Have you heard of the saying, ‘Time is Money’? When it comes to running a business, this phrase is invariably true. In today’s fast paced world, time is considered as important as money, but in the end, both aren’t equal.
Even though time is continually rushing past, this doesn’t mean you’re making money just as fast. Money making largely depends on how well you manage and utilise the time that is given. Here’s why time management is important and why you should think about this more seriously.
Effective Time Management Helps Accomplish More with Less Effort
The number one advantage of time management is that you have better control over your time, which means that staying focused on finishing a task becomes easy. This in turn, leads to a much higher efficiency and productivity, achieved in only half the effort.
Effective Time Management Helps You Make Better Decisions
When it comes to running a successful business, you will have to make decisions that help you do so effectively. The choices you make, either good or bad, will shape the future of your business. This is why time management is essential, as then you will be able to give more time to thinking about each and every choice carefully, as you can afford to do so.
Effective Time Management Helps Reduce Stress
The main reason why people feel stressed is solely because of having to complete a task in a certain time and not having enough time to do it in. When you apply effective time management to your work schedule, completing a task within a deadline will become very easy, which will enable you to accomplish more. In the end, you will have more time to review the entire project or task and eliminate the mistakes.
The reason why time management is so important is because with it you will be able to check every project or task that you attend to as you have plenty of time on your hands.
If you would like some help managing your time join us at our Time Management Workshop Friday 16th October. Click Here for more information and to register your place.
You’ve managed to translate your business idea into a reality – and so begins the hardest part, ensuring your business grows successfully. If you are in the start-up or early stages of your business, it’s essential to keep track of the relevant metrics to gauge your business’ success. Let’s take a look at the 3 ways that are commonly used for measuring success in business over time…
1. Owner Satisfaction
As the owner of the business, if you are not satisfied by your business this means it is lacking somewhere, which can have a negative effect on its success. If the owner is unhappy it won’t take long for your unhappiness to affect your employees and customers. Identify the problem, find solutions, think outside the box, implement the strategy, and make a comeback.
2. Customer Satisfaction
Customer satisfaction is an excellent indicator of whether your business is proving successful. The more customers your business can satisfy, the more successful your business will turn out to be. Customers do not want any compromises – they want the best price, and service they’ll remember for a very long time. Give them all of that and more and they will become loyal, repeat customers. Remember, negative feedback can have a damming effect on your relationship with not only that sole customer, but on other customers and prospects too. It’s not possible to satisfy everyone at once, but that doesn’t mean you shouldn’t try!
3. Growing Customer Base= More Profit
Finally, the most important question – is your business making money? Profit is that amount you make as the owner after deducting taxes, bills, pay checks, etc. If you are making more profit than you were earlier, sales have increased and your customer base is expanding. The future is looking bright.
If you would like some help in ensuring your business is a success join us at our Business Planning Workshop Wednesday 23rd September in Cork or Friday 25th September in Dublin. Click here for more information and to register your place.
An overarching 3-5 year strategic plan is essential for the growth and direction of your business. However, there is no doubt that as a business owner the day-to-day reality of running a business can take over, and it’s all too easy to loose focus of what needs to accomplished “now” to reach those long term goals. That’s why business planning conducted quarterly is essential to keep you focused and on track and ensure long term success.
Quarterly business planning accomplishes two critical objectives for business:
- It establishes a real focus for the upcoming three months.
- It provides you with the opportunity to review your last three months against your targets and adjust your plan as necessary to keep you on track.
Without routine check-ins and check-ups on your progress, good business planning habits can quickly spiral out of control.
Here are 5 tips to help you with your quarterly planning:
- Allocate sufficient time – The amount of time needed for the business planning process may vary according to the size of the business. Some business owners find it helps to get away from their regular work environment for planning as so there will be no distractions or interruptions.
- Review results from previous quarter – This provides you with an insight to what is working and what is not working in the business. This is critical for future growth.
- Refine your plan – Based on the previous quarters results, look at how the approach can be improved to generate greater productivity and results over the next quarter.
- Identify personal and business goals – To achieve the work / life balance that suits you, take a look at your personal and business goals for the upcoming quarter. This gives a good idea as to what you can realistically achieve in the time available.
- Give your goals a timeline – when you have established the goals you hope to achieve in the quarter, determine a time frame for completion. Be sure to enter them into your calendar so they are not forgotten in the day-to-day running of the business.
Having a quarterly business plan is key for business growth. Its keeps you focused and on track for success. We hope these few tips can give your business a push when it comes to planning for the final quarter of 2015.
If you would like some help creating your business plan join us Wednesday 23rd September in Cork or Friday 25th September in Dublin for our Quarterly Business Planning Workshop.
Click Here to register your place today.
In today’s competitive and cut throat business environment, growth is critical to boost revenues and long term profitability. For any kind of business to grow, time, effort, planning and money is required. Along with these factors, there are other steps needed to grow one’s business.
These include the following:
1. Attract New Customers
You can reach out to new customers with your existing product or service or by offering a new product or service. Invest in promotion, especially online and advertising to attract new customers.
2. Develop New Products
Developing innovative product will give you an instant edge over your competitors. Once you have understood your target market clearly, develop a new product or service to help your business grow.
3. Be Creative
Focus on standing out from the competition. Be different. Offer something unique to your customers. Adopt a different marketing strategy or new business ideas and approaches.
4. Be Consistent
Consistency is key for business growth. You need to be reliable and consistent in everything you do, from production to marketing, in order to retain customers.
5. Provide Excellent Customer Service
Customer service has a huge impact on business growth. Customers are likely to do business with firms that deliver high quality customer service and keep them content. Providing customer value eventually leads to building customer loyalty.
You can expand to a new geographic location or enter a new market if your business is under control. Typically, another location of your current business will help attract new customers and will be less expensive than setting up a new business altogether.
Technology can help make your business more efficient, so make use of technological tools in everyday operations to save time and costs. Make an effort to increase your presence on social media as many new businesses have been discovered on social media.
Running a business can be full of rewards. Bear in mind there is no fixed formula for growth and results take time to deliver. However, the bottom line is that the more you put into your business, the faster you will be able to see results.
Taking time to plan what you want to achieve in a set time is crucial to growing a business. Planning and goal setting will give you more focus and drive to succeed and when these goals are achieved it will give you enthusiasm going forward that will push you and your business to greater success.
If you would like to put a plan in place to help grow your business come along to our Business Planning Workshop Wednesday 23rd September in Cork or Friday 25th September in Dublin. Click here to register your place today!
School bells are ringing all around the country as the 1st of September has arrived and summer is officially over! That’s right, with all the distractions out of the way, it’s time to get back to business!
With the final quarter of the year approaching, September is a fantastic time to carry out an audit of your business and check how close you are to achieving the targets and goals you set out for yourself and your business for 2015.
As you review your goals along the way to make sure you are on track, and find you’re not doing as well as expected, now is the time to identify why and what can be done to fix this. One way to help you do this is by using SMART goals.
SMART Goals are:
Specific – Ensure you have a well-defined goal. State what you want to achieve and when you want it accomplished by. Also look at how this goal will be achieved.
Measurable – Define how you will measure progress and the end result of the goal. Create a plan to achieve the goal with targets and milestones so you know you are moving in the right direction.
Attainable – Make sure your goal is attainable and not out of reach. Setting unattainable goals will only set you up for failure!
Realistic – You want goals that can be accomplished and that lead to steady improvement.
Timely– Putting a timetable on your goals will allow you to accomplish more while measuring the progress you are making towards your end result.
The only way to grow and improve is by setting and reaching your goals! You can use SMART Goals in everything you do, from living a healthier lifestyle to taking the holiday of your dreams and building the business you’ve always wanted.
So what do you want to accomplish, personally or professionally, over the next few months, and how will your goals and planning get you there?
We hope you enjoy this post. If you would like to give your business a head start this quarter why not come along to some of our events. Click Here to check out our event calendar.