8 Reasons Why You Shouldn’t Make Profit One of Your New Year Goals
I know your probably thinking is he crazy, has he lost his marbles, isn’t that why we are in business?
Well if you are thinking that, then you’re right about one thing anyway, that is why we are in business. But making a profit is a consequence of a lot of other things in your business and in your life.
It’s not possible for you to say I am going to make X amount of profit this year and it magically happens. We all know that? There is a lot of “cogs in the wheel” to make that happen.
In reality we have to get a lot of things right to end up making a profit and if you get everything right then getting a return for your endeavours is a consequence of all that work. It’s inevitable, so there is no need to make profit as a goal, you need to make improving the core elements in your goal for 2018.
As I said it is not just about the business principles that you have to get right, it’s about you too. How you behave and your attitude in 2018 will not only affect you, your family but it will also affect your business and its employees and ultimately your relationship with your clients.
Instead think of these 8 areas of your business and make them goals for 2018
1 Make goals part of your 2018 goals
Don’t just make a goal for the year. Breakdown your goals into what you will do each quarter, each week and each day.
Keep reviewing how you are going. Are you on track? Have the goal posts changed? are the goals still relevant?
Every journey is made up of a series of steps, so start working out what those steps are. The more detail and how much you narrow down the goals the easier they will seem and you will hit them more often.
2 Be more disciplined
Make a pact with yourself that you will do 2 to 3 things every week that develop your business
As they say “Rome wasn’t built in a day”, you don’t have to solve everything in our business right now. Making small steps regularly and often will keep your business evolving and you get great satisfaction out of seeing the small changes that will lead to a more sustainable business by the end of the year. When you look back you will be amazed at the change and you won’t have the stress a major upheaval of your business will change.
3 Reduce 5 of your expenses by 10%
By reducing 5 of your expenses by 10% not only does it have the potential of adding between 2 and 3 % to the bottom line but it will make everyone sharper
Digging into your expenses can be an enlightening experience. You will find costs in your business you didn’t know you had and costs that you don’t need. Have a look through the history and see what has changed. Has the control of costs improved or taken a slide?
Don’t take everything on it will be too overwhelming and can potential cause chaos in your business. Just get results by making change small increments at a time.
Education is a way that most people in business see as a way of investing in themselves. But take a more holistic point of view on this one. Invest in YOU, by taking time out to do the things that you love doing and be with the people you love being with.
Even taking one day out a month, where you are completely selfish in what you do. No phone, no emails, no checking in, just you, doing the things that you love with the people you love doing it with.
Taking time out is a rarity in the business world. Its an area I personally really struggle in, but by taking time out your might find some pleasant side affects. With your mind free of stress and pressure you might find some of those creative juices flowing, you might even get that sweet taste of the entrepreneurial spirit return to invigorate you once again.
5 Get to know your customers
Take some time out once per month to arrange an extended meeting with one of your clients. Find out a bit more about them, what is the connection that you both share?
Not a sales pitch but a deeper relationship, a deeper relationship is a longer relationship.
Start by opening up a little about yourself. Tell a few stories, open the door a bit. Keep it honest, a bit of rawness within reason might gain you a new level of respect
Then you can ask them WHY. Why do they do what they do, what has the journey looked like.
No need to get too personal, but a mutual open discussion will put your relationship on a new level.
6 Take back something you gave away
We are all guilty of it and its normally the things that we hate doing. We employ someone to do the jobs we find, frustrating, boring or way too challenging. We abdicate not delegate.
Get back on the horse, I am not suggesting you should start micro managing one of your employees, but get more involved. Sit down with whoever does that for you and get them to teach you, get them to show you the magic of what it is that they do.
You will not only break down some of the hurdles that you had in front of you but your employee will be more engaged. Just make sure you handle the initial interaction with empathy, your employee might get concerned and defensive when you start showing an interest in area you haven’t previously
7 Narrow the focus
Get your team to cast aside some of the distractions that creep into any position. Get back to doing what it is they were employed for, get back to doing what their core focus is, the “purpose” for what they were employed for.
Your team will get laser focused and will get a new found drive without the baggage of those unnecessary duties.
8 Embrace Rejection
Go forth and pitch your business to those that you have always put off presenting to. Sure, you may not get these prospects to become new customers, but they will never be if you don’t ask. If they do say no, ask them why, find out what it is that they want that your not offering. Ask them if you can stay in touch and then follow up with them. Time can change a lot of things and now that you have broken the ice you now have a new relationship to nurture and that makes the rejection a success in itself.
Here ‘s to achieving your goals, Have a great year