Even the smallest, every day decisions, can negatively impact your business in the long run (and eventually even bring it to its demise!). Review these commonplace actions to save your company and improve your performance as a leader:
- Management— empower the managers you hire, and keep the flow of communication open with monthly status meetings.
- Succession Plan— clearly identify a “#2” person in charge, if you were to ever leave the company. With no plan in place, a company can easily crumble.
- Wages— make sure to pay your best employees what they’re worth (typically 10-20% above the market rate). This will keep motivation, loyalty, and productivity at its highest, not to mention a happy workplace!
- Communicate with Competitors— talk regularly with your competitors to learn more about the market that you’re both in.
- Meet with Customers— meet with a different customer every week to learn about their company and build a relationship.
- Buyers’ Interests— sell what your customers want, not what you think they want.
- Face the Numbers— review your cash flow statement and your balance sheet monthly, and meet with your accountant to ensure you’re understanding everything correctly.
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