or declining productivity in your business.
SOLUTIONS •
Get rid of out-of-date equipment. This can slow down output, affect employee morale and other aspects of your business. Make sure you have equipment that’s highly functional and reliable.
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Design your work schedules to get the most out of your team. Make sure each staff member has the right breaks and time off, as high absenteeism is another killer of business productivity.
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Have clear boundaries around the use of social media at work. Left unchecked, this can be a huge distraction for staff and a downer on profits.
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Measure your productivity by setting up easy-to-use tools.
5
Sick of Sloppy Business Processes?
“Failure isn’t fatal, but failure to change might be.” JOHN WOODEN
Inefficiency costs time and money. In some cases, it can eat up to 30% of revenue, reduce the quality of your offering, damage team morale and drive your business into the ground. In the competitive world of business, there’s no room for sloppiness. Not being smart about everything you do gives someone else an opportunity to gain at your expense.
SOLUTIONS •
Streamline, reduce waste, make savings and get things right – the first time. Doing it three times over isn’t what your business is about.
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Be prepared to ‘muck in’ to work out where your business has inefficiencies. By improving processes, you’ll unleash the potential for improvements and profitability.
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You will show leadership to your employees and gain a huge amount of respect in the process. In turn they could help improve things.
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Working smarter is a collaboration. Ensure your team is clear on tasks and is held accountable for following through. Pitching in together can have profoundly positive impacts for everyone.
6
Employee Apathy?
“The secret to successful hiring is this: look for the people who want to change the world.” Marc Benioff
Employee apathy is every small business owner’s worst nightmare. It’s not just the people who are unhappy or disgruntled that you’ve got to worry about. It’s the ones who are nonchalant. They’re simply going through the motions, annoying the tripe out of you and sucking the goodness out of your business. It’s not necessarily your fault, but you get to clean the mess up because if you don’t, life isn’t going to be pretty.
SOLUTIONS •
Make sure you have streamlined policies and procedures so everyone is ‘on the same page’. Having everyone aligned with the company vision also helps motivate individual performance.
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Check in with your team to make sure they’re engaged with their work. Take pre-emptive measures by investing time in the hiring process. By having good staff selection polices and procedures in place, you’ll find the best fits for your work culture.
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A business is only as strong as its people. If you don’t care about what’s going on, why should your staff? Your leadership is paramount, so lead by example.
7
Stressed and in Poor Health?
“The only way around is through.” ROBERT FROST
Being a small business owner is challenging. When you dived into business, your role didn’t exactly come with a job description, so it was impossible to imagine all the stresses that would come with it. If you feel like things are spinning out of control and your health is taking a hit, don’t procrastinate. Take action before it’s too late.
SOLUTIONS •
Celebrate your wins when they happen, even when they are small. Accept what you cannot control as this will help you remain calm when you least feel that way.
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Try and avoid knee-jerk reactions. Take some time out to think through what you need to do to achieve the best outcomes.
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Learn to delegate. This will free up your time while allowing others to step up. Sharing the load and growing others into your business is a huge stress relief.
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Seek help from others. A big part of success is acknowledging that sometimes failure comes with the territory. Whether it’s a friend, family member or business mentor, having an ear to bend and sharing ideas can really help to reduce stress.
ABOUT JOHN STRINGER
Getting your business out of a tight situation is easier said than done. When the cracks start to show, it’s tough to imagine how to meet the unrelenting demands of your business. As a business owner, I face the same sort of challenges you do, every day of the week. I am very much aware of how demanding being a REAL, LIVE business owner can be. As a business performance mentor, I’m here to provide you with real and practical solutions. I like nothing more than helping other business owners get things back on track and turn their fortunes around for long-term success. I combine a no-nonsense, roll-up-your-sleeves approach with wisdom gained from more than three decades of industry experience. My goal is to look at how I can dig you out of your hole and turbo charge your business performance. I’ll help you get your life back while having a business you love. No two businesses are the same. There’ll be some values you are not willing to part with, and I understand that. While I won’t hesitate to challenge you, I have a reputation for respecting the choices my clients make. You will find that there’s an important difference between having a business coach and working with a performance mentor. I am not here to change your entire business from the ground up. I am here to walk alongside you. To ensure your ideas and systems are sound. As your accountability buddy, I’ll ensure you’ll do what you say you’re going to do.
If you’re interested to find out more, or for a free business strategy session, feel free to give me a call.
Taking your Business from Ordinary to Extraordinary. Book your FREE Business Diagnostic Session with John.
John Stringer M 0408 729 507
www.johnstringer.com.au