Ideas to Get Your Business to the Next Level

I started writing this article about ideas to get your Business to the next level and I thought it might be a good Idea to Google the phrase and see what other people are saying.

Was I in for a shock. After a few articles I realized that everybody had a different set of ideas. On top of that this trend went on for pages and pages in Google. No wonder people business-people are confused about taking on this challenge. They actually can’t tell which ideas are good or find out how to get straight answers.

So I decided to write an article that was different from the rest of them. This might seem to be piling on to the madness, but I really believe I have something valuable to add.

For openers, I’ve gotten my own company to the mythical next level – a few times – in two different lines of business. As we used to say in the old days: I’ve signed on the front of paychecks. Which means I’ve built companies and managed growth before. From what I can see this makes me different from the other authors writing articles on the subject – they know about ranking on Google, but their business experience seems thin.

Secondly, for fifteen years I’ve been a professional business coach helping business-people reach the next level in a wide variety of industries. This includes companies all the stages of growth from startup to succession. Experience counts!

What the Next Level Actually Means … I Think …

I’ve always thought of it as breaking free – taking flight – and changing the day-to-day reality. Most people that want to get their business to the next level are already at a level that others admire and respect.

I like to think f the next level as an entrepreneur’s second wind. To explain I’d like to us a baseball analogy.

Batter Box = Trying to get the ball into play & sign some business

First Base = Covering the Direct Costs of delivering the product or service

Second Base = Covering the Overheads like rent, heat, electricity, mgmt & admin staff and accounting

Third Base = A fair wage for the owner holding the leadership position in the company

Home = Profits for the risk taken and to reinvest in the company

Entrepreneurs whose companies consistently get Home are reaching the Next Level. That’s where they have both time and money available to be entrepreneurial again. They also have hard earned experience and contacts. It puts then in position to make bold moves. This is what I call the Entrepreneurs’ Second Wind.

The second wind is an analogy borrowed from marathon running where a runner – after a period of hard work – gets the strength to move forward with less exertion. A renewed energy.

Chicken or the Egg?

Actually the egg came first. Dinosaurs were laying eggs long before there were chickens.

The idea is to get the business model working and the company scoring runs. That’s the stepping stone to the Next Level.

Sometimes people will tell me they need to grow and get more business to score runs and they may well be right. My first instinct is to see what can be done at the current size – this level – to be profitable. Maybe this size with more cash flowing to the bottom line is the next level. Getting bigger without being more profitable is rarely the answer.

Profits are the Best Fuel for Growth    

John Cameron

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The best idea is to get profitable now and stay profitable. That way the frustration of seeing what you want – being stuck – just out of your reach won’t be something you experience. Instead of seeking the big jump next level you’ll be going up the stairs.

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An Orderly Assortment of Next Level Ideas

The First Next Level

If you’re primarily in the Batter’s Box and First Base selling the products/services and then installing or delivering them you want some ideas on how to get your business to the next level try these ideas:

Idea 1a

Pricing to the higher end industry standards. Don’t sell yourself short. People like to deal with owners and your time is worth more than an  apprentice. Seriously forget about the I can do it cheaper crap. It’s a toxic mindset.

It takes courage to bid healthy prices. Figure out how to communicate that you will do a better job and then deliver on it. About nine percent of the consumers are grinders looking to beat your prices down. If you listen to them about the value your company offers it can literally shave good years off of your life.

 Idea 1b

Be wary of hiring salespeople. Even if you don’t think of yourself as a sales person delegate this function with great caution.

Take the time to document the process of setting the work up properly. Think about how to get the prep work done well. That’s what your customers want; not to be sold to – nobody likes that. Once it’s documented then think through how to train someone to do it. Find someone who likes to help people.

You don’t even have to delegate the whole process. Some steps in could be effectively handled by a junior that you might already have on staff.

Idea 1c

Hire a virtual assistant to answer the main phone line. Don’t give your number out. It will make you look bigger and you should have ongoing discussions about how many of these calls result in something that can be completely handled by the virtual assistant.

If this sounds expensive – see Idea 1a

If you are thinking that you already don’t have enough to do and why should you hire somebody else – even a virtual assistant (VA) – then use some of  time that you apparently have to spare and phone VAs until you find one that has helped somebody like you grow their business.

You need to be active and find out if there really is a market for your business offering. To get to the next level you need to know it your business idea is going to work. Now is likely as good a time as any to find out.

You don’t want to be like the inventors of the barcode Norman Woodland and Bernard Silver who were decades ahead of their time. In 1948 they had a great idea for a billion dollar business but technology and the world just wasn’t ready for them.

p.s. I don’t have any shares or anything like that with VAs. It’s just the way the new economy is starting to materialize. People with certain skill sets don’t actually need 9 – 5 jobs to earn a living anymore.

The Next Next Level

If you company is getting around Second Base, but not reaching Third Base then try these ideas.

Idea 2a

Forecast you next 12 monthly Income Statements. Make each line of business report like a Profit Centre. As time passes and actual Income Statements roll into your forecasted ones check to ensure each of the Profit Centres is achieving the margins and volumes you expected.

Also divide your overheads into Cost Centres like: Facility, Management & Admin, Sales and Marketing, Financial and Vehicle Expenses. This makes them easier to manage. Schedule regular reviews.

Business is a numbers game. This is a very good process for both checking the assumptions in your business model and for identifying areas that need to improve for your business to reach the next level.

Developing a dashboard of Key Performance Indicators (KPIs) is another good idea. The KPIs should provide clear feedback for your staff. There is an old saying from managment guru Peter Drucker: “What get measured gets improved.” While I don’t agree with the absoluteness of his statement, it is clear that measuring puts the right kind of attention on key factors and improvement generally follows.

Idea 2b 

You are past being a lone wolf. You own a company. Look for processes to effectively involve others in the discussion about your company’s current performance and future.

Who do you realistically want involved? How can you get the best interests of the company consistently up on your employees’ radars? These are good questions that have workable solutions. You shouldn’t give up decision making and the big choices are yours, but the additional discussion will expand your options for getting business to the next level.

The top business people in the world like Mark Cuban and Richard Branson invest a lot of their workdays in meetings. It begs the question: did they get good at meetings and then become successful or was it  the other way around?

Idea 2c

This a good time re-introduce the idea of documenting systems. Although this time the challenge is completing the project and systemizing the entire company. You should start by creating a system for systemizing. It doesn’t have to happen all at once. It’s okay for this to be a project that takes months to complete.

The benefits are an almost immediate performance improvement as the activity of documenting systems naturally pairs with a discussion of the most efficient and effective way of doing things.

The hidden benefit is the opportunity for people to move up in your company – at least partially. Training people becomes easier when they can be shown precisely how to perform the function.

The help you need to create the time you need to move your company to the next level may be closer than you think. With a systemized company you can confidently pick a timeline and get started.

The Next Next Next Level – The Entrepreneurs’ Second Wind 

This is when it gets to be fun. Your company is consistently scoring runs and you have the time and capital to invest in exciting business opportunities. You also have solid business experience to bring to the project.

Idea 3a

How to get you business to the next level typically involves growth. This means a bigger, better, faster marketing plan. It makes sense to create a detailed plan for the first year of the next level. Break it into monthly segments and fully cost it out.

To do this you’ll have to drill into it and think through what the next level means to you.

This also allows you to test parts of your marketing plan in advance to ensure it will work the way you want it to – when you need it to.

Idea 3b

Look for a competitive advantage. It could be an emerging technology like Netfilx used to take over the movie rental business. Uber and Airbnb. Spend some time connecting with and/or mentoring young technology entrepreneurs and be curious about what they see in your industry’s future.

It could be as ordinary as increasing buying power and sourcing from lower cost suppliers than your competitors can access. It could be better products or improved services that lead the market.

The main idea here is to deliberately be at the forefront to see the disruptive trends first and get to market before your competitors.

Idea 3c 

Take your knowledge and experience to a different type of business. Identify what you do very well and look to see what other types of business could use your proven approach. Then begin a new to you venture and partner with a company in the space who can benefit the most from your expertise.

Summary

Getting your business to the next level often means different things to different people. If you didn’t see the idea or ideas you need here feel free to contact us at Rock Solid. Initial consultations are no charge and no obligations.

At the very least most companies can use some ideas about increasing profits and most owners can benefit from delegating better. Time, money and good ideas are valuable assets for getting your business to the next level.

Sometimes getting to the next level is about fixing what is holding the company back. It can’t fly when it’s weighted down. Getting lift off is as important as knowing which airport you want to land at. It helps to think in terms of takeoff and landing. To reach the next level something has to be left behind.

I wish you the best on your journey forward. If you found this article valuable please feel free to leave a comment below.

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