Avoid Burnout
Every business has a lot of moving parts and many entrepreneurs feel like they have to choose between failure and burn out. But what if there is another way? I think it is possible to be more productive with a lot less effort when you have your priorities in order and can be strategic with your time and resources. Having a business plan is important but not just any plan will do. The plan has to have clear specific goals that will make a positive impact on your business. It should include research as well as marketing and sales goals.
Here’s what you need to include in your business plan:
Set Clear Quantifiable Goals
This is the first step to achieving any successful plan. You need specific goals that are measurable so you know when they’ve been achieved. It also helps if they have a timeline and some form of progress indicator, like responsibilities or tasks, assigned to them in order for you to measure your success as you go. For example, you can set a profit goal and set tasks related to sales of specific products or services that have the profitability margins you will need to achieve your goal.
"If we try to focus on everything, we focus on nothing." -John Doerr
Decide How You Will Measure Success
Not only do you need to know what your goals are, but exactly how they will be measured or considered successful. Key performance indicators (KPIs) can measure a lot of different business aspects like time spent on projects and social media interactions for example, so decide which ones work best with your needs. A common measurement recommendation I like to make is to measure social media growth by an increase in engagement vs just views or followers because engagement is an indicator of an increased likelihood of a prospect’s intention to buy.
Prioritize Tasks Based on KPI’s
Once you know what your goals are and how they’ll be measured, it will be easier to decide which tasks need more attention. Key performance indicators can also assist with prioritizing work because if a certain result is the goal of many KPIs then that task needs to get top priority. If you also prioritize your budget around KPI’s you will likely get a greater return on investment.
Recently a client asked me for help prioritizing video content production and after evaluating KPIs across sales and marketing we identified the video topics that could support goals in both areas and gave those priority above the other video topics. The time and resources spent on those projects yielded a much quicker return on the investment. This is an example of how important it is to make sure that the time and effort spent on a task matches up with its importance to the business
Focus on Profits Over Sales
Making sales can be exciting but sales are not always synonymous with growth and productivity. In fact, too many sales can hurt your business if they have low profit margins and result in increasing expenses or overhead. Prioritize products and services that have higher profit margins so your sales will leave more money in your pocket. You should also continually look for ways to reduce your production costs.
Delegate to robots
One simple way to lower production cost and increase productivity is by automating your processes. Our friends over at Mobile Pocket Office like to say, “Be human where it counts, otherwise automate.” Automating a few tasks a day could help you save hours and even days of work each week. There are countless platforms you can use to automate your tasks. Here are a few of my favorites:
Automate email with Ontraport
Automate project management with ClickUp
Want more ideas like these for your specific business? Let’s talk! Book a free consultation and let’s talk about creating a business plan for your business with actionable steps and clear quantifiable goals.
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