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eo cincinnati, entrpreneurs cincinnati, cincinnati entrepreneurs, cincinnati entrepreneurs organization

eo cincinnati, entrpreneurs cincinnati, cincinnati entrepreneurs, cincinnati entrepreneurs organization
eo cincinnati, entrpreneurs cincinnati, cincinnati entrepreneurs, cincinnati entrepreneurs organization
eo cincinnati, entrpreneurs cincinnati, cincinnati entrepreneurs, cincinnati entrepreneurs organization

EO Cincinnati Blog

Six Tips to Improve Your Business in 2015
Posted By:  Jill Claire
Sunday, January 4, 2015

Published by EO Cincinnati Member Crystal Faulkner
[ORIGINAL ARTICLE HERE]

Happy New Year! Traditionally, business owners start the year with resolutions and goals. In many cases, however, when the end of the year rolls around those resolutions and goals are long forgotten. For 2015, consider the quote by Wayne Dyer, “If you change the way you look at things, the things you look at change.”

Explore a different view by rethinking and reinventing the way you run your day to day operations in an effort to gain more efficiency, increase cash flow, reduce expenses and maximize the value of your business. As a result, your resolutions and goals might naturally emerge. Analyze the financial, performance and behavior metrics of your business and use that information as a catalyst to make internal changes.

Here, There and Everywhere

Where are you going? Where do you want to be one year from now? Three years from now? Ten years from now? As an entrepreneur, it is your job to anticipate and plan for the future so write your vision down on paper. Be as specific as possible when thinking about what your business will look like. For example, identify how many offices you will have and where, how many employees, revenue and profit amounts, etc. Get your management team involved and allow them to participate in the process.

Share and Share-Alike

Communicate the company’s vision and core values with your entire organization. Ideally, you should review your vision and core values at weekly or monthly staff meetings. Your team needs to know where you’re going so they can help you get there. If you don’t already have consistent meetings with your management team and staff, make it a New Year’s resolution. Make the meetings mandatory, have an agenda (and follow it), start on time, and end on time.

What Gets Measured Gets Done


Once your management team has identified your company’s 2015 financial goals, create a written list of specific issues and challenges that must be resolved in order to achieve your one year plan.   Prioritize your list and assign the most important ones to specific individuals in your organization along with an agreed upon completion date.  Monitor progress weekly to ensure the responsible person is on course.  Use a scorecard to track the progress of your organization weekly, monthly and quarterly.  As issues are resolved and removed from the list, add others with the next highest priority for your company to be on track to achieve the one year plan.

Reward Behavior

Develop a strategic reward system that addresses compensation, benefits, recognition, and appreciation. To do that you must first define specific goals, give clear direction, and explain how the reward system works. Incentive compensation plans should be used to direct employees’ behavior so they will help the company achieve its objectives.  Rewarding behavior can be challenging. Ask yourself “What am I compensating my employees for? What behaviors do I want to reward?” Your system should reward and recognize the type of employee performance and behavior you want to reinforce. Ultimately, your reward system should result in a new-found purpose and motivation for your business and your employees with a healthy workplace where everyone feels appreciated.

Right People, Right Seats

You must have the right people on the bus. If you haven’t conducted employee reviews in the past twelve months start now. Make employee evaluations mandatory and consistent. You should be providing feedback and direction to your employees on a regular basis otherwise they have unclear expectations. Management tends to gravitate towards employees who are reliable and get things done. As a result your most productive employees become overworked and spread too thin while your unproductive employees are simply taking up seats. Take the time to determine if you have the right employees, performing the appropriate tasks for your business.

Systematize and Standardize


Creating and documenting businesses processes and procedures takes time.  However, systemizing processes will create efficiencies that can boost profitability and help your business grow. Take the time to understand each process, assess the effectiveness and then implement the most efficient steps to reach your end goal. In addition to saving time and money, developing systems, which should be followed by everyone, can ensure that clients receive a consistent and high-quality experience.

By consistently and purposely working on your business (not just in it) you will lead your business and your team to incredible heights.



 
 
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