The tools in this modules deal with the tweaks in your business that if you keep an eye on it will propel it from being good to great. The tools in this priority will help you create a daily dashboard that will inform you about how well your business is doing on a day to day basis. This can help you adapt very quickly do more of whatever it is that is giving you great results and less of whatever it is that is giving you poor results.
Often you will deliver goods or give service to your customers in advance of receiving payment for it. It is also not uncommon that you may become extremely busy in your business to keep a tab on what payment has been received and what has not. Sometimes you will be paid but the amount is different to what you should be receiving. Unless you have a simple system to keep a track of what is happening, you will find that other companies or people are profiting from all your hard work. In this module you will create a simple system that allows you to keep an eye on your finances with just a glance. A system that allows you to ensure that you are receiving the correct amount of money, credit and also that you are making the right payments too.
Many entrepreneurs are too busy working in their business to have time to focus on or work on their business goals. They are so overwhelmed that they do not have the time to analyse what is happening in their business, in their industry or look at the bigger picture. Targets that have been set are often never met. Business owners are very bad at conducting their own business reviews which if undertaken in the correct manner would allow meet business goals, change direction for a more profitable future if the original course is not yielding the desired results and allow you to set realistic expectations from yourself and your company. This module will show how you can conduct a very quick and efficient review of your business and allow you to stay focussed on your business as well as take advantage of new opportunities which may otherwise have been overlooked.
It is important that businesses find ways and means to keep growing. Entrepreneurs are often too focussed on getting new customers rather than looking at ways of making their business efficient. It is much harder to find new consumers then it is to make your operations run more cost effectively. In this module one of the exercises will help plug the holes in your business that is losing you money. The benefits of this tool is that it will save you money in your business which will increase your bottom line profit, allow you to identify procedures that are not well organized and make them more proficient and it does not involve working harder but just smarter. This one exercise saved my business in excess of £15k per year.
Effective marketing is essential for every business but many small to medium size enterprise never use this tool with any good outcomes. Reality of business today is that there is a lot of competition from large multiples to online retailers and others and therefore it is essential that not only do you find new customers but retain existing ones. Marketing has the potential to do that but this tool also has the potential of costing a lot of money and still you could have nothing to show for your investment. Successful marketing strategies mean that you become visible to your potential customers at a cost that will be easily covered by the sales that you make and continue to profit with ongoing sales. The marketing tool in this module will help you understand and define the lifetime value of your customer and helps you to then create a realistic budget for your marketing strategies. It will also help you create an annual marketing calendar which can be used to plan your promotions appropriately.
Monitoring your business growth is important because it will help you plan for future projections. If you are growing significantly in certain areas of your business then you can focus in that area and if you find that your business is not doing as well as you would like or that it has reached a plateau then you can either change the direction or strategies of your enterprise. This tool will help you visualize the markers that indicate how well your business is doing.
Many entrepreneurs love business but hate numbers. They run their business and at the end of the financial year hand over their files of invoices to their accountant who will prepare their end of year account. Many business owners do not understand them and simply have them done because they are necessary. As an entrepreneur you will need to understand your profit and loss accounts at least to a basic level. It is also important to understand the balance sheet too and this module will help to simplify this element of business so that you can appreciate what the Profit and loss accounts and balance sheet are showing.
Often you do not need to make dramatic changes in your business to create huge benefits. This module will look at the things that you need to keep an eye on so that you can tweak things that will create massive impact on the success of your business.
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