Are You Making it Hard on Yourself?
By Talmar Anderson
Have you been working on your strategic plans? So you’ve got your long term and short term goals laid out. Maybe your deadlines are based on quarterly milestones. You are excited. This IS going to be epic. You have big dreams and new products to launch. You are investing in industry specific education and growing your team. As you are spinning in your chair from the inspiration coursing through you, you notice the inbox and receipts pile. “It’s ok” you tell yourself. I’ll get to the last three months of paperwork later. Let’s get back to the shiny new stuff.
Hear that? It’s the sound of another year of making business hard for yourself running to slap you upside the head!
Before you go forward with new ideas (especially if it truly may be the “one” that puts your company over the top) you must KNOW your company. And I mean, know it inside and out. Not just “have a pretty good idea”…this saying is almost as bad as “it depends” for pricing models. (You can read about that stinker HERE).
So, do you know your company? Do you know which product or service brought in the most cash over the last 12 months? Do you know which product or service was most profitable over the last 12 months?
Do you understand that those two questions are different? Understanding the answers to even just these 2 questions can help determine;
- How to budget marketing for future campaigns
- Which new products or services should be launched first
- What position to hire for next
And yes, the list can go on. I think you get this point. But the real point of this blog post is that if you are not staying current with the “paperwork” in your business, you are creating your own chaos! That’s right, I’m calling you out.
Bookkeeping must be current to allow for real time profitability analysis and performance reporting. This leads into the metrics that the rest of your data and reporting can be measured against for true understanding of what does or does not work in your company. Once anything is 3 months behind, that is a WHOLE quarter of metrics, you cannot even consider it in your strategic plans. If it has been longer….well, you are throwing darts in the dark. Instead of poking an eye out, you are wasting company money and efforts basing plans on outdated numbers.
That example is not the only metric you need. Do you understand your current clients? (What do they have in common? What exactly are they buying? Why do they buy?).
You need to understand who is buying and who is not to buying to be able to effectively steer and grow your company. You need to know how your clients are finding you – exactly how they are getting to you!
Strategic planning focuses so much on the possibilities. It creates excitement, hope and motivation. However, if it is not coming from a place of insight and historical consideration then these plans are not really the strong decisions of a business owner. Without the understanding of how YOUR business has worked and currently is working, your plans are similar to buying a lottery ticket. Sure you made plans and took the step to purchase the ticket but you cannot significantly affect your chance of winning beyond there. Are you effecting change in your business? Because, you need to KNOW to GROW!
P.S. If you are interested in “Knowing” your business, working with Talmar It Up will help.
Talmar It Up’s Know to Grow program is launching in January. Send me a quick email if you want to find out more!