Not enough clients? Not enough profits?
All it could take are a few tweaks to your business management systems and you could easily turn this around.
I know the thought of creating systems in your business doesn’t sound very appealing or exciting. But what if I told you that having the right systems in your business can make all the difference between having all the clients you need or not having clients? Or making all the money you need, and not making money?
Business owners forget the importance of systems preferring to focus instead on marketing, which I wouldn’t necessarily argue is a bad thing to do. I have taught for many years that you need to learn how to manage your business before you can market your business.
However if you don’t have any systems in place to support your marketing activities eventually you are going to get overwhelmed. And you’ll find that either you don’t have enough clients, or money, or both.
Here’s why…
Running an efficient business is all about continuously improving and ‘tweaking’ your business management systems so that they grow with your business and not hinder your business.
But why do I need efficient business management systems, Tracey?
Here are some answers!
- To quickly and easily find important contact information.
- To be able to respond to client’s requests straightaway.
- So that you can immediately submit a proposal.
- To keep track of your business.
- To be able to follow-up with clients and contacts.
- So that you can stay on track with your projects.
- To monitor your latest marketing campaign.
Sometimes though problems don’t become apparent with your business management systems until you actually start using them — and then you may find out that they’re not working in the way that you’d hoped.
So what can you do about it?
Step #1 Look at where the problems are.
Are you constantly searching around looking for contact information? Or cannot tell at a glance if your project is on track? Or you don’t know your cashflow situation? Or don’t know how many new subscribers you have this week?
These are typical problems my clients experience, and they can simply be overcome by having the right systems in place.
Now it’s your turn … make a list of the top three problems in your business, and then follow step two below — you may be surprised at what you discover!
Step #2 Analyze what percentage of your time is being spent on administrative tasks.
Keep a diary for a week of how you are spending your time. At the end of the week look it over and see what percentage of your time is being spent on these top three problems in your business.
Let’s take it a step further … what if your time was spent on income-generating activities instead. How much money would that generate for you (simply multiply the number of hours you’re spending on these activities by your hourly rate)?
This is a system I use when I start working with new clients. I ask them to keep a diary for two weeks and then send it to me so that I can analyze where they are spending their time, and identify solutions for streamlining and improving business efficiency. And in turn, generating more income.
Step #3 Compile a list of all non-income generating tasks that you currently do.
Could some of these be delegated? Would it help if you took on an assistant?
Once you have followed these 3 steps you should have a good idea of where your time is being spent, what your biggest time drains are, and where you can make improvements. You will be well on your way to deciding who you need to partner with (i.e. a Virtual Assistant, bookkeeper) and will be able to see exactly where you need the support or what you can let go of.
