During the first Super Bowl that Tom Brady won (with the Patriots), these were some of the companies who advertised (hat tip to Jon Erlichman of Bloomberg):
It reminds me that reaching the ‘top’ doesn’t mean you’ll stay there. Most companies on the S&P 500 don’t stay there.
It’s easy to get lazy when a business can pick the low-hanging fruit available in an easy marketplace.
But, that’s not always the case, is it?
Markets shrink, funding dries up, prospects aren’t as easily found, or profitability margins decrease. So what do you do? Many business owners don’t know how to tweak their marketing and sales systems, so they can track the numbers at each step in the sales process and grow in new directions.
I have seen (in several industries) that the businesses who have regular sales meetings, track their numbers, and hold team members accountable, are successful … while those that guess and “assume” are usually out of business. It’s just a matter of time.
The key is knowing the numbers — what is the average expected result, and how you are measuring up against that result for each step in the process.
But many people don’t want to track the numbers, because they might have to admit that they aren’t doing their job and letting their teammates down. Others simply do not have the systems or do not understand how to track those numbers or understand the benchmarks of the average business, the good business — and the great business.
Many self-employed business owners just feel what they are doing is “working” without having tested it or tracking where they are at. Sadly, this reflects a naivete that will eventually bite you in the rear end.
We’ve heard, ‘What gets measured gets managed/improved’. There’s truth to that.
Just as true is that it’s just as important to select the right things to measure and be sure that measuring them does not lead to unintended consequences
For example, Southwest Airlines wanted to decrease the time it took for passenger’s luggage to get to the baggage claim. They began tracking this and the time improved. Unfortunately, it was only the first bag that would reach baggage claim quicker and the remaining bags would be delayed and come afterward.
This week, think of two or three financial measurables that you’d like to consistently track and improve and let’s discuss how we can help you track them and reach your goals.
Here’s where you can reach us:
I’m grateful for our partnership and for your referrals.
Feel free to share this article with a San Diego area (or beyond!) business associate or client you know who could benefit from our assistance.