The past few years, every strong and growing company out there has spent time improving their profitability or that business likely doesn’t exist any longer. The longest running recession in recent times, which lasted from December 2006 through December 2009, changed the way many do business. It was a time when everyone had to look at each and every expense as either a cost or an investment, determining how to best conserve those resources.
We’ve all spent time cutting fat from our businesses to ensure we stay profitable. Some, however, have slashed so far into their businesses they also cut muscle. By that I mean cutting those important resources that are needed to grow a business. Getting lean should not mean cutting muscle, which is needed to propel one forward and ensure future growth. Those businesses that have cut marketing, training, or stopped measuring key performance indicators (KPIs) will not be ready to grow in this economic recovery.
A business, just like the human body, needs incredible discipline and energy to grow muscle and any diet that cuts muscle along with fat will only make sure you don’t grow stronger. Think of the athlete who wants to be at peak performance. He looks for the right kind of fuel (marketing), ensures he trains vigorously (training), and has key performance indicators he monitors regularly to measure his performance.
Below is an easy way to keep those actions that build your company front and center. To effectively grow your business follow the steps below to ensure your buseinss is growing the right kind of muscle. Muscle is like having money in the bank because it works for you even when it’s at a resting state. If you are growing muscle you will:
Market daily to get and keep customers
Understand and regularly review KPIs that drive your business
Set money aside each month to put back in the business for equipment, training, and marketing
Coach employees weekly to drive behavior
Listen to the customer daily to get feedback on performance
Ensure employees are trained weekly to create best customer experiences
As you look at your business’s plan for 2014, now is the time to make sure part of your plan includes daily, weekly, and monthly activities that grow more muscle for your business and ensure you an capitalize on the growing economy.