MODERN FINANCE
1
Know your Numbers. If I want
to drop to 60kgs I need to know
my starting weight. It’s no different
with your business. You need to
understand what your current
numbers are so you know what you
have to work with.
and commit it to paper (or computer)
and then get started.
4
Know what you want them
to be. Knowing your numbers
is great, but working out a goal for
what you want them to be is even
more important. Once you’ve worked
out your retention rate, conversion
rate, leads, average sale price,
number of times customers do
business with you, net profit, debtor
days, etc then work out what these
numbers should be and by when.
Work out a 90 day plan.
Once you’ve completed step
three it can be daunting to know
where to start so work out the
activity that is critical to do first.
It’s no different to a training plan or
a weight loss plan – it’s breaking it
down into those activities you need
to do in your workplace tomorrow.
That might be having seven meetings
a week with potential clients, making
six cold sales calls or reviewing your
pricing and creating a new price
structure. Just figure out the next
steps, the date and commit to doing
those things in your first 90 days.
3
5
2
Know what you need to do.
Hoping the numbers will improve
is not a strategy. Work out the steps
you need to take to make it happen
Stay on Track. There is a
reason weight loss programs
make people weigh-in on a certain
day every week. It’s so they can be
held accountable and can tweak
their activity if they’re not getting
the results they want. Why should
it be any different in your business?
Create weekly, monthly, quarterly and
annual milestones and then check in
weekly to make sure you’re on track.
If you’re not hitting your targets, alter
your activity before you abandon
your targets.
6
Start Again. Every 90 days
work out your next lot of activity
and keep going. That’s because
success isn’t a magic pill – it’s a
training program committed to and
performed daily. It’s a habit.
Finally, get help if you need it.
There’s a reason why professional
athletes have coaches. Sure they
might be able to do it by themselves
but it’s much easier when there’s
someone there pushing them along,
helping to correct any imbalances,
celebrating with them and keeping
them accountable to what they say
they are going to do.
Melissa Browne is a money and
business strategy expert and founder
of A&TA and The Money Barre.
Melissa works with small and medium
business owners to save tax, grow their
business and reduce their stress. She
is the author of More Money for Shoes
and Fabulous but Broke. For more
information visit www.byata.com.au or
contact [email protected]
May 2016
ModernBusiness
33