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Ring in Profits for New Year
"By Howard LewinterThe New Year always brings about some degree of self-examination and resolution. But while many of us are busy looking for ways to improve ourselves personally, all too few business owners are making the same effort to determine how to improve their business' profitability and success in the coming year.Specifically, chief executive officers, presidents and business owners should be examining the business just as much as the role they perform within the company. Savvy leaders understand that those who do not keep up with change will surely lose out to the competition and will view this time as a valuable opportunity to review each and every aspect of the business to ensure it is operating as efficiently as possible. Instead of an all-too-predictable 'Ol' Lang Syne' filled with promises, promises, promises, this is a time to ask yourself some very hard, revealing questions about where you and your business are going. If you don't ask the hard questions now to pinpoint how to improve your business, then when will you invest the time needed to ensure the company continues to grow? A good place to start the review is at the very heart of your role with the business. Specifically, ask yourself, "Do I really want to be more successful this year?" Most likely, the answer is yes. After all, that's most likely one of the reasons that you got into business for yourself anyway -- to show the world that you can make it on your own, you can do it your way.But has the business brought you the success and personal lifestyle that you want and deserve? In many cases, business owners want something more out of the business he or she started. More money. More recognition. More freedom. More creativity. More control over one's destiny. If this sounds like you, and you want to get something more from your business you've got to invest more personally into your business and industry. How? Let's look at the following points:Be open. Never think that you have heard it all or seen it all. You haven't. For example, there is always another great profit making idea just around the corner. However, you must thoroughly understand your business and your people if you are to recognize the opportunity when it arrives. The best ideas quite possibly might come from your employees and customers. But if you're not in touch with them, you will miss out on the opportunity for sure.Be open to change. Never think that there is only one way. Business is more than just a one- or two-way street. It is a busy intersection heading down the busy road of success. If you don't stay aware then you will miss your turn when the opportunity comes. The company down the street that you compete with may be very open to change. If you are not open to being progressive then you are giving your business away to the guy down the street.Listen to your customers. Customers are the heartbeat of your business. Without them, there isn't any business. Some of the best ideas for new products, services and innovation come directly from your customers. Get yourself and your people in the habit of asking questions and getting feedback from your customers, both new and established.Your customers will appreciate that their opinion counts. If you do implement a customer's suggestion, be sure to let them know. It will help demonstrate just how valuable they are to you.Listen to your employees. All too many executives overlook their employees, which can be an extremely costly mistake. You must listen to every single employee in your company; especially those in front line positions, like receptionists, or those on the janitorial staff. Your employees are the eyes and ears of your company. Employees have their ears to the ground and know what is going on. As with customers, some of the best ideas can be generated from your employees, and you should be sure to recognize and encourage them for their contribution. It will only make for a stronger, better, more productive and ultimately, stable company. Be sure to continuously communicate to employees a message of corporate stability as well as underscoring the company role as a secure work environment where employees can enjoy their work and career. Review your performance with an objective person. Employees receive yearly reviews, but who reviews you? If you do not already have a business coach, then get a business coach. It is worth the investment. Certainly you can talk to peers but can they really speak candidly and objectively as they pinpoint weaknesses, flesh out ideas and recommend alternative strategies? Rather doubtful. Hiring a business coach means you get the very best advice possible to help ensure your company flourishes.The truth is you must review yourself constantly with a checklist of criteria. You must be ready to look at yourself and be open to changing what must be changed no matter how difficult, a task that is extremely difficult without impartial advice. A good business coach will help you to perform daily reality checks on yourself and your business as well.Recommit yourself to the business. You started your business with a dream, but eventually reality and life got in the way. You must be committed to constantly putting yourself back on track. You are your business, and your business is a reflection of you. Your employees and your customers look to you for inspiration and leadership. Be sure to inspire them and increase their confidence each and every day. Look in the mirror with high expectations. How can you be critical and have high expectations of others unless you expect the same of yourself? It is up to you to set the example, to be the example. Set high expectations for yourself and be sure to live up to them. Evaluate the company from top to bottom, division to division. Review each aspect of the business and don't leave anything unturned. Take the time to look particularly at sales and marketing. Make sure your sales department understands exactly what is expected of it and has a detailed plan for generating leads and closing sales. Look carefully too at which products or services are outdated, and take time to study the competition. What are they doing better than you and what are their weaknesses?It's the little things that count. Thank someone for a job well done. Send a note of thanks to a new customer. Then send one to a long established customer. Acknowledge birthdays and new babies. Take note of the new paint on the wall or the new office equipment. Sit in on a meeting or training session that you are not expected at to show your interest and support. Make customers, employees and yourself feel good about your company.Sure, coasting along year after year, might be enough to just get by. But why not take the time to plan your business strategy to achieve the level of success you've worked so hard to attain and so richly deserve. Don't wait any longer - act today! Get more organized, and set the time and place to really begin working, making changes and establishing the road map that will guide you to your success. As you ring in the record profits next New Year you'll be so glad you did.Howard Lewinter is a business management specialist who has guided, focused and advised many hundreds of chief executives, presidents and business owners to make significant, lasting improvements that ultimately ensure their companies thrive. He can be reached at (888) 738-1855.This article is new this week in The Business Journal's small business how-to section. To see what else is new, click here or click on the "how-to" tab at the top of The Daily Business Journal Online home page."