Creating a business plan is the best place to start when getting your business off the ground. Once your plan is written, what do you do? Start implementing!
Once you have a strong, structural foundation and business plan that you can effectively execute, make sure to keep efficiency in mind as you start working on a day-to-day basis. Regularly scheduled Strategic Business Reviews and Operations Management Reviews are key to keeping your business intact, efficient and therefore profitable. Take the time to regularly examine what is working well and what needs to be improved upon in your day-to-day operations.
One of the most important aspects to examine regularly is business productivity. Reviewing the productivity of your workforce on a regular basis is critical to the continued success of your operation. Constantly monitor everyday activities – your own and those of your employees and other personnel. An analysis of workforce productivity will reveal how much you are gaining or losing in revenue for each member of your workforce. With this information you can measure revenue and profitability growth which will give you the information required to make changes if need be.
After you build a strong foundational routine, ensuring that these tasks are executed and reviewed on a regular basis will start to feel like second nature. This is how to best manage your business from the ground up to maximize growth and profitability in the future.