This week on the Service Contractor Radio Show, Chris Elmore is joined by fellow business coach and trainer, Dr. Kerry Webb. Kerry holds a Ph.D. in Business Management, and like Elmore, has seen and helped hundreds of trades businesses all over North America.
Their topic this week is for Owners and Managers. They cover the critical items you should do for your mid-year business review.
You should be doing this every month, but most definitely at mid-year. Doing this review allows you to make adjustments so you can hit your sales and profitability targets. Also, you can adjust your budget in the event that your original assumptions have changed. Your budget is a living, breathing plan. It’s not chiseled in stone.
You should have a scoreboard for every division of your business. Everyone should know what performance level is expected of them. You should establish individual KPI targets for each member of your team. Just like with your budget, this is the time of year to adjust targets as needed.
This is the time of year to determine if there is anyone on your team you need to reassign or replace. No one likes talking about replacing a team member, but the reality is you will have to do it. Everyone should understand that they are being evaluated based on their KPI‘s. Changes should not be a surprise to anyone who’s performance is below expectations. Always be looking for good team members so that when this time comes you have someone to fill the spot. Also, this is a good time to review your customers to see which ones need to be given to a competitor. Upgrading your team and your customer base is just part of strategic loss.
It’s a good idea to review your business performance each month, but critical to do it at mid-year. This gives you the opportunity to adjust your budget, evaluate your team’s performance, and determine the strategic loss that may need to happen in your business.
As always, if you need help with this topic, please reach out to us.
Also, please like and share this podcast. Send us your suggestions for topics!
Download the Podcast to Listen: Mid-Year Review
A proactive business is a successful business. That's why our team takes the time to make sure every client has a proactive, not reactive, business plan. Our strategies make your business run more smoothly and profitable.
Our training services help businesses identify and achieve their key performance indicators (KPIs). Whether it's increased revenue or higher satisfaction rates, our methods allow you to see immediate and continued results.
Our team of experts works hard to make sure your business gets personalized training. We'll work with your team one-on-one or in group settings to set and achieve your business goals. We develop training based on your goals!
We believe that people are the most valuable asset. We strive to provide outstanding benefits, life balance, leadership, and support to our team. We believe in helping people reach their greatest level of growth, contribution and satisfaction.