Small Business Minute #8- Checklists

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Successful entrepreneurs have long learned that identifying internal deficiencies can increase profitability far more quickly than the chasing new ideas.

These owners do not like waste. Wasted time, wasted effort equals wasted profits. Doing something over again because of carelessness, doesn’t sit well with them.

I’m not talking about the occasional mistake, heck, we’re all human. What I’m talking about is those recurring situations where individuals are just not paying attention, like sending a technician out after a job has be completed to adjust a setting or flip a switch that should have been done at the time of the initial install. Or what about the installer who continuously leaves items on the dock that then requires a separate trip to complete the job.

Creating checklists is a simple way of avoiding or least minimizing errors and errors cost money. When you consider a commercial airline pilot who performs hundreds of takeoffs and landings every year, you would think they could do so without a checklist, yet they go through the procedure every single time.

Adopting checklists may help you keep a little more profit in your pocket.

I’m Greg Weatherdon and this has been your Small Business Minute.

Copyright © Greg Weatherdon 2015

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Small Business Minute #7 – Growth For The Sake Of Growth

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Growth for the sake of growth is a dangerous strategy for most small businesses. By making revenue generation the prime mission of the company, it fails to take into account how the rest of the organization will execute the product or service delivery of the increased sales.

Assuming that everything else in the company will expand naturally as revenue grows, is wishful thinking. A small group of people can do amazing things when necessary, but as a company grows the need to add additional staff risks destabilizing a cohesive group as new personalities are added to the mix.

Additionally, the added requirements for cash or lines of credit may not be readily available when you actually need it most.

Lastly, how much of a sacrifice are you prepared to make? To be sure, success demands sacrifices, but the trick is to acknowledge what these sacrifices might be and who they impact, then have a conversation with all those affected to ensure you have their support and understanding.

Taking your business to the next level requires a full 360 degree assessment of your current business resources, identify any shortcomings and then put a plan in place to correct them.  But above all else make sure this is what you truly want

I’m Greg Weatherdon and this has been your Small Business Minute.

Copyright © Greg Weatherdon 2015

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Small Business Minute #6 – What Made Us Successful?

 Small Business Minute

 

At one time or another, many owners are faced with a business that has stalled out, and often it’s a simple matter of a sluggish economy and with a little patience things recover and growth resumes.

For others though, their business has just plateaued and are at a loss as to how to regain their rhythm and push through to next level. When this happens, the first place I look is under the hood of the business. Is it structurally sound with the right people in place to go to the next level? In other words is the company ready, willing and able?

In many situations all the elements are in place. I then turn to the owner and ask “What made you successful?” “What did you do when you first started out to generate business?” Was it networking, participating in associations, cold calling and how much of that do you do now?

What typically happens is that we get so busy servicing customers and making money that we stop doing those things that made us successful in the first place.

So when you find yourself with a stalled business, ask yourself “What made us successful?”

I’m Greg Weatherdon and this has been your Small Business Minute.

Copyright © Greg Weatherdon 2015

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