Have you ever noticed how some people never change? They may have the same hairdo they had when they were sixteen, even though that style is no longer flattering. Or they continue to approach their businesses the same way, even though things haven't been working so well for a long time.
Fall is upon us, which is the perfect time to make changes that may be holding you back. Here are five simple and smart changes that can improve your business by year-end.
1. Identify what must be changed and why
Before actually making changes, jot down the objectives you are trying to achieve. Then work backwards. For example, suppose you've decided you want to move into a new market. What steps will you need to make this happen? What are you currently doing that should be eliminated? What type of people will you need to hire to create momentum in this new market?
Having a plan prior to moving forward can significantly reduce stress often associated with change. Asking "why" before taking action can decrease unnecessary moves and improve the likelihood of business success.
2. Release workers who are no longer working out
Let go of people who should have been released a long time ago. You know who these people are. They are the ones that you had second thoughts about after they were hired. These are the employees who may have shown moderate improvement. However, it's not been enough to place them in the ranks of those who are worth keeping.
Replace these people with the talent you need to run your company. Do it now and you are sure to see improvement in your business by year-end.
3. Review your compensation practices and make adjustments where necessary.
For many, it's been a long time since they've received a pay raise. The economy is showing signs of improvement. This means top employees will soon have many more employment choices than they currently may have.
Don't wait until someone comes and tells you they are leaving to consider adjusting their pay to a rate that reflects their contribution. If you don't make the proper adjustments now, you will be giving out substantial pay increases to keep people who never would have considered leaving had they felt fairly compensated.
4. Invest in the talent worth keeping
You say your people are your most important asset, yet you shy away from investing in them. Identify your strongest players and create a plan to build on their strengths.
Keep in mind that when it comes to employee development, one size does not fit all. Some people may do fine with online training, while others are better suited to classroom training. Then there are those who will realize huge surges in growth when given the opportunity to work with a coach who can help them quickly push through barriers that may be holding them back.
5. Take advantage of new business opportunities
This post-recession economy has created new opportunities for those businesses that are willing to make some changes in their model. Maybe you don't have room to expand your successful restaurant and you don't have the capital to open another location. Might you consider adding a food truck? This could provide you with the vehicle you need to expand your business.
Are you able to buy out a nervous competitor for a favorable price? Obtaining their customer list might be all that is necessary to grow your bottom line.
This is the time to make those changes you've been delaying. Be bold and prepare for success.
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