How To Uncover Opportunities in Your Business

When your goals are clear, you know what you are trying to achieve, and you have a strong sense of direction. Without clear goals, or if a goal is vague or difficult to measure, the lack of focus can lead to sideways performance and little or no progress.

 

But before diving in and setting some lofty goals for the upcoming year, it's helpful to take a step back and evaluate your current position, what has worked to get you to where you are today and THEN begin to figure out which direction you want to take your business.

When reviewing your business, looking inwards is as important as looking outwards

Within your business, there are specific components that work together like pieces of a puzzle. When they work together well, your business is profitable, steadily growing and has an abundance of resources that enable you to deliver your services to your clients.
When these components are not working well together, you struggle to find good instructors, your bookings are down, your studio and equipment are sub-standard, you are not well-known for what you do, you are overstretched by admin and under pressure to keep up with paying the bills.

Taking the time to assess what has worked well in your business is a big part of figuring out where you should spend your energies in the future.

The components that form the building blocks of a studio business and some questions that can help you evaluate them are:

  • Services delivered - are they of quality? Are they properly utilized by your clients?
  • Instructors - are they properly trained in serving clients?
  • Clients - what do they want and expect from you?
  • Studio space and equipment - is it adequate for today and the future?
  • Cost structure - are you making enough money to cover your costs and feel comfortable?
  • Brand and marketing collateral - do they properly represent you?

Being strategic about the goals you set for yourself and your business begins with gathering information 

Traditionally, management looks first for weaknesses and allows the strengths and successes to evolve alone. It’s often about filling in the gaps and fixing weaknesses.

But there is a better balance that will facilitate stronger growth and be easier on you, as the business owner.

By objectively evaluating the resources and activities that allow your business to operate successfully - in addition to those that don’t - and taking the time to strengthen those areas too, you will continue to help more clients as well as better serving your current clients. Thus boosting retention levels and attracting new faces to your business.

Work smart with what you have. Leverage your resources in the right way