With the New Year comes a pause for reflection on the past year and contemplation of the year ahead. It’s a great time to consider your goals, intentions and possibilities for your business in 2016.
Let’s think about business management using a sports analogy. Although you have good technical skills to perform the work of the business, your job as the business owner is also to be the coach, not just one of the players. Often business owners are too busy playing IN the game to take the time to step back behind the bench to coach their team, and work ON the plays of the game.
1. Observes how all the players are performing
Here are some important questions to ask when considering your team: Are you intentional in your player recruitment/development? Do you have the right people? What are your team’s strengths and weaknesses? Are your people working as a team? What training is needed?
2. Monitors the stats
Monitoring the Key Performance Indicators (KPIs) tells you the stats of whether your business in heading in the right direction and allows you and your team to make changes on a timely basis. Some important areas to monitor include total sales dollars, number of new customers, average value per sales transaction, customer satisfaction, team engagement, etc.
3. Keeps track of the scoreboard
In a business context, your monthly financial results are the score board for each game. As the coach, you need to know whether you are on track for a winning season by monitoring these monthly results.
4. Keeps an eye on the competition
Review what your competitors are offering. Take time to evaluate your competitors’ strengths and weaknesses and consider your marketing strategy.
5. Evaluates the coaching staff
Consider your needs – every coach needs a coach. Although you have the technical skills to operate a business, have you invested in developing your management and leadership skills?
6. Devise the steps to improve performance and results
Do a SWOT (strengths, weaknesses, opportunities and threats) assessment of your business, then develop your strategy for moving forward in alignment with your vision for the business.
Resolve this year to get behind the bench and coach your team to a better 2016!
The team at Davies & Associates resolves to work proactively with you in a close relationship to influence your future business results, not just analyze the past. We will work with you to:
- Develop your vision and strategy;
- Analyze strengths and weaknesses, opportunities and threats;
- Determine the most important stats (KPIs) for your business;
- Develop a winning team; and
- Coach you, the business owner, to manage the business from behind the bench.