The word “team” makes a great acronym (Together Everyone Achieves More), which is true no matter how few people you employee. Your team is a valuable asset and should be focused on not only the company Vision but the processes that get you there. Take advantage of your company’s size and your direct access to your team to improve your profitability.
When working with my clients to improve profit and growth, I analyze 4 key areas that impact growth and identify how the team can contribute to these deliverables.
1. Revenue and Sales
Growth comes from focusing on both new business and existing customers. Beyond marketing and sales, the actions of your entire team impacts revenue. Do they know that? How the receptionist handles phone calls and the technician works on-site affect the customer’s opinion of your business. Customer satisfaction ultimately determines if they will continue using your services. Share your goals with the team, establish processes and keep a scorecard that can easily track and measure results.
2. Costs and Expenses
Examine your expenses even if you are happy with your current providers. Comparison shopping on services or products can uncover savings opportunities. Don’t ignore factors like quality, service and on-time delivery, and use the information to negotiate and keep suppliers honest.
From the inside, create an incentive for your team members to identify waste of time and/or money. What are you spending on today that could be re-allocated elsewhere? Review all areas of your business including sales, marketing, operations, billing and technology. This may not directly affect the bottom line, but better use of funds can support growth of profit.
3. Customer Satisfaction
Nothing drives results more than a happy customer especially in our socially connected world. Customers will advocate for your business through referrals, social sharing and online testimonials. Because so many factors impact customer satisfaction, your entire team plays a role in delivering the “buying experience”. Develop a list of satisfaction drivers specific to your business, such as delivery time, quality and customer support. Monitoring your list will help you make quick adjustments to any problems areas.
4. Operational Performance
Reviewing your systems and processes on a regular basis is critical in finding more efficient ways to handle the tasks you and your team perform every day. It’s about eliminating waste, leveraging resources (time and money), and automating system processes for continuous improvement in all areas of business.
Again, engage your team to identify areas that need help. They know where the glitches or problems are, allow them to feel comfortable enough to talk to you rather than continue to do things a certain way because “that’s how we’ve always done it”. It will make their lives easier and improve customer satisfaction in the process.
You can see how these four key deliverables are separate yet intertwined. No one is an island, so communicate and work together as a team to improve the system from the ground up. You’ll uncover improvement opportunities and react quickly to market changes. Team and customer satisfaction can only help your bottom line. Start today to establish and monitor your processes and then watch your profits soar.
Thom Torode is an EOS (Entreprenuerial Operating System) Implementer, a certified Business & Leadership Coach, and is part of the John Maxwell Team as a Certified Coach, Teacher and Speaker. If you would like to explore how building your team can help impact your profits, Thom has a limited number of complimentary coaching sessions available this month. Click here for information.
