Upon setting up a cockpit for presenting your data, everybody in your company will have an idea of what needs to be improved. Of course, everybody in your company already has a full time role. So with limited time on your hands, how do you decide which areas are most important?
Even if you do have time to address everything that come to light, you’ll still need to prioritize items so you can allocate the proper amount of time and resources to each. You wouldn’t want to sink too much time and money into something that offers very little return.
You could decide against sparing a lot of resources at first, and thus prioritize small things that have an accumulative impact over time. This is a safe way to go; you don’t want to get so invested in the big picture that you threaten the immediate security of your company. On the other hand, time waits for no one. And the one thing we can’t stress enough is that building the market value of your business requires urgency. So we’ve put together four aspects to consider when prioritizing your upgrades.
1. Greatest ROI
It makes sense to focus on the areas that offer the greatest return: where working on one area promises a significant uptick in topline revenue, sales leads, or productivity, or a significant decrease in expenses.
2. Holistic improvements
Think about how improvement in one area can impact other aspects of your company. Anything that makes you more efficient will give you more time to work on everything else. Increasing leads will increase sales, which gives you more money to improve your operation with. Both will improve the appeal your company has for investors. Consider all of the areas that your data indicates need work, and choose the ones that help in other areas.
3. Time sensitive improvements
Consider which outcomes are most important, and how time sensitive they are. You might be working under a deadline, to show a potential partner or customer a certain improvement. Something time sensitive might need to take precedence over something that adds more value, simply because the window of opportunity is closing.
4. How the task needs to be approached
Consider how you’re going to approach each item on the list. If it can be handled quickly with minimal hassle and doesn’t require company wide meetings, there’s no reason not to start now. An example of this might be implementing a new policy or habit for everybody to follow, one that has a company wide impact.
On the other hand, major changes might require more time and effort to get the ball rolling — but maybe, once you do, it doesn’t require much to keep up. It might make sense to temporarily de-prioritize all else just to set the stage for one very important change. Or it might not. Assess the difficulty of each task, and the up-front investment it requires.
Unfortunately, there’s not a tried and true formula to tell you exactly what to do. You’ll have to make some decisions based on your own insights, but it should become evident what your best choices are if you consider all of the above.
If you do find yourself facing tough choices, just know that this is actually a good thing. What it indicates is that you have a lot of good choices on the board. All progress is good progress, so there really are no bad choices. Most importantly, remember that getting started today (or at least, this week) is the most important thing any business owner can do.
Consider bringing in an outside perspective
You don’t have to go it alone, nor do you need to put yourself in a financial bind to bring in help. Outside perspective is often the very thing businesses need to see things objectively and make the most strategic decisions. We’ve found that there is appreciable market value in businesses of all types and scales, so we offer creative arrangements to help you grow and sell your business. To have a conversation about bringing in experienced help — within your means — you can go here and to fill out or contact form.