Categories: Strategy and Leadership
Want to build your revenue and/or profits? Improve efficiencies and effectiveness? Increase customer retention? Get more add-on business from existing customers? Cut non-value expenses? Of course you do. We all do.
There’s a “secret” weapon that makes accomplishing the above not only possible but fast and inexpensive – even in this economy. It’s a great competitive advantage because it’s used by so few companies. I discovered it, implemented it, tested it and simplified it over 25+ years of working with more than 100 businesses. I didn’t make it up. I just use it. It’s called good management.
Don’t stop reading yet! I know enough software company owners to know the word “management” turns off a lot of people. It sounds boring. It sounds too corporate. It even sounds a little confusing.
But here’s what good management can do. (These are real examples.)
- Cost of sales reduced by 83%
- Marketing effectiveness improved by 300% – 550% – 900%
- Employee productivity increased by 100%
- Marketing lead generation increased by 450%
- Sales closing rate increased by 275%
- Owner time spent working reduced by 30%
- Productivity increased by 2 – 3 hours per week per employee
- Revenue increase of 40% in a level market
- Unproductive staff reduced by 99%
All of that achieved through good management.
I plan to use this blog to share with you strategies and tactics that I’ve had success with as well as new things we’re testing and some of the latest thinking on the subject of management. Mostly I want it to be full of actionable ideas that you can use to keep growing your company. Be sure to let me know how I’m doing.
So let’s get started.
Manage to Grow Tip #1 – Revisit your vision.
When you started your software company – or took over your role at the top of the chart – I’ll bet you had a vision of what you wanted to create. But somewhere along the way, amid all the day-to-day challenges and realities of running a business, the dream gets lost. It can be hard to revive, but having an incredible dream is what makes it fun to get up in the morning. It makes things exciting again.
Leaders need to have a powerful vision of what the future looks like. It motivates you and gets your team to rally around you. In tough times, an inspired vision is vital.
Take some time this week and reconnect with your vision. Ask yourself these questions:
- What do you want to achieve that looks impossible right now, but if it could be achieved would change everything?
- What would the future of your business look like if it were based on your ambitions instead of the size of your budget?
- What is happening right now that’s keeping you from acting on this vision?
- How is that making you feel?
- What is it costing you?
- What ten ideas can you generate that would solve the problems you identified in question #3?
Now that you have ten possible solutions, give them a try. Start with the easiest ones. That’s okay. Just make some progress.
If all this sounds a little whoo-whoo to you (yes, I live in California), rest assured that I’ve run many leaders just like you through this exercise – some more willing than others - with overwhelmingly positive results. Try it. If you take the process seriously you’ll find yourself renewed, re-energized and inspired. It’s all a part of great management.
Until next time.
Read More In: Strategy and Leadership
Management strategies, tactics, answers and ideas for faster growth, higher profits and more control.