How to Build a Business Management Routine

Look at Your Business Type

What your business requires will change depending on your industry. So firstly it’s important to consider the specific requirements of the industry you’re in. Here are a few examples of how routines can differ:

‍

Hospitality

Daily stand-ups with staff:

• Daily specials
• H&S
• Managing special customers or group events

Construction

Weekly or Daily team/toolbox meetings:

• H&S
• Job updates
• Admin issues

‍

Professional Services

Weekly stand-ups:

• Job-status
• Review leads, proposals, and any critical project issues
  

Routines We Find Extremely Successful

Once you’ve identified your industry requirements, it’s time to build your monthly, quarterly, and annual routines. Here's a rundown of the ones we highly recommend.

‍

Daily/Weekly Stand-ups or Team Meetings

These routines are excellent for motivating your team and keeping everyone in the loop.

‍

To do:

• Discuss what has happened.
• Discuss what was done really well.
• Discuss what will happen today/this week.
• Update your action plan with who/when for tasks.

‍

Note: when due, don't forget to include staff birthdays, rewards, and recognition etc.

‍

Monthly Reviews

With countless numbers and actions to review, business systems and processes are invaluable tools for keeping track.

‍

Here's what you should be checking in on monthly:

• Review of financials (profitability, direct cost %, expenses, net profit, cash flow forecast).
• Other KPIs (leads generated, volume of product sold, size of inventory).
• Any major issues that have developed (update SWOT).
• Review of business action plans (have actions been completed to the deadline? Do actions need to be changed or added?).
• Remember to update your action plan document for the next review.

Quarterly Business Plan Review

Business development can change fast. Competition grows, new tools/apps arrive, employees change, new ideas develop… 

‍

With all of the above constantly evolving, it can easily trigger change required in your business plan. So be sure to review your plan quarterly (or annually at the very least) and update where necessary.

‍

To review:

• Has the marketplace changed?
• Are my goals changing?
• Update your SWOT and develop actions accordingly. There may be a newfound strength in the business that can be utilised, new opportunities, new weaknesses that have been identified, or new threats in the marketplace.
• Review financial targets and other KPIs.

Annual Review

At the end of each financial year, it is well worth reflecting on the numbers and checking in on your business plan for the upcoming year.

For business owners, taking this time to review your plan will relieve you of the stress from worrying about new issues that haven’t been addressed. It will also give you the chance to ensure the team is cohesive and focused, and allow you to drive the business development in the direction you want.

During this review:

• Look at all expenses.
• Review systems and processes.
• Assess if the organisation structure (people) is delivering what you need.
• Review your insurance.
• Review security.
  

Don’t Forget to Get External Support

We use external coaches and advisors in sport, why not in business? 

It’s really easy to get caught up in the day to day and forego review/planning routines. If you can relate to the struggle of keeping routines in place, using an external party to keep you accountable is a great option. 

This can be as simple as booking a meeting with someone who will ask the hard questions and keep you honest. The result: you maintain focus, get things done, and remove emotion from reviews. We proudly provide this external support at No Fuss. If you’d like to hear about how we can help, get in touch.