During a coaching session the other week, one of my clients was happily telling me about all the marketing activities they had executed recently. As they rattled off a whole list of things they were doing, I stopped them for a second and asked, “But do you know which of these activities are working?” “Hmm. I guess I’m not sure,” was their answer.
And they knew immediately that they were making a big mistake…
This is what I said to them, “Whatever you can measure, you can manage and improve.”
This is a critical part of ensuring that your business continues to grow rather than stagnating at a plateau. You should be building some sort of dashboard in your business, where you can carefully measure the most important metrics.
This is not just in your sales and marketing, but you should also be ensuring you have at least a mid-year review of your financials (here’s three key metrics you should look at) and, well, almost every part of your business, really.
In fact, even areas where you cannot have a specific number should still be measured using some form of Key Performance Indicators – such as the 3 KPIs for Managing Directors that I have talked about before.
If you are simply doing things without any kind of measurement, not only will you be uncertain about whether you are growing or not, you will also find it difficult to motivate yourself and your team to stay excited about what you are doing. In the end, the small wins and everyday progress are what motivates people – so there is a double benefit of stimulating growth and encouraging your team to perform better and better.
What are you measuring? And what have you not started measuring that you will start measuring now?
What Are You Measuring?
When you gain a business coach or business mentor, you acquire not only an outside perspective on your business, but also someone who keeps you accountable and helps you identify what you need to focus on in order to grow your business.
When you book a complimentary strategic review of your business, we’ll help you see just how valuable this can be.
Not too long ago, during a coaching session with Paul Hastings, one of the business owners I work with, we discussed team management. He articulated a learning he had gained from that session about managing the progression of team members that was so compelling, I thought it was worth sharing here:
“Management is not a status, it is an activity. A lot of team members aspire to the status but not the activities of management. During recruitment and promotion exercises, this needs to be explicit.” – Paul Hastings, Director, Reflections.
This is an important reminder for all business owners – when you move your team members up into the higher echelons of your business, what kind of guidance and training are you giving them?
We often talk about when to make new hires, and how to onboard new recruits effectively. However, it’s important that when you are managing your team, and you are upgrading your team, that you are ensuring they are aware of their new responsibilities.
The job description is one of the critical parts of your recruitment process, and if you are hiring for a management position, ensure you make it really clear that this is a job that requires serious work and may be difficult, especially if you were a superstar as an individual performer.
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Recruitment of good managers, and even executives, can be a nightmarish process that wastes loads of time – and results in hiring someone not right for the job. We, therefore, developed a process that helps to find the best candidates, and only uses 4 hours of your time…
On a coaching call recently, one of my clients seemed a bit puzzled about how to move forward with analysing the numbers in her business.
The source of her confusion was not that she was looking at the wrong figures or had a confusing dashboard or anything like that. It wasn’t even that she was looking at dwindling numbers and wondering how to boost her team’s performance.
In fact, it was that she had started some marketing activities, and all the numbers were in the green. “Everything is going fine, what do I do now?”
It’s a pretty good problem to have isn’t it? The following was something I said to her, which I think is a great reminder for all the business owners who are running successful businesses:
“We overanalyse failure, but often forget to analyse our success – the things we want more of.” – Shweta Jhajharia
Many leaders are exceptionally hard on themselves as a way of driving themselves forward. Through the analysis of what went wrong, they seek to ensure past failures do not happen again.
While that is very valid, the best leaders know how to not just assess what went wrong, but also review what went right, and how to replicate their successes over and over again.
It is important to remember this. Give importance to, celebrate, and learn from your successes as much as your failures.
Want to boost your own successes?
Even leaders sometimes need to be reminded to celebrate their wins. Business coaches and business mentors are there to do that and to help analyse those wins in the most useful way.
With a free strategic review, you can find out if your business is one that we can work with to push the boundaries of success.
At the Strategic Growth Intensive in October, one of the areas we discussed in a little more depth was marketing.
And just recently, at one of our complimentary sessions we had to remind a new prospect about one of those really fundamental mindset principles around marketing that helps keep you focused on the right things…
“Marketing is not about being prolific. It’s about being precise.”
In today’s world of advanced technology and the long, rich history that marketing now has, it gets confusing. You’re assaulted with marketing advice. This technique, that strategy, this system.
It’s tempting to try it all. Everything is important. Anything might get you results.
But when you stretch yourself too thin and attempt to be everywhere at once, the likely result is that you will end up reaching a lot of people, not the right people, and you’ll reach them with a muddled message.
Most likely, you will also end up being unable to measure what you are doing, and then how will you know which technique is actually working?
You should choose a highly targeted niche, focus on finding out everything about your Avatar, and then craft the perfect lead magnets to really speak to the people who are actually going to buy from you.
And then with careful testing and measuring in place, you can refine your marketing approach and choose the channels that actually bring you sales, and not just visitors.
When you focus like this, you can create a marketing strategy that brings you a true flow of inbound leads, which will massively boost your growth without increasing your working hours.
How precise do you get with your marketing? Let us know your own insights in the comments below.
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Tickets are free, so join us to hear more strategies and talk to us directly.
One of my clients at his first business coaching session was resisting when I tried to convince him that he needed a weekly dashboard.
“It’s such a hassle to try and make sure I do that every week – it seems like a waste of my time.”
This was the answer that I gave him:
“Choose the pain of discipline over the pain of non-performance.”
Sometimes it can seem like a real struggle to wade through the numbers of your business, or do some of those tasks that you know you should do but you don’t really want to do.
It is at those moments that you should remind yourself that these are the tasks that will take your business to that next level. They may not be the most exciting parts of running your business, but they are essential for systemised growth.
Just like training for a sport, it usually requires discipline to truly perform in the big leagues. So get ‘in the zone’ and get disciplined about your business so you can take it to the next grade.
What practices are you disciplined with in your business? Let us know in the comments below.
Every Sportsperson Has A Coach…
Business owners are like athletes: they need strength, practice and discipline! Athletes achieve that with the help of their coach. Would your business benefit from the same with a business coach?
Business owners often get very excited when the prospect of growth is within reach. That grasp at growth before they have the right systems and team in place, however, can often result in more problems than they were expecting.
It’s important to consider your processes, and today instead of sharing a long article, I want to share with you a thought that we shared on our Instagram account recently:
Managing a superstar team starts from the very first job ad that you put out. Make sure you have an effective recruitment process in place so that when you do hire someone, they’re the right someone. Because your business is only as good as your team.
And your team is only as good as your leadership skills.
Want To Become A Better Team Leader?
Recruitment of the right person for the job is really only the first stage. Motivating and managing a team of fantastic employees requires another set of skills.
Join the webinar and find out if you could be helping your team work better, faster and smarter.