Over the years we have developed a few core principles that have resulted in a lot of success for our agency. Here they are, in no particular order of importance:
- Revenue, Not Budgets: Budget meetings and budgetary concerns can easily distract an entire executive team and alter priorities. Business owners forget that budgets are created by driving revenue. Without revenue, it's pointless to repeatedly assess the budget. The focus must shift fully to actions that will drive revenue in order to generate fresh income that can cover and exceed budgets. It's not possible to cut expenses to attain affluence, so companies must zero in on every item within their company that can be a profit center and then take methodical actions to make it so.
- Weekly Measurements: Quarterly numbers are important to keep but not the best method to help you keep your finger on the pulse of the business and better ensure survival. Measure all key numbers weekly and keep a graph that shows what each statistic, such as income or number of sales, is doing from week to week. Measuring weekly and managing weekly can help you avoid a catastrophe that would be hard to handle or correct if you were measuring only quarterly. Know every vital number, measure and act on them weekly, and ...