Category - Financial Performance

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1
From Vision To Strategy
2
How To Increase The Value Of Your Business
3
Business Performance Measures
4
7 Things To Do When Your Business Is Struggling
5
Keep Getting Value From Teik Oh Dot Com

From Vision To Strategy

Last week I gave you a system to make your vision statement come alive and become a day-to-day measure of what you do, what decisions you make, and where you go from the now to the future.

If you haven’t seen that lesson on how to make your vision real, then go back to teikoh.com and search for the article and video lesson published on 29th January 2019. Go now, then come back here!

In that lesson, I talked about the four perspectives by which you should define your vision, making it real by describing exactly what your business will be like from these four perspectives, and therefore using them as measures on achieving your vision as well as guides on your day to day behaviours and decisions. Now, let’s dive deep into those four perspectives to see how you should use them to define where you want to go and how to get there.

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How To Increase The Value Of Your Business

The value of your business is not just based on the tangible assets – the equipment, the buildings, the accounts receivable – but is also based on intangible assets or “goodwill”.

Goodwill is the “extra” value of your business that is caused by all the intangible things that you do in your business to make it a profitable business that can continue beyond your ownership or stewardship. These include things like your customer relationships, your reputation, the efficiency of the business processes, marketing quality and resources, staff behaviours and culture, and your systems that create a great product and service.

Imagine two similar businesses.

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Business Performance Measures

Businesses need measurements. People need measurements.

Without appropriate measurements, how do you know if your business, or your employees, are effective, successful and doing what is supposed to be done?

Determining what to measure can take a lot of consideration, and yet it will probably be only a fraction of the time required to implement the measurement system. However, this investment in time, energy and money will reward you when you can actually see if improvements in sales are caused by new strategies or changes to operations; when you receive early warning about problems from warnings in measurement reports; from understanding what drives the business and what levers to pull to get desired results.

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7 Things To Do When Your Business Is Struggling

While I am always positive, and in these blog posts and in my online courses I teach small business owners how to grow their businesses, it cannot be denied that we live in turbulent times.

Some industries are doing well. Some businesses are coping very well with the turbulence even if it affects their industry, perhaps they have learned how to batten down the hatches.

However, I’m sure some businesses are struggling. This can be caused by many things from a significant downturn in the industry you are in, to over-borrowing when times were good, and even perhaps to over-optimism or behaving as if everything was the same as before. What can you do if your business is struggling?

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Keep Getting Value From Teik Oh Dot Com

This week is not a how-to article or video.

I just wanted to take some time out and announce new ways for you to keep getting value from my website, teikoh.com

 

 

You can register your name and email by clicking here. I promise that I will not give your details to anyone else, I hate spam as much as you do. However in return you will get from me weekly free tips, tools and resources on how to grow your business, sent directly to your inbox to read or watch at your own time.

You can also go to my courses page by clicking here and check out what courses are available to help you grow your business. Most of my online courses are “in real time” workshops so that we work together to start your business, or prepare your marketing plan, or prepare your business plan, or get yourself productive.

You can also go to teikoh.com and check out all the free downloads that will help you grow your business.

If you haven’t started a business yet and you want to, but it’s all getting confusing and overwhelming, why don’t you get my business startup checklist here.

I hope you’ll keep coming back for more!

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