Being great at what you do doesn’t guarantee you’ll be great at running a business. It’s likely you have now created a job wearing more hats than you care to admit say business coach Ben Fewtrell from Max My Profit.
Successfully running and building a bodyshop business requires a different skillset and mindset to being on the tools. Here are my 10 tips to make sure you’re on track:
1Work ON not IN your business
Getting off the tools can be a difficult transition, but this alone will be a huge benefit to you and your business. Start small by allocating one day per week for working on your business. Try to work from home or a serviced office on things such as planning, marketing, systemisation, team development programs etc.
2Set goals
Having a clear target will give you, your team and your business purpose. Your goals can be as simple as a revenue target or something that creates a far greater impact. Maybe you’re passionate about helping people in third world countries, your goal could be that for every repair you do you donate a percentage of the profit to provide drinking water for a community or sponsor a child for a month. Having goals will get your customers more enrolled in your vision and will make each month a race to beat the last month’s figures.
3Know your numbers
Without positive cash flow and healthy profits, your business will be a challenge to own and operate. You’ll need to develop a healthy habit for cash flow forecasting and budgeting. You should look at your budget versus actuals monthly to make sure you’re on track to achieving your profit goals. You’ll need a proactive accountant or mentor to meet with monthly, this way you can objectively review your numbers.
4Be an inspiring Leader
As you build your business you’ll soon learn that your greatest asset is your team. No one has ever achieved anything great alone, and your business is no different. Leadership is a skill that can be learnt and developed. You’ll need to invest some time working with and understanding what is important to each of your team members. A happy team is motivated to help you achieve your goals, especially if you’re helping them achieve their goals.
5Develop your team
Although a lot of your team are already skilled technicians, further development is important. Creating a program to upskill your team is easy and will benefit your business greatly. Cross training people in your business will make it more flexible and your team will love learning new skills. Some people have said to me “what happens if I train my team and they leave?” I always reply, “Id be more concerned if you don’t train them and they stay”.
6Systemise your business
The easiest way to ensure your business will run smoothly and grow even if you’re not there is to systemise. Start by listing all repetitive tasks. For example, a customer dropping in for a quote or picking up their car. Anything that happens more than once should be systemised. As your team come to you and ask questions, make a note if it is something you could systemise and work on these during your ‘work on the business’ time.
7Take time to work on yourself
Unfortunately, they don’t teach you the skills you need to build and run a successful business when you are an apprentice. Your business is a direct reflection of yourself. You’ll need to learn more, if you want to earn more. Invest at least 30 minutes a day reading, listening or watching something that will develop your skills as a business owner. There are many free resources available including podcasts, YouTube videos and business blogs. If you’re pressed for time, use travel time in your car to listen to audio books or podcasts.
8Think outside of the box
You’ve probably heard the saying, “Do what you’ve always done, and you’ll get what you’ve always got”. Your industry is changing every day and you’ll need to innovate and adapt to be successful. Think about what other products or services you could offer your current customers, or how you may be able to use your current resources to serve a new market.
9Manage your time
One of the keys to building a great business is learning that how you invest your time is more important than how you invest your money. After all, you can lose all your money and then make it back, but once you have spent your time doing something you shouldn’t, that time is gone forever. Being busy and working hard is not going to guarantee success. You need to make sure you’re being productive by working on the right things at the right time. Use a diary and be disciplined when it comes to saying ‘Yes’. Everything you say ‘Yes’ to means you are saying ‘No’ to something else.
10 Get a mentor
High performers rarely achieve their goals without the help of a mentor or coach. Many people have previously achieved what you have set out to do and can help you get the results you want faster. It’s commonplace for business owners to work one on one with a business coach or mentor to help you achieve your goals quicker.
