post

Who Or What Could You Add to Your Business Right Now To Make It More Successful?

You want your business to grow-higher revenue, greater profits. But you and your colleagues are already working at full capacity and cash is always less than you want it to be. You get advice to add a certain kind of person, buy a new piece of equipment, ramp up your marketing or all of the above. But the idea of spending more money generates a range of emotions, none of which are positive. This is where a lot of business owners get stuck. And the problem is something that has appeared in this space before-lack of specificity. If you take the late Stephen Covey’s advice and “begin with the end in mind,” be specific in your goal-how much revenue, how much profit. Then be specific about who and/or what you have to put in place in order to reach those goals. Then be really specific about how much investment you will have to make to put those resources in place. And, make a best case, worst case and most likely case set of scenarios on how long it will take to break even on that investment. Now you know the dimensions of the decision. You have much of the specific information you need to make the decision and some of the milestones you will follow to see how much on track you are. For example, let’s say you want to hire a $36,000 per year person. With pay and benefits, we’ll estimate a $3500 per month cost. And you think it will take 4 months for them to start paying for themselves. That is a $14,000 decision, not a $42,000 decision. You also have a plan to show a source of funds for how they will be paid back. So, pick that one thing your business can do to be more successful and remember that lack of specificity is the enemy of progress.