When is a good time to work ON your business? If not now, WHEN?

Tom CoffinsmartPRENEUR Blog Series

May is almost here.  It’s still a big question depending upon where you are in the Country, or the world for that matter, when your city will reopen for business. And. What the new world will look like. How long will it take to return to normal? Is there a new normal?

There are many things in this world you cannot control. But, there are things you can control. One of them is your process for doing business. It may be the single biggest difference between success and failure in most small businesses.

When the new normal comes, you will adapt. You will learn to sell using online video solutions such as Zoom and Skype. You will bring in new product categories to solve problems. This is key to being a systems integrator.

Some things to consider?

  • How will you choose your vendors?
  • How will you implement?
  • How will you reward and compensate your employees?
  • How will you scale?
  • How will you gauge success?

How will YOU define the business of doing business?

In my businesses throughout the years, I have always sat myself down for one or two days at the end of the year to define the questions I should be asking, the answers to those questions, what processes are required, and how do I measure success. Each quarter I’d look at those and reassess.

Boy is 2020 different!

2020 brings a whole new meaning to Guerilla Marketing, thinking outside the box, working ON the business instead of IN the business, and other interchangeable words we use to discuss our plans and intentions.

If not now, when?
Now is the time to do a SWOT analysis on your company. Now is the time to look at efficiencies and work out processes to cut time that does not bring in cash flow. In good times and bad, cash flow is king. In tough times, CASH FLOW IS KING!

Here is a short list of items to consider and analyze in your company that may prove to help you to emerge stronger after having gone through this disruptive time.

  • What vendors are important to me? (Less is more)
  • How can I maximize doing more business with fewer vendors?
  • What are the steps between getting a lead and closing a sale?
  • How can I reduce the time between a request for quote and cash?
  • How can I reduce the noise of meetings, emails, voice mails, phone calls, so that everyone understands their roles and when a sale happens it is implemented expediently?
  • How can I serve my customer better after the sale? (Your best prospect is the one that just became a customer).
  • How can I get 6.5 hours production from an 8 hour day?
  • How can I better measure my over and under billings?
  • How can I get invoices out and get paid faster?
  • How can I limit truck rolls?

As you invest your time into thinking through your business processes, it will pay you back many times over. Because most of us came from a technical background, we tend to want to dive into installation, maybe sales. These are important. But, please do not cut yourself short. Spend time working ON the business not just IN the business. Look at this time as an opportunity to take a fresh look at everything.

How can you maximize your business and get a 10% Net, Net, Net profit to fall to your bottom line?

About the Author

Tom Coffin

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Tom Coffin is CEO/President/Co-Founder of Simply Reliable. He has owned and operated companies in retail, security, Audio/Video, Systems Integration, and Home Automation product manufacturing sector.

Website:   https://www.simplyreliable.com