You’ve
already built a solid business that you have great pride in. Yet, if you’re like most entrepreneurs,
you’re on a constant search for how to make your business better. One way to focus your search is
to look for the weakest link in your business.
From a
return-on-investment standpoint, working on and fixing your weakest link is the
highest payback thing you can do.
It lifts your entire company up and makes it stronger. The key is to look as objectively
as possible at what might be holding your business back from being even greater
than it already is.
Here are four
major areas where you can look for your weakest link:
1.
Client-facing
interactions
A great
area to start looking is where you have interactions with clients. These include things like phone
greetings, email, websites, your storefront, your presence at networking
meetings, client service interactions, your proposals, invoices, and thank you
notes.
What jumps
out at you as the weakest link when you look through the above list? Perhaps it’s as simple as recording a
more friendly voice mail greeting or as complex as getting your website
redone. Don’t get overwhelmed if a
lot of these items need attention; instead focus on the one weakest link. That’s the place that needs your
attention.
2.
Your team
The
toughest area to have a weakest link is when it involves people. If you have an underperforming employee
or contractor that is undermining sales or service, you’ve got a tough decision
ahead of you. If it’s your weakest
link, don’t bury your head in the sand like we all want to do. You need to act so that the person does
not drag down your entire business.
3.
Internal systems
If you
feel stymied at the lack of information in your business, you might be in need
of better internal systems. As
your business grows, this is the area that changes the most over time.
Businesses
that are newer or smaller need a great accounting system as well as a good
point of sale or billing system.
As the business grows, it might need better inventory systems, a good
CRM or customer relationship management system, a project management system, or
more specialized systems depending on the industry it’s in.
As the
business matures, the functionality of the accounting system should expand to
meet the growing data demands. Integrating the accounting system
together with the company’s other systems can become important to control costs
and improve margins.
If you
feel like your weakest link may be in your systems, we’re happy to help. Please reach out and let’s have a
conversation about your needs.
4.
Skill set
No one was
born an entrepreneur; it has to be learned. What keeps it more exciting is that new skills are required
at each level you master on the entrepreneurial ladder. Some of the skills that you need at the
entry level include client service, delivery of your service or product, and
sales and marketing. As your business
grows, you’ll need to master financial skills, negotiation skills, hiring, and
supervisory skills. Leadership and
strategy skills will serve you well when your business is mature.
Which
skill set do you consider your weakest link? If it’s finance, you’re not alone. Let us know how we can help.
Focusing on the Payback
The good
news is when you’ve improved your weakest link, you end up improving your
entire company and lifting it up to a new level. Once you’ve fixed your weakest link, congratulate
yourself. Give yourself a reward,
and wait a little while.
Your old
weakest link is no longer the weakest area in your business, but something else
is. Since you’re on a constant
search for improvement in your business, you can repeat this formula over and
over again to keep lifting your company up using this low risk, high payback
approach.
