Step Three To A Better Business – Leverage
The articles outlines the Step 3 to a better business that will work without you. Imagine you calling the most senior person in your business and telling them you are going away for 3 months and will not be contactable. What business will you come back to? Learn from this business coaching.
So far in my business coaching ideas we have covered Step 1 – Destination Mastery and Step 2 – Financial Mastery which has been covered here in great detail.
What’s next? Step 3 – Leverage
This step builds the foundations to make the business less dependent on the owner.
It also helps look at the efficiency of every task and produce more with less man hours.
How do you start?
Firstly, look at every task that happens every week and document it either in word, audio or video whatever is relevant.
E.g. – Sales – who makes the calls? What do they say that gets the best result? Document by written scripts or video recordings of role plays amongst staff or live prospect meetings with permission. This is an important business coaching tip.
Flowchart the sales process and invite feedback on whether each stage is performing well and are they any redundant or missing stages.
If you take on a new employee and they have the above information, how much shallow is their learning curve?
How many less hours does the business owner or head of sales need to be involved with this approach.
The process of systemisation forces a business to find best practice and share it with all the team.
I have seen this process alone add 10% to sales via some systematic business coaching.
How can technology give you the information to make better decisions or save time?
If you are in retail and you do not have an EPOS system you have an opportunity to substantially grow profits. Such a system will give the information in minutes that takes hours to produce.
You can also have a better handle on staff, product and department performance with more information. Slow moving lines will be identified quicker and sold on. A good leader with skilled business coaching thoughts will encourage staff to set their own targets and measure their driving performance.
If you have a high number of customers then a CRM system is a must. It will give you the same benefits that an EPOS system gives retail.
I have seen profits grow by 100-600% using the above.
Delivery and distribution
If you document your customer delivery process it will help track issues quicker by greater transparency. Any business that has significant customer complaints that reoccur needs this in order to stop fighting fires.
Asking staff to set KPIs that you sign off will focus the team in the right areas. Some monthly business coaching and a weekly team meeting can ensure accountability of this type will drive this.
People and education
Regular training and documentation of recruitment and review processes will help improve staff retention and hiring success.