CFE rules for growing your business
- Develop a strategic plan. Many business owners measure their success by how hard they work and whether there is enough money to cover for payroll, but in reality they operate best with a strategic plan and methodology for measuring and executing that plan.
- Stay flexible to changes in the strategic plan. A strategic plan should be a work in progress that evolves in accordance with long term goals. Although flexibility is important, it does not mean that a business should be run without a strategic plan.
- Transform yourself from company expert to master strategist. Focus on planning the future business success by creating a leadership team and delegating duties. This strategy might require an extensive role change, but will help to obtain more control for the future success of the company.
- Focus on short-term growth. Key company goals should be monitored daily and weekly rather than monthly. By focusing on business growth in the short term there will be far less concern over the long term.
- Develop reporting systems. Strategies cannot be implemented without reporting systems that track critical numbers. A daily review helps to measure and clarify where company efforts need to be enhanced as well as holds each employee accountable for performance.
- Hold a daily management meeting. A daily meeting creates the intensity and focus needed for business owners to identify problems and issues before they get out of control. Meetings should focus on one key issue.
- Control costs by budgeting percentages. Control costs by measuring a percentage rather than an absolute basis. Daily or weekly percentage increases and decreases should signal change and help to determine why inconsistencies might exist.
- Offer incentives to key business drivers. All employees have the ability to drive or stall the business. Creative incentives that drive should contribute to both the profitability and mission of the company. Fair incentives should be tied to specific measurables that each employee has control over.
- Create a new management model. Creating a new management model allows for updating as well as preparing the business for positive change. Incorporate all levels of employees in both the thought and implementation process.
- Play to win. These guidelines are easier and more enjoyable to adhere to when a company aims high and plays to win.
A business that survives is the one that plans to innovate, allows for constant change and plays to win