Category:Team Building Success In Business Management Leadership Family Business Business Management Business General
Basics are critical. Innovation is paramount. However, if innovative ideals are built on a rocky foundation, the whole business may fail before you know it. The foundation of your business requires the same structure as the foundation of a building. If the wrong materials, wrong design, and/or wrong measurements have been used, then the foundation will begin to crack under the pressure.
Pressure on a building can be caused by weight, weathering, erosion of the soil and much more. The crumbling of a business can also come from pressure; pressure that is caused from of the growth of the business. Cracking may appear when systems are not in place to handle the growth or changes in the business. How do you know if the basics are failing within your business?
Key Business and Sales Performance Indicators:
- Are your leads increasing or decreasing? If you don’t know then that may be your first sign that the basic foundation has a few cracks.
- Do you measure your closing ratios now vs. a year ago, last quarter, last month? Do you measure them by sales person?
- Are you aware of the origin of each lead that you receive? 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, it may be that you need to stop and consider a new way to address the situation. Even a 1 degree difference can make a tremendous difference in the future and especially the profitability of your business.