Stability assessment should be a part of the quality control measures you implement. If you think just because you're a Solopreneur, Start up Company or a 4 person Business that you don't need quality control you're wrong! Whether you're company grosses millions in revenue or hundreds, evaluating and controlling quality is vital to your success.
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Here are four (4) quick ways you can start or even improve on the ways you assess the stability of your business.
1) Marketing - Look at the current methods you use to market your company. Whether you do more online, offline, work of mouth, networking or speaking to market your business, evaluate and see if you're getting the maximum value out of your chosen methods. Having a strong and consistent blend of marketing activities is very important. Only relying one method to get the word out about who you are and what you do is not maximizing your value. Ideally each company, regardless of size or tenure should have at least three (3) consistent marketing activities they engage.
2) Touch Point - Touchpoint is taking a look at the actual way you communicate with your audience or audience of interest aka Target Market. Some people frown upon the term "Target Market" for whatever reason, but! opinions are opinions.....Anyway take a good look at the way you communicate with your audience. Are you speaking their language and offering solutions to their specific needs? Do you communicate with them in the right place and at the right time? How can you communicate with your audience more effectively and more efficiently. In this fast pace and constantly changing world, we are all bombarded with communication we want and don't want. All communication is ultimately asking you to make a decision about something. The brain never stops running!
3) Essential Movements - The Essential Movements takes a good hard look at your processes. Here you want to evaluate the daily and monthly operations of your business. Evaluate the way you process customers/clients through your company. Check on the use of your time and the use of your resources, internal and external. How can you deliver your products and services better without compromising quality or decreasing your profits? Do spend way more than you need to? Are there unaccounted for delays in the way things get done? It's time to start making some decisions. Keep it, Move it, Stop it or Start it....
4) Development - This is where you assess your companies ability to grow. Have you been in the same exact place year after year? Does your revenue & profit margin move up each year? Are you serving more qualified customers? When you think back to the original mission of your company, is everything lining up as it should? Evaluating growth is one of the most hardest or the most rewarding things to do. The revelation of what went wrong and went well very well becomes apparent reality. Every company regardless of size must have strategic growth plans. How and when will we as a company go to the next level? How do we know we have reached the overall growth goals of the company if we never plan for it?
Stabilizing your company starts with you the owner and leader. Know your Vision. Communicate it and Watch it come to fruition!.
As the Chief Visionary & Lead Strategist for the Business Development Bootcamp, I certainly hope this information has forced you to think very hard and make some decisions. Remember to leave us a comment, subscribe to the blog & share the information. Now, Let's Go Kick Some Business Butt!
Continued Prosperity, We'll see you at the next Live Business Development Bootcamp! Check schedules on www.BusinessDevelopmentBootcamp.org
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