Identifying risks to the business can allow a business owner to prevent a problem before it occurs, or put strategies in place to deal with it should it come to fruition.
“You need to have a list of risk and issues which you monitor as you go along. You shouldn’t allow your business to get to a stage where it’s threatened by a foreseeable risk,” Gleeson says.
“You need to think about what risks and issues could arise and how to address them, so that way at least they won’t come as a surprise.”
He says business owners should be constantly aware of possible problems, but to dedicate a period at least once a year to having a “deep think” about the risks and coming up with possible solutions.
If you can measure it, you can improve it. In a business, this goes for all number of things, from sales and processes to marketing tactics.
“If it moves or changes then it must be measured otherwise it cannot be managed with logic and fact,” Kazakis says.
“It needs to be measured or else it can’t be managed. You need to know what makes you more productive and what’s making your business the most money.”
If it works, replicate it. Duplication of processes allows effective processes to be replicated throughout the business, boosting productivity.
“Make a list of all the tasks/processes/conversations that are duplicated in your business and if they’re working create a system,” Kazakis says.
“Then train people… to use the systems. If they are not working you may decide to improve or innovate, but if after the second improvement it does not deliver the predictable outcome you must eliminate or terminate the activity.”
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