President Thomas S. Monson wrote an excellent article in the November 2014 edition of the Ensign magazine about the importance of being aware of our spiritual choices and the direction in which they are taking us all. How does this apply to our businesses?
As a busy business owner myself, I like bullet points, the bottom line, and the straight facts, and I’m sure you do, too, so here goes.
What we don’t measure, we can’t manage. Time measurement – what we do in the time we have and how effective and efficient those activities are in terms of return on that valuable time investment – is crucial. See the simple diagnostic sheet below: it is the easiest and most effective form of time management I have ever seen.
List the things you do every day in the top horizontal column and colour in a 15 minute block in the appropriate vertical column every 15 minutes. At the end, total the columns, and you will see instantly how much time you spent on each activity during that day. Do this for two weeks and you will know what you spend time on. Then calculate how much money each of those activities made you.
Record the origin of every sale you make or your highest income earners and this will reveal important information.
Calculate the lifetime value of your customers.
Revisit your recruiting and marketing budget and measure the results of each – you will probably be able to scrap half of them and invest that time and money into those that actually work.
Are you or your team following proven structures and guidelines or are you being too creative, reinventing the wheel, skipping important steps, or taking the easy route? The best and fastest way to avoid that is to get back to basics – training, training, training – by people who have achieved great results using what they teach.
Monitor phone calls and get a Time and Motion / Work Study / Organizational Methods (O&M) expert on board if necessary.
Find wasteful duplication and destroy it.
Get your salespeople into more training ASAP and focus them on one thing: RESULTS.
Finally, get a mentor immediately.
(If you’re interested, here is President Monson’s article.)
Robin Elliott LeverageAdvantage.com