3 Shocking Mistakes That Are Killing Your Business Growth
There are 3 big mistakes that cause lots of frustration and kill a business’ ability to grow. And they aren’t rookie mistakes either, they plague businesses at all levels. In fact, the more successful your business becomes the more susceptible you are to making these mistakes.
If you can overcome these mistakes you can have a high performing fitness business.
If not, well…
…get ready for an uphill battle.
The great news? These mistakes aren’t difficult to overcome if you know how to identify them and create permanent solutions for them
Mistake #1: Everything is Urgent & Important
The number one issue with many struggling, stressed out business owners lies in their ability to prioritize.
What should you be fixing first?
In this age of information how do you know what to implement and what to ignore?
You have a million things on your to-do list, new issues to tackle each day and none of that includes your day-to-day responsibilities of marketing, selling, training, program design, admin work, etc.
None of that is going away so you have three choices:
- Ignore it
- Delegate it
- Prioritize it
#1 isn’t an option if you want to have a business for long, #2 may not be possible right now so that leaves us with #3.
So how do you prioritize the issues and your to-dos in your business?
The first step is defining your vision and the long-term plan for your business. In the Fitness Business Alignment System™ we use the Strategic Alignment Plan™ to document and define your vision.
This simply allows us to layout all the key benchmarks you need to be shooting for and the goals you need to accomplish to be on pace to reach your long term vision.
But, themagic is in setting your Rocks!
Quarterly Rocks are the most important items in your business and your top priority. They are the things that must be completed if you want to hit your goals.
When you know your vision, it’s easy to determine your Quarterly Rocks and maintain your priorities.
The long-term vision is the target you are aiming at and your Quarterly rocks are the sights you are looking through. When you focus on your sights you can align them with your long-term vision.
Mistake #2: Incomplete Business Processes
You need process for your business to grow and continue to scale upward without creating more headaches and frustrations.
Systems is the term you are more familiar with and that’s common thrown around by business experts. However, most experts either make systems too complicated or they forget to include all of your systems.
Building a great business is about more than sales and marketing. You simply can’t ignore all the other aspects of the business that allow you to grow and continue to market effectively.
There are 5 areas of your business that require processes to be developed:
- Sales & Marketing
- Human Resources
The first two are the ones that many business coaches and experts focus on (probably because they are the most fun and easy to talk about). Rarely do you see a focus on the others.
So, let’s breakdown each of these 5 areas and what processes you need in place!
Sales and Marketing
- Lead Generation
- Front End Offers
- Sales System
- Onboarding/Program Introduction
- Client Care
- Book Keeping
- Tax Preparation
- Performance Review
Here’s a quick tip that could save you hours of frustration…
Don’t wait until you need these processes to create them! Start before you need them and refine them as you grow. It’s much easier to create and implement a system when your business is small.
Creating processes doesn’t have to be complex. It’s important to remember the Pareto Principle when creating your processes and focus on the 20% of things that get you 80% of the way there. You or your team can handle the other 20% of stuff as it comes up.
You’ll never be able to account for all the scenarios a team member may have to handle, especially in customer service but you can empower them with the resources and authority to create solutions.
That’s where hiring great people that align with your values comes in handy.
Your goal should be to document the major steps in the process and keep it to one sheet of paper.
Mistake #3: Lack of Communication
This is a big one! It’s easy for a business owner to blame their team for not completing a task or performing up to par.
It’s much tougher to look back to see if you communicated the process and set the expectations clearly.
The DDV System stands for developed, documented and made visible. If it’s not written down and if your team can’t see it then you should assume it doesn’t exist and shouldn’t expect it to be followed.
What needs to be DDV’ed?
- Core Values
- Accountability Chart
- All Primary Business Processes
- Job Descriptions
- Goals and Measurables
- Your Ideal Client
- Your Local Market Strategy
Just to start with a few!
FBA stands for ‘followed by all”. It’s pretty self-explanatory! If a process is DDV’ed and explained then it needs to FBA’ed.
That means by everyone, every time.
The first thing you can do to alleviate some communication issues is to DDV your accountability chart so that your team understands the chain of communication.
This ensures that information flows the appropriate channels and that individuals are held responsible for their performance.
It can seem a bit overwhelming to create an Accountability Chart but the time and energy you spend putting it together and perfecting it (which takes time) will be well worth it when you notice that your team is performing a lot more efficiently and you’re getting peppered with a lot less questions and issues.
The Accountability Chart empowers people to make decisions and help improve the business.
Every business has to deal with these mistakes and the headaches they cause in a business. If you’re business is showing signs or symptoms of any of these mistakes then you need to address them and create permanent solution.
The fastest way to overcome these roadblocks to business success is having an experienced coach review your business, help set your priorities and hold you accountable to creating solutions.
Experience is the best educator and our Success Coaches have worked with hundreds of businesses to help them overcome obstacles and create success.
If you’re interested in fast tracking your success then check out our Accelerator Coaching Program.