Doing Business
Gwen Hill
What Stops You From Taking Your Business To The Next Level?
7 Ideas You Can Use To Get Unstuck
Admit it, you have dreamed that your business earns at least a million dollars a year. You see yourself providing jobs for your community and leaving a legacy. But, it is just not happening, right.
Often the problem is not the dream but the questions we don’t ask that keep us from achieving our goals. For example, let’s say earning a million dollars a year is your aim. What questions would you need the answers to for this to become a reality? How about, “How many additional hours do I need to work to earn a million dollars a year”?
That is a good question; however, not the only one that needs to be answered. But, it’s a good start. How would you respond? Before you go too far down this road, ponder this – to determine how many more hours, need to be worked you should have an idea of the number of hours already worked.
Seems simple, doesn’t it? This is a common problem among entrepreneurs seeking business success. They are so focused on what they want to achieve they forget to assess their present state. At times, they are stuck when identifying what their next steps should be. To make more money, you need to get unstuck. This happens when you get clear by asking the right questions.
Consider this; if you used your phone to get directions to the local mall, wouldn’t the app start with your location? Getting unstuck requires similar information. You need to know:
1. Where your business stands today? Do you know numbers? Take a look at your profit and loss statement, receivables, payables, overhead costs (including payroll for yourself and your staff). Do you know what your business netted last year?
2. What would need to change to increase the net by 5% or 10% in your next fiscal year? Would you need to increase your prices, develop new products, decrease your overhead? Or would it be better to add new customers, spend more on advertising; what about marketing on line?
3. Ask the Stop, Start, Continue Questions. What do we need to stop, start, and/or continue doing to increase our market share? If a process or practice is not working, STOP doing it. If it is working CONTINUE doing it.
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