At the start of every calendar year all business owners should review and update their business plan. Like replacing the batteries in your fire alarms on every April Fools Day, you are mad if you don’t and it could be potentially fatal!
Here are some tips:
Revise your business plan – Ok so most people go “BORING!” but for two big reasons we recommend this over and over again. (1) It is a good exercise to work on your business and think about what you have done and where you are going and (2) the best thing about reviewing your business plan is the action points that arise as you do it. You think about what needs done, when it needs to be done by and then get it done! Simple, no mucking around, just do it! Crucial stuff so make sure you always review your business plan as often as practicable.
Accept that you know what you don’t know – Accept that you aren’t a marketing guru or a HR manager and delegate the tasks that don’t interest you and aren’t your speciality to someone who loves that subject. For two reasons (1) they love it and you don’t and (2) your time is better spent on stuff you do enjoy and are actually good at – double whammy winner!
Outsource to save money and increase profits – Our overseas friends have taught us a lesson, outsource the tasks that you don’t have the expertise or need for full time employees to complete. As I explained to a principal in a law firm, better we chase those bad paying clients for you than for you to do it yourself as not only are you wasting potentially billable hours you are also not billing for those hours – double whammy loser! Accept that you need to pay money for people to do things they are good at so you can concentrate on the things you are good at. This is optimising your operations for maximum profit.