It's extremely important to measure progress in your small business. There are so many ways…
Patience, Perseverance and Profit
Life for most of us is a rocky road and so too is business.
Invariably just when you think it’s all working like a well-oiled machine, something will change to upset the system.
I remember struggling to get the right people on board, chopping and changing staff like there was no tomorrow. In some cases, letting people go ruthlessly quickly if they didn’t fit in and putting up with others who had the skills but not the same values. Over time, I did gather together a cohesive team who enjoyed working together and who helped each other out when needed.
When the team was optimal, they worked on the systems and procedures together, and together they achieved more. But being of an impatient nature, I didn’t see the progress they were making at the time, it wasn’t visible to me, and so I believed, incorrectly, that there was no progress.
I’ve found that taking stock of progress on a regular basis helps to deal with my lack of patience and desire for immediate results.
During this same period, I implemented a number of new technology changes, wanting to stay ahead of the competition and be at the forefront of changes in my industry. Each year, I’d announce at least one new major system change that would make our work more efficient, or at least that was the plan.
Not all were successful. One was an epic fail where the IT guys in charge of the implementation not only didn’t do a particularly good job but had oversold what the system could do. For a few months I insisted that we persevere, the team struggled to make it do what we wanted it to before I was forced to concede defeat and we reverted back to what we had used before.
In this situation, it just didn’t make sense to continue to persevere, the team were highly inefficient and whilst a short-term loss of efficiency for a long-term gain and thus long-term increased profits makes sense, there are times when you need to take a good hard look and make an executive decision that the original decision was incorrect. Perseverance doesn’t always pay.
Others though, we persevered with. My patience often tested at the apparent slow progress, but invariably both patience and perseverance paid off. And in doing so, the profits improved too due to the efficiencies we gained in automating systems and putting in place documented procedures.
Patience, perseverance and profit go together in many ways.
It applies to marketing, it applies to building teams, and it applies to creating and launching new products and services. Every aspect of business can benefit from patience and perseverance. The question can be how long you need to persevere before making the judgement call to stop or change.
As long as you are working on improving or growing your business, patience and perseverance should lead to more profit.
In order to keep a tab on progress, it’s important to have a starting point that you can measure the changes as you patiently persevere toward changes and make sure that you are improving profit.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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