Set Aside Resources
This month I am writing a series of posts on Your Next Best Three Steps for 2011 – or a quick guide to help you put the systems or “habits” in place to support your business growth goals. Click here to read Step 1, last week’s post on creating growth goals.
Step 2: Set Aside Resources.
Resources are the fuels that drive your business forward. Depending on the nature of your business and whether you need to launch new products, marketing budgets are typically 10-15% of sales. While cash and inventory come first to mind, other critical resources are your talent (yours and your employees/contractors), your reputation, your brand, your partners and your clients.
For entrepreneurs, your most important resource is your time as the CEO. A recent study conducted by SunTrust Bank extracted the best practices of successful small businesses (those with growth at greater than 20% per year). In these companies, the CEO dedicated at least 20% of his or her time to growth activities.
So, your best New Year action is to block out either one-day per week or two hours per day on your calendar to sales and marketing activities:
- Schedule consistent, weekly 30-minute sales reviews on key prospects.
- Schedule monthly one-hour reviews of results versus goals.
- Post your Top 50 list in a visible place. These are the few important prospects, clients or partners that will significantly grow your business. Post this list in a visible, accessible place with a record of next actions needed to further each relationship.
- Meet quarterly with a “resolution partner”. These outside advisors or other CEOs can keep you focused and supported as you report progress toward your goals.
And don’t forget to dedicate time to gaining additional resource fuel either via hiring sales people (or commission based reps), offloading administrative tasks to free up your time for sales/marketing, partnering with other companies on co-marketing with other non-competing businesses selling to the same target market.
Next Week: Step 3 Generating Meaningful Metrics
Click here if you would like to Get Moving Now! with Social Media.