What gets measured gets done. Measuring things are a great way to keep track of your processes and analyze what’s going well, and what needs to change and adapt. Are you keeping accurate stats of your business’ performance? Are you focusing on exactly what’s happening and benchmarking with other successful business owners? This quick guide to marketing basics will help you understand and measure the essential marketing tasks for growing your practice.
Make sure you are keeping accurate numbers on the financial side of your business. I have spoken to many businesses, hoping to help them, only to find they had no idea what was happening within their business. It is imperative you have accurate accounting records (profit and loss statements, balance sheets, etc.) and accurate stats every week, month, quarter and year to know exactly how your business and staff are performing. It may seem a lot, but you will start seeing a difference. This is what you should be doing in your business right now.
· Set Goals.
· Know your Numbers.
· Start with the Right People.
· Develop a Proper Staff Structure.
· Create a Work-Hard, High-Energy Culture.
· Ultimately, it’s about Marketing and Selling Every Day.
· Keep your Mission in Mind and What you Are Trying to Accomplish.
· No Whiners. “Winners Remember Results, Losers Remember Reasons”.
#1: You must have a high target or goal for a mid-range objective.
What are the gross revenue, active client count, and net profit levels you want to achieve by the end of the year? What must you accomplish today, this week, and this month to be on track to reach those goals? Every month, set high, but achievable, targets so you are well on your way to completing your end of year goals. Breaking down your huge goals into smaller ones helps to make them seem more achievable. Make sure everyone knows what they must accomplish every day to be on track to reach these goals.
#2: Measure and track everything.
Keep several key measures in your head (and in all your staff members’ heads) every day. Focus regularly on improving service, increasing your sales and marketing your product or service. If you don’t track your numbers and your ratios, then it’s impossible to analyze your results and adapt your processes to improve the results.
#3: Start with the right people.
“You can’t teach a pig to sing; it wastes your time and irritates the pig.” It’s important to hire the highest quality people you can find and create an environment where they can equal or exceed their other career/income opportunities. Choose staff members, not based on solely talent, but on intelligence, drive, charisma and their ability to accomplish your business goals as well as their own goals. If you must supervise the full-time members of staff too much, then you have employed the wrong people. For part-timers and volunteers, it’s okay to supervise (and you must) every 15 minutes. Everyone within your team of staff members must look, act and represent company values and the brand. The reason for enforcing hairstyles, cleanliness, a dress code, etc. is to control and help to manage the brand and how it is represented through your employees.
#4: The right staff structure.
It’s imperative to have high quality, talented people within every business. The owner-operator, who will be 100% focused on the results of the business is essential. It’s imperative to have a full-time person focused on running the business effectively, marketing it and ensuring the client base is growing. It may be important to have another full or part-time person focused on other aspects of the business, like employee wellbeing, finances, and other logistics. Neither of these people can be working a second job; you want their full energy and attention on your business.
#5: Don’t create a culture of clock-watchers.
If someone starts complaining about working too many hours or working too hard, then they are the wrong person for the job. The day must be segmented, with time for external promotional activities (business-to-business marketing, group activities, community fundraising, charity events, etc.). Splitting the day up increases the amount of fun you can have in the workplace and leaves behind the culture of clock watchers. Your employees will be driven to learn more and grow more in their role and will have a genuine interest in the business. Set a tone of no excuses and focused goal setting to keep your employees motivated. Involve everyone in making things happen every week. This will motivate them further to put in the maximum effort every day.
#6: The meaning of the saying ‘making the rounds of emails’ is something to the effect of: “Every day, the antelope wakes knowing it must run faster than the fastest lion to survive.
Every day, the lion wakes knowing it must run faster than the slowest antelope to survive.”
The business version of that thought — the equivalent within the business world — is marketing. Every day, you wake up knowing you must have 20-plus new customers this month (and every month for the rest of your life) to thrive. There are plenty of marketing systems, ideas and information online you can look at, however, you must start the day with your blank pad and ask: “How much extra will I do today, this week, and this month to make sure I hit the numbers I need to get?” At one end of the spectrum, you can hit the mall with a clipboard and special offers, host big internal events, or run a successful brand awareness campaign. The question is: “Are you running faster than the fastest lion?”
#7: Keep in mind what you are trying to accomplish. Create your company mission. Refer to it daily. Stay on track.
Any obstacles or unnecessary distractions from your primary company mission are potentially destructive, avoid them at all costs.
#8: You can’t develop winners if you aren’t one.
Ultimately, regardless of all the stuff you can provide for your staff members to help the business, they will look up to you and model their behavior on you, so you need to set the right example. You can’t develop “no-excuse” employees if you are full of excuses yourself. You can’t develop confident employees if you lack it yourself. Make sure you are a product of the product, every day, in every way. Ultimately, your success is up to you. You work hard, pay attention and follow the system…or not. There’s nothing or no one to blame but yourself if you fail to thrive. Every tool you need is available and every support system is in place. The question is “Will you choose to be a winner or not?”
Focusing on these business and marketing basics will help you ensure you achieve your maximum potential. If you’d like help along the way, our team would be happy to help. Visit https://advisorwealthmastery.com/ and click on Get Started Now. Or give Mindi a call at 303-808-8719.