Many of my clients when I meet them the first thing I have to teach them is to let go of “control”. They want to do everything, be everywhere and at times they don’t let their staff work to their full potential because they micro manage. Now it’s easy to understand why, they built their company, they invest their money, it feeds their families. It is their blood! However, you have to remember you are human and you can’t do everything therefore I teach my clients the power of visibility.
Visibility allows you to let your staff work and you evaluate their performance instead of doing the performance for them.
Visibility allows you to let your staff work and you evaluate their performance instead of doing the performance for them. You become the manager, you see whats working and what isn’t and as Owner/CEO you then make decisions to enhance their performance or the performance of a department and or campaign.
What is the Problem
So what is the problem. I met with one client one day and he was telling me about his business that from the outside looked very successful. They had a fleet, a good sized staff. However, he knew was loosing control. So I asked him how profitable have you been the last quarter, he didn’t know. (He was negative 250k). I asked him well what are your profit margins. (He didn’t know). He was loosing money. So then I asked him, when was the last time you reviewing your Profit & Loss. He never did. What was the result, he was in debt about 100k. Payroll Taxes were behind, He only took home about 40k annually and he spent his entire life in that office. This is all on top of being negative for an entire quarter.
Another client, if you walked into their office and you couldn’t even walk! Papers everywhere, Boxes everywhere. After a brief conversation, and review. They were being sued, IRS was after them. Etc etc etc.. Problem? Not organized, no visibility.
This is something a lot of business owners face. They loose visibility of their business because they’re too involved. A good CEO or manager will hire the RIGHT people to do the job, and you will then analyze their performance and your return on investment. Every employee is an investment for the management and growth of your business, every dollar spent is an investment. So analyze your investment.
To solve this have your Bookkeeper and or Accountant provide you the Financials that will show you how your business is performing. One of the reasons our firm has become so successful is because our mission is to make businesses profitable by outsourcing their Accounting Dept to us at 50% of the cost of hiring someone in house and by providing visibility to the client by managing their cash flow and forecasting, providing a weekly or monthly profit and loss. Helping them cut costs where it needs to be cut and setting budgets. The benefits of this are endless, you can now take home more money for you or family, or you can reinvest more of that money to your marketing efforts.
Visibility comes from reviewing financials consistently, talking to your managers and listen to what they see is working and isn’t and if you don’t have managers yet then talk to your staff It allows you to see deeper into your business than you typically would. They interact with your clients, they know what the complaints are and aren’t. Just like any other relationship communication with your staff will better your business.