Many good companies are running on fumes right now! Riding out a recession is hard work, and coming out the other side takes discipline, but it’s totally doable when you get laser focused on 3 key areas.
Personal productivity – When you can’t afford to hire more people to do things for you, you need to find better ways of getting more important work done in less time by yourself. This means better use of technology, more outsourcing, and most importantly, better habits. The world is changing, if you aren’t working on yourself every day you won’t be competitive.
Expense control – be frugal with controlling fixed monthly expenses, but not at the expense of making meaningful prioritized investments aimed at the heart of your revenue and profit targets. Can you tell me what your “monthly nut” is right now? If not – you’re not there yet. If you don’t have a monthly budget to grow yourself and your team – you’re being too frugal.
Drive revenue – Especially repeat and recurring revenue. I know it’s hard, but I found a way when I committed to 3 to 5 actions each day designed to grow and plateau in achievable increments every month. I like to plan on paper in this way for my month, week, and day; otherwise I get drawn off by the day to day and undermine my progress.
I learned this when I was running on fumes – living month to month. I set a singular goal of bringing on one new client per month and my cash flow stabilized, my bank balance grew and I was able to add key resources around my business to keep the momentum going. This really works – if you want some clarity on how you could apply it give me a shout!
Clint Best is a business coach and the founder of Kaizen Business Coaching in Kelowna, BC. Clint has been guiding forward thinking business owners through change and growth since 2002.