Hi guys, Mike here from M Business.
Today is a little bit impromptu. I mean, I am out and about doing things, which is fantastic.
But today, I want to talk to you about how to optimize your business more effectively.
A lot of people want to make more money.
A lot of people want to be able to get their business to the next level.
Sometimes they think “Well, if I sell more, I can make more profits.” But there is a little tiny thing that that waived on, which has been amazing. And that is what I mean by optimising your business.
WHAT DOES OPTIMISING YOUR BUSINESS MEAN?
When I talk about optimising, what I’m talking about is getting your business and looking at your outgoings.
Why is this important?
Because if you can reduce your outgoings, you make more profit. But you need to be a bit careful with this. Don’t say it like some accountants do, “money crunches”.
You’ve got to see it more in a marketing sense because when you see it with a marketing eye. You got to work out what is going to bring money to you. Cut certain things that are not going to be good long term. So now, what I’m talking about is this. To increase sales, it’s important that we focus on the right marketing strategies.
KNOW WHERE YOUR ENQUIRIES ARE COMING FROM
So now, what I’m talking about is this: To increase sales it’s important that we focus on the right marketing strategies.
In the last post I did, I talked about “where do your enquiries come from?” This is pretty much very similar because the first thing you want to do within marketing is this, “You want to know where your enquiries are coming from.” When you find out where your enquiries are coming from, you can ditch those other things that really are a waste of time.
You know what I mean? You might be having a newspaper ad or you might be doing something that doesn’t. I’ve got some painters that have done newspaper ads for, you know, forever and ever, and ever, and ever. Some still work with these newspaper ads but I’ve had a few painters this year say that it seems like it stopped working and they’re looking at other things like Google, like Facebook and those sorts of things.
These are the things that you can really optimize, but you’ve got to know first whether or not your marketing strategy is working for those areas. As I said last time, one of the most key areas that you need to know is to ask.
OPTIMISE YOUR STAFF
But the other things that you can do is about optimizing time with your staff.
When I say optimizing time, if you are a business owner like me, I know every single part of my business. If I say for instance, I get someone to do something, I’ve already done it and I know how long it’s going to take. I know the steps towards it. That means I can backtrack the task. I can actually look at my staff’s working hours. I can look at the people that are doing my work. And I say, hang on a minute. Why is it taking you three hours to do this? So why is it taking you 10 hours to do this when it should be only taking three hours? What’s the go here? And you know, if you’re a tradie and if you’re in the trades, you can look at your staff and you can see, hang on a minute, he went out and did this, and it’s taken him this long?
You can really optimize that time with your staff. It’s really important to optimize your time with the staff.
GO THROUGH YOUR BANK DETAILS and OUTGOINGS
The other things that you can do is just go through your bank. One of the things that we did, especially at the start of this COVID-19 is this, we’re thinking what’s going to go on with everything. We went through our bank statements, like a fine tooth comb.
We went through every single payment that we had and we sort of worked out, okay, do we need it? Yes! Can we get a better deal some way? Yes! You know what I mean? And it goes on and on, but I think the biggest thing for us is really looking at ways to save time. Because time is money and that’s really optimizing your business. So, you know that’s the first thing you need to do.
Number one, as I said last time, ditch out what is not working or change it. Adjust it to make it work. The second thing you need to do is to look at all of your outgoings. You need to look at what you’re actually spending. You need to really look at all those elements and really get a fine tooth comb type of area in your outgoings. Because you know if you’re paying like 50 bucks a month for some weird subscription, you know that 50 bucks could go into your pocket. And sometimes that 50 bucks is not 50 bucks a month. Sometimes it’s actually more like $50 a week that you could have coming into your bank account.
FINAL WORDS OF ADVICE
So, yeah, that’s the first thing. So the first thing is to optimize where your enquiries are coming from, optimize your bank account and the details and, and work out where things are going there. Thirdly, optimize your staff time. Optimize where they’re wasting time. Optimize the areas, especially if you’re a person who’s done the job, you’ll know all the tips and you’ll know all the secrets. Sometimes what we can do, we can get so busy with other things and other circumstances we forget about how to optimise our own business. So go back over the systems, go back over what your staff do and even what you do. How can you do it differently? You know, like simple things, even with your own time, like if you’re a tradie and you’re doing deliveries, or if you’re doing certain things. Work out the deliveries and where they are to be delivered to. If you’re going to work, work out where you’re going to be in a certain suburb. You know what I mean? You can optimize it in that way: saving your time and all the areas. I hope that makes sense.
But I want to encourage you to go through your business. Go through everything and be able to work out ways with a mindset of making money, not in a mindset of scrimping. I’m talking about ways to improve your business and why it is not only that. We talked about your staff and how to improve their actual roles and the bits and pieces. I hope that helps.
We’ll talk to you a lot more. If you’ve got any questions about that, you’re more than welcome to message me and then we can go through it. I’ve got some great tips that I’ve done for my own business that I can help you with. You have a great afternoon. Talk to you soon.