Plain and Simple: Bright Business Insights Spring 2018 | Page 3

WANT A WINNING BUSINESS? GET A WINNING STRATEGY 5 Not-So-Secret Secrets Of Successful Businesses From flat profits to untapped potential, what’s holding your business be stationed in the wrong place to keep your business stagnant. While down? Keep reading for some ideas that will help you manage your uncomfortable conversations aren’t fun for anybody, they are essential business’s structure and strengthen your bottom line. if you have goals of moving your company forward. Clients have had 1. Embrace Delegation You have two choices – either do it yourself or hire someone else to do it. When deciding which choice is best, consider your strengths and those of your key employees and where your time would be best great success through our Predictive Index for workforce assessments and management. This tool can help with evaluating new hires and existing employees as well. 4. Invest in Processes and Procedures spent. Are you looking to take some work off your plate? Which team When a company is efficient and effective, the results normally take member could help lighten your load? Are you searching for somebody care of themselves. But if you’re not there yet, you’ve got some to take over a larger business function, such as HR, payroll, marketing work to do. Work toward putting systems in place for nearly every or IT? There are companies that specialize in providing these types of facet of your business – from routine functions to complex processes. services at affordable costs. You may be surprised to learn how much A common pitfall that business owners struggle with is missing the time you can reclaim with a little bit of delegation. details, and being oblivious to how much time they, and others, spend 2. Develop a Business Plan Oftentimes, owners choose to shun paper in favor of keeping their business plan “in their head.” Needless to say, this is not a best practice. A written, strategic road map helps keep your company in line, accountable and prepared for surprises – and is crucial for solid structure and growth. Among other things, your business plan should include where you want your sales to be in three to five years. chasing their tails. As a result, issues are only temporarily fixed in lieu of long-term solutions. Continual evaluation and investment in your systems and processes can keep you organized and moving in the right direction. Additionally, consider establishing a platform that keeps your company competitive and primed for growth as well as one designed to keep equipment updated, efficient and relevant. 5. Establish an Advisory Group Furthermore, your business plan should be a living document, one that It gets lonely at the top, but it doesn’t have to be. Consider surrounding can be revised and reworked as needed. Be sure to meet regularly to yourself with a core group of trusted advisors and other business ensure that yours is current and that it accounts for succession. owners. Or, you might institute a board; even the smallest businesses 3. Evaluate Your Team Are your aces in their places? Take an honest look at each team member’s strengths and abilities. All it takes is for one individual to find benefit in a governing body. A board usually consists of a group of trusted business professionals who meet a few times a year to review the business strategy and suggest ways to move forward. When looking for members, don’t forget to tap experts who are not currently connected to the business world or to your industry. You will benefit by hearing various opinions on a particular topic. For example, you might consider bringing in that retired business owner from your church or a trusted friend in a related industry. Having a good balance of internal and external members is important. Not looking for something so formal? You might consider pulling a group of respected peers and thought leaders together sometimes just to bounce around ideas. CEO peer groups have proven to be incredibly by: Kyle Stemple, CPA, CGMA East Central Ohio Regional President, Director of Manufacturing Services, & Lean Six Sigma Green Belt 122 Fourth St. NW, PO Box 1020 New Philadelphia, OH 44663 [phone] [email protected] valuable as well. I’d be happy to tell you more about the CEO peer group we’ve put together in this region or put you in touch with some of our participants. Give me a call anytime.