Running a business is hard work and time consuming but, of course, ultimately rewarding or you wouldn’t do it. You’ve heard the most successful business owners are constantly looking to improve their model to increase exposure and profitability. But who has the time?
To help you boost business growth and improve the value of your company, we developed five quick-hit best practices that will pay you back many times over if you create a consistent routine around them. As a business coach, I can assure you, five minutes is all it takes to help propel your business to the next level.
This seems easy enough but can often be overlooked once the activity of actually running your business carries you away. It’s a given that you’ll have yearly and quarterly goals, but how often do you visit your progress on those goals?
Spend five minutes every day breaking down your goals to a daily number, then record those results. If you keep an accurate trend of results, you’ll be able to better forecast for next month, next quarter, or next year.
Understand the shortcomings, and spread any missed goals out over the next realistic period of time. A five-minute chat with your team can help you all understand what went wrong and what will be different today.
The next best five minutes you can spend? Communicating those goals and then over-communicating them for emphasis. People run faster and more efficiently when they know what they’re running toward.
Build a Sales Funnel
Wondering what a sales funnel is? Picture a real-world funnel with its wide mouth (digital marketing) at the top that sends contents (customers) through to the bottom (your product). Its only function is to turn browsers into buyers. This can turn smaller businesses into multi-million dollar organisations in a very short amount of time. Great sales funnels include four steps:
You can spend five minutes a day on this and, in a short amount of time, have a killer sales funnel that’s bringing in the kind of business you’ve been working so hard for. Set a timer and spend five minutes a day with your team to:
- Create a great landing page with a signup or subscription option.
- Create and present a front-end offer, like a one-time discount.
- Design a backend upsell offer that will deliver a bigger benefit if your customer upgrades.
- Design a downsize option, not as a failure, but to win customers on a lower budget
Until you’ve got a self-managing funnel, spend five minutes a day:
If you and your team aren’t tech experts, enlist the help of one and spend those five minutes in a progress update session. After that, you’ll be in the routine, and your sales funnel will become a primary driver of sales.
Research the Competition
Whether you’re just starting or have been successful for a long while, we know you want an increase in revenue and overall growth. Knowing what the competition is doing keeps you from a common pitfall: wearing blinders because you run your own business. As a business coach, it’s always best to look at the most successful businesses in your area of industry. If it’s proven successful for them, why can’t it work for you?
Check out sites like Similar Web to see everything about your competitors and what’s successful for businesses in your demographic. Every five minutes you spend on the competition will fill you with motivation to excel.
Do a quick search, and find their longest-running and most successful advertising campaigns. Consider emulating those and adding your unique fingerprint. These ads can become part of your sales funnel and create new customers by converting those of your competition.
If you’re the leader of the pack, look behind you at the up-and-coming businesses—they may be using fresh and innovative processes that can help you capture new market share.
Make Your Site Mobile Friendly
Why should this be such a focus? Seventy-nine percent of smartphone users have made a purchase from their device in the last six months. Ten billion mobile devices are currently in use! Google, the most ubiquitous search site, has made it easy to check how mobile friendly your site is.
Begin by checking out how user friendly your site is here. Google will give you its opinion on the usability of your site.
You can get reports to discover:
- How many total clicks you’ve received
- How many times a user saw a link to your site in a mobile search
- How many times that search resulted in a click
These insights can help you change your meta descriptions or enlist the help of a professional to increase your mobility profile through responsive design.
Motivate Your Employees
The biggest resource you or any business owner has is people. What motivates each employee is different, and if you’re pushing the wrong button, it could actually demotivate part of your workforce. You can’t afford not engaging your employees. Unmotivated associates leave their jobs, and you’re stuck with the turnover cost.
Designing your workplace around employee engagement and understanding what works best for your team can be the most inexpensive business move you make with the highest rate of return.
Do an informal action planning session with one employee each day. This is a great opportunity to ask them where they see themselves in a few years, what their “good days” look like, and what gets them up in the morning. You may be surprised to know that, while everyone expects a paycheck, money is not people’s biggest motivator.
Often, there are easy fixes that have improved employee satisfaction and performance. All you have to do is ask them what they’d like.
Keep an employee file so you can quickly reference what keeps your immediate team motivated, and have them do the same for their reports.
Get a Business Growth Health Check
Even professionals at the top of their game have coaches. An unbiased set of eyes can make you aware of blind spots and help you solve them. It’s a wise strategy to have an expert take a look at your business’s health periodically.
Some roadblocks can’t be solved in five minutes, but understanding where they are and how they’re impacting you can lead you to breakthrough success. Business owners need different strategies from what got them in their current position to get them to the next level.
You might have a clear understanding of your goals, but the road to those goals is muddied or uncertain. A great business coach can clearly define those goal paths that will ultimately make you more money.
Check out Michael Yacoub’s A360 Degree Coaching website and fill out their Business Growth Health Check to get a customized report. Your business health will be crosschecked against eight key value drivers. A360 Degree Coaching can propel you to next level results or get your business ready to sell.
The Ultimate Five Minutes
Scheduling a free consultation with the number one business coach Gold Coast companies rely on, to hear his best practices and individualized advice, takes less than five minutes and obligates you to nothing further. You can call 07-5648-0602 or go online to request a consultation. Five minutes could turn into a transformative growth and value-building experience.