3 Steps to be More Profitable in 2021
Imagine you're in the jungle and you're chopping down tree after tree while making a trail. You've been so focused on clearing the trail that you are no longer sure if you're still heading in the right direction. So, what would you do? Would you just keep chopping away and hope that you're still heading down the right path or would you climb a tree to make sure you're on track to your destination (if you're not a good climber, ask someone else to help)?
Running your business is no different. It's critical to take a look back at where you've been, decide where you are going and put together a plan for how you will get there. Most owners and leaders start off with a vision of where they are wanting to take their business, but that burning passion fizzles out after they get back into the weeds of working in their business. Maybe you've been there before. You attended a conference or watched a presentation where you came away with a handful of great ideas that you were going to take and implement in your business. You shared this information with your team and after a couple of weeks, there was no more mention of this. The good news is, you're not alone. It is human nature to loose focus every 90 days or so. That is why it's so important to create a 90-day world in your business. Doing this properly will help get your business laser focused on what needs to get done and will help drive accountability and produce better results; all of which will lead to greater profitability.
So, you're probably saying that sounds great but easier said than done. Creating this 90-day world does not take drastic measures and is not complicated. Follow these 3 steps to get better focus, better results and higher profits.
Prioritize - There are likely 87 items at anytime in your head that you believe all need to get done, which is normal. What you need to do is identify and focus on the 3-7 most important organizational priorities (Rocks) that your business needs to get done over the next 90 days. Get your leadership team involved on what they believe needs to get completed. You will likely start off with a laundry list of 25+ items and that is okay! Now, make your way through that list with your leaders until you've narrowed it down to the 3-7 highest organizational priorities, aka Rocks. Make sure you've defined what success looks like by writing this as a S.M.A.R.T. Rock and assign an owner who will be accountable for getting it completed on time.
Weekly Meetings - Once you've set your Rocks it's important to ensure the Rock owners are on-track for completing them on-time. Meeting every week on the same day, at the same time with the same agenda allows you to keep the circles connected by increasing traction, accountability, communication, team health and results. Download the Level 10 Meeting™ agenda to gain traction not only on your Rocks but also on tracking critical numbers that will give you a pulse on your business is doing and to make sure your key issues are being prioritized and solved.
Quarterlies - Now that it's been about 90 days since you last meet with your leaders to set your Rocks, it's time to see how you did. Take this time to work ON your business and review what you've accomplished, this is a great time to celebrate your successes and learn from your mistakes. Next, if you are running off of EOS® review your Vision & Traction Organizer to make sure your leaders are still aligned with your vision and you are heading in the right direction. If you don't have a V/TO be sure to have yearly goals and a 5-10 year target that you're driving towards and basing your quarterly Rocks on. Then it's time to set your Rocks for the next 90 days following the same process as outlined in step 1. After you have identified your Rocks and assigned an owner, spend time to focus on identifying, discussing and solving key issues that your business is facing and making them go away forever instead of discussing them every time you meet.
Once you have your Rocks set, you're running effective weekly Level 10 Meetings, and you've held your first Quarterly session, put your head down and go to work. Rinse and repeat.
Take the time to climb that tree so you become laser focused and are getting everyone on the same page so your team can get better results and you can enjoy a more profitable business.