Basics are critical. Innovation is paramount, yet if the innovation is built on a rocky foundation the whole business may fail before you know it. The foundation of your business is the same as the foundation of a building. If the wrong materials, wrong design, wrong measurements have been used then the foundation begins to crack under the pressure. Pressure for a building can be weight, weathering, erosion of soil and much more. Crumbling of a business can also come from pressure of the growth of the business. Cracking appears when the systems are not in place to handle the growth or changing in the business. How do you know if the basics are failing within your business?
Key Business and Sales Performance Indicators:
o Are your leads increasing or decreasing? If you don’t know then that is the first sign that the basic foundation has a few cracks.
o Do you measure your closing ratios now to a year ago, last quarter, last month? Do you measure them by sales person?
o Each lead that you receive you should know where it originated? Was it a referral from a customer, generated by networking, an ad in the paper, pay for click, SEO etc.
Innovation in your business is paramount. If you have always done something the exact same way, do you need to stop and consider a new way to address the situations. Even a 1 degree difference can make a tremendous difference in the future and especially the profitability of the business.
What are your KPI’s? How often do you measure them?