As we approach fall, it marks the beginning of the fourth and final quarter of the year for many entrepreneurs. And fall is a great time to assess your business to find out if it is on the right track to hitting its end of year numbers.
Fall also marks a time for many business owners to revamp or tighten up their business strategy, especially after a relaxing summer. But this year has been different. This year has thrown us many curve balls and unexpected challenges.
This year has been especially challenging for many businesses that have managed to survive the last couple of months. Even with this survival, many businesses do not see a way to achieve their end of year financial target. But don't just accept things as they are.
As an entrepreneur, you’re fully responsible for the growth and success of your business. So if you are approaching the end of the year and you have not hit your financial benchmarks or any other goals for your business, it is time to consider resetting or refocusing certain aspects of your business.
Here are some guidelines on exactly how to refocus your business in order to hit those numbers and which core business components you need to refocus in order to get things back on track.
First, you need to look at what you are offering to your clients. These are your products, programs, and services. You need to take a close look at your products/services, determine how well your products are selling, and determine if your products are selling as to be expected given your market and geographical location, etc.
In reality, markets change all the time and this is especially true for this year. Many people are now focusing on their immediate needs. So if your offers are not selling ask yourself, "Does my offer solve an immediate problem for my customers?"
If your answer is no, then you should be analyzing whether or not you need to reset or maybe refocus your offers. Only then can you hope to hit the benchmarks for the end of this year. But this is not the only reason you would consider refocusing your offers.
In the case where your offers are selling you need to ask yourself: "Is this my ideal product?" This is especially important if you are new within your market and you are still establishing your business's reputation. You need to examine if these offers align with your business's specialty or long term goals. Is this what you want your company to be known for?
As a business owner, it is really important that what you are selling aligns with your expertise as it sells easier. People will be more attracted to you and you get greater results.
This is the second aspect of your business to analyze and see if there is anything that you need to reset or refocus. Take a look at your marketing systems. Are your funnels built properly? Are your landing pages and your forms in your email? Take a look at your follow-up sequences etc.
Once you have established that your marketing systems are built properly, you need to assess your leads. Are you generating new leads right now? If not, determine the reason for this and work on fixing that.
If you have addressed these issues, and you are not getting new leads, you need to assess where are your leads coming from. Are they high-quality leads, and what strategies worked to get the leads you have now?
The truth is, getting leads is not enough. If you are not getting quality leads, your business will not make any sales and will not see its end of year goals.
After you have assessed where your leads are coming from and the quality of those leads, you need to determine if your marketing funnel can handle an influx of new leads.
There is no point in trying to increase your leads generation if your marketing funnel is not equipped to handle the volume for those new leads. Once you know that your systems and your funnels are built correctly, you can look at ways to increase lead generation such as running ads and increasing your social media presence.
It is now time to evaluate your company's standard operating procedures (SOP). Having standard operating procedures in place will allow your business to run smoothly especially when it is time to scale.
Every time you start a new task, create a detailed document that outlines the steps to complete these tasks. You might even create a video and record your screen as you work through the task.
Save these videos and link them within the document to have for future team members who will take over the task in the future. You can also go back and create these documents for tasks that aren't new but are repeatable and can, therefore, be outsourced to someone else.
You need SOPs in place for when you manage your social media, hire staff, onboard new clients, or off board staff or clients. You should have these systems in place for your finances such as how, when, and who will pay the bills for your company. SOPs take time to create but in the end, these are what will allow your business to run as a well-oiled machine.
These are proven strategies that will work for established entrepreneurs who feel fragmented and need a clear and strong plan to move forward for the rest of 2020. Rest assured that we also implement these strategies in our own company. In fact, every fall we analyze our company to determine what we need to reset or refocus.
I know that resetting or refocusing aspects of your business may seem overwhelming, but I promise you that it won't be if you take everything in strides. The aim is not to reset everything but just to reset a couple of things that will have the greatest effect on your business's success.
If you are still unsure and believe you may need some guidance to help refocus your business I would like to invite you to our annual entrepreneur reset and refocus challenge by visiting www.sweetlifeco.com/reset. These sessions will provide step-by-step guidance, coaching, and a workbook with material to aid you in this transition and these sessions are completely free.
The entire SweetLife Team will be there on the inside with our sleeves rolled up and doing the work with you. We would be honored to have you join us.
It's been a crazy year. Hopefully, your business has reached the financial benchmarks and goals you set back in January.
But, if you are approaching your final quarter and things seem, well....a bit off, then make plans to Reset and Refocus. Connect with me here in the comments, email, or social media if you have any questions or need one-on-one help in order to end 2020 on a high note.
And don't forget to sign up for the free, 3-day Reset and Refocus Challenge. I have a seat waiting just for you!
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