Are You Fully Utilizing Your Technology To Achieve Business Growth?
Using Technology to Achieve Business Growth
My wife and I recently took our son to Sesame Place. When we submitted our e-tickets at the entrance to the park, a fingerprint was taken of our index fingers. When I asked why, I was told that this would be a way to confirm our identities in the event that our son wound up in the “Missing Adults” office.
At the time, I was really impressed that this theme park was using a fairly sophisticated technology to address a very important business issue – child safety. That got me thinking about whether most business owners are making full use of the technology they have available to them.
Here are a couple of technology related things that any small business should be doing – If you’re not doing them, you are leaving money on the table:
- 1. You use Quickbooks, but have you actually sat down with your bookkeeper to determine which financial reports you should be printing off WEEKLY to determine the health of your business. How about using multiple years of Quickbooks data to determine which are your most profitable months and more importantly what are least most profitable months so you can determine what to do about making them more profitable?
- You have a database of clients, but how often do you review the list to determine if all your client info is up-to-date and which clients have not purchased from you in a while?
- Are you making full use of LinkedIn? Are you actively mining your contacts’ contacts to see if there are any potential referrals that can be made on your behalf? Same for Facebook. And have you joined various organization groups on these sites to identify networking opportunities.
- Are you posting testimonials on your website, asking for testimonials on LinkedIn and posting videomonials on your website – if you have a website – as well as Facebook?
- Do you have a blog, and an e-blast system in your e-mail software so that you can keep your clients informed of your full range of services and offerings?
- Do you use Constant Contact or other electronic marketing vehicles to reach your past and current customers?
If you are NOT doing at least these six things, you’re putting yourself at a disadvantage in the marketplace. Most importantly, they are either NO COST or LOW COST ways to generate warm leads and increase sales.
Would you like to receive a free evaluation of how effectively you’re using systems to maximize your profitability?
To make a difference in your business you have to change the way you do things. It begins by having a business coach evaluate your business.
To get started today click the link above or call us at 203.210.7003. We look forward to helping you grow your business and making the kind of money you always thought possible.
Do you have a current business plan?
What are the 3 types of business plans every business owner should have?
As a business coach, I am constantly asking my clients “what if” and “tell me more” questions. I know it’s my obligation to test and measure everything they are planning to do in their businesses before they set events in motion that can prove not just costly but downright catastrophic. One of those things, something that I continuously pound on with my clients is to have a current (that means this year) business plan that they review at least monthly.
But did you know that there are actually three different types of plans for a business that all are critical?
1. The most fundamental plan is your annual business plan.
We offer an annual planning process called GrowthCLUB where we take our clients out five years and then back their planning down to three years, one year and then one quarter, so they not only have longer-term vision, but also current goals, strategies and tactics that they can immediately set in motion.
As the old Asian proverb states, “If you don’t know where you are, then you can’t tell where you are going…”
So if you’re a business without a business plan you are subject to the whims of the marketplace rather than in control of your own destiny.
2. Special Situation Planning:
These plans contemplate the truly catastrophic “what ifs” that can affect your business.
- If you are suddenly taken ill do you have a process for notifying clients?
- Do you carry business disruption insurance?
- Are your files and data backed up?
- Does your business partner, or your spouse, have access to all your financial data, keys, usernames and passwords so that they can access financial records without getting a court order?
- If you die suddenly, have you selected a friend or family member to run your business, or are you just going to let it collapse in a pile of debts?
Any one of these “what ifs” can not only stop your business in its tracks, it can prove fatal to your business and financially detrimental to your family. You should routinely plan for special situations and even run scenarios at least on an annual basis.
3. Succession and Transition Planning:
- Are you prepared for the day when you want to retire, or at least reduce your workload?
- Do you have a successor lined up?
- Are you contemplating a transition or sales strategy?
You should be thinking at least 10 years out on these types of issues because it can take that long to put the right mechanisms and people in place to support your goals. So if you are older than 40, start thinking now about what you want to do with your business when you are ready to move on, or reduce your involvement. Because we all know that times moves faster than we want it to.
If you are interested in discussing any of these plans, contact ActionCOACH Business Coaching at 203-210-7003 and set up a Complimentary Coaching Session.
Don’t wait to start planning. Don’t plan in your head. Get your plans on paper as soon as possible.
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