In this short video we look at the 5 key things you need to be doing in your business to optimize revenue opportunities.
There’s a few things you most certainly need to have a clear line of sight on to ensuring your being the CEO in your business and maximising profit potentials:
- Your business vision – is this clear? what does that look like, in 12months, 3 years, 5 years time? if you have any employees, are they clear on this, are they on board with this and are you all working towards the same goals? Your vision is what keeps you on track and focused on big financial goals. How can you get to where you’re going… if you don’t know where you’re going
- Sales – Are you clear on the average value of your client or customer? Do you know your best performing products or services? Is there an opportunity to increase this? On the flip side of that are you clear on the products and/or services in your business that don’t perform so well? Do you know what they’re costing you and your business?
- Operations – How efficient is your operations, ie the day to day running's of your business? Do you have documented policies or procedure that would allow your business to function without you in it? Where in your business can you afford to delegate or automate to get the biggest return on your time and money? Is there anything that you’re currently doing as the CEO that can be delegated? Because remember as the CEO your time is money
- Marketing – How visible are you? You can have an amazing product or service but can people find you? Do you have a strategy? What does that look like? Is it working? If you don’t have a strategy……..what action steps can you take to implement that?
- And lastly the most important, Financials – This is the thing that underpins the overall success of your business and ensures its sustainability and allows for growth. As they say, cashflow is king……..revenue is vanity……. profit is sanity! You absolutely MUST be paying close attention to your financials…this is an absolute non negotiable. This is broken into 3 main components, operational costs, tax requirements and profit margins. Do you know really know how much it costs to run your business every month? Do you factor in adhoc expenses? Do you know how much your average tax was last year and is that accounted for in your pricing margins? Do you have a solid margin for profit?Mismanagement of money is where most businesses fail so make this a priority.
So let me know your thoughts below or share with someone you think may benefit from hearing this.