How do I know what I need to know to run my business?
We’re living in a world of information overload, so much content available at the click of a mouse that it’s quite overwhelming at times.
If you’re anything like me, you probably try to sift through all the facts, figures, data, shared knowledge, videos, articles, newsletters etc. that come at you from all angles every day, to get to the bits that might be useful to you.
It’s not really that easy though is it?
You might find yourself asking what you actually need to know to run your business successfully and achieve your goals.
Well, to help streamline this down for you, here’s my top five “MUST HAVE” pieces of information for a business owner:
1. What is your goal? I’m sure you have heard all of the stuff about setting sail without a plan, rudderless boats, planning to fail etc. Let’s face it, unless you know where you are trying to go, how will you ever know if you get there?
2. Do you have enough money to do what you need to/want to do? I’m always astonished at the number of people who are in business who have no idea what the cash flow looks like for their business. How do you sleep at night?
3. What does your ideal client/customer look like? Whether you think you can or not, you will not be selling your goods/services to everyone. If you don’t know who you want to sell to, then all the fancy marketing plans and social media campaigns in the world won’t actually help you to sell any more.
4. Do your team have all the skills, knowledge, experience and resources to deliver excellence every time to every client/customer? In my experience with all kinds of business owners, it’s a false economy “making do” with the wrong people, or not investing in the right training for your team. It’s your job to look after them so that they can look after your clients!
5. How are you performing against your targets? You need to know if you are successfully moving through the steps towards your goal – being in the dark is scary! Unless you have some kind of real time reporting of the most important measures in your business, you are literally wandering in the dark with no idea if you are going backwards, forwards or sideways. There’s no excuse nowadays for not having an easy to understand reporting dashboard that keeps you on top of what matters in your business.
If all of that still sounds confusing then I’d recommend you find someone who you trust to help you figure it all out, that could be an accountant, a business coach or a mentor or non-executive director.
Remember this – all the most successful business owners in the world have become that way by surrounding themselves with the right people and getting the right information. Why should you be any different?