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Unlocking Business Success: Insights from Cary Prejean

Strategy
September 04, 2024•3 min read

In a recent podcast episode, Cary Prejean, a seasoned business advisor with over 35 years of experience and author of the book "Optimize," shared invaluable insights on how small to medium-sized business owners can optimize their operations and achieve sustainable growth.

How to Be Successful in Business

1. Understanding Financial Statements

Gary emphasized the importance of business owners understanding their financial statements. He pointed out that many small to medium-sized business owners struggle with interpreting their financial data, which can lead to poor decision-making. Financial statements are essentially the report cards of a business, indicating its financial health and operational efficiency.

2. Implementing Dashboards

Gary introduced the concept of dashboards, which provide weekly financial data. Unlike monthly financial statements, weekly dashboards allow business owners to identify and address issues in real-time. This proactive approach can prevent small problems from escalating into major setbacks.

3. Systematizing Processes

One of the recurring themes in Gary's discussion was the need for documented processes and systems. By having clear, written procedures for critical functions, businesses can reduce confusion, improve efficiency, and ensure consistency. This is particularly important for training new employees and maintaining quality control.

4. Strategic Planning

Gary stressed the importance of strategic planning. Business owners should have a clear vision of where they want their business to be in the future and work backward to create actionable steps to achieve that vision. This involves setting long-term goals and breaking them down into manageable tasks.

5. Employee Engagement

A significant challenge for many business owners is employee engagement. Gary noted that employees often feel like mere cogs in a machine, leading to disengagement and minimal effort. Building a relationship based on trust and showing genuine care for employees can significantly improve their engagement and productivity.

Strategies to optimized your business

1. Educate Yourself on Financial Statements

Take the time to understand your financial statements. If necessary, seek a financial advisor's help or take a financial literacy course. Knowing how to read and interpret your balance sheet and income statement will empower you to make informed decisions.

2. Implement Weekly Dashboards

Create a system for generating weekly dashboards that provide key financial metrics. This will help you stay on top of your business's performance and make timely adjustments. Tools like Excel or specialized software can be used to automate this process.

3. Document Your Processes

Start documenting your business processes. Identify the critical functions in your business and create step-by-step guides or checklists for each. This will streamline operations and make it easier to train new employees and maintain consistency.

4. Engage with Your Employees

Make an effort to build a relationship with your employees. Show genuine interest in their well-being and professional development. Regularly check in with them, ask for their feedback, and involve them in decision-making processes. This will foster a sense of ownership and commitment.

5. Set Clear Goals and Plan Strategically

Define your long-term vision for your business and break it down into actionable steps. Set clear, measurable goals and assign responsibilities to your team members. Regularly review your progress and adjust your plans as needed.

By implementing these strategies, you can optimize your business operations, improve employee engagement, and achieve sustainable growth. Remember, the journey to a successful business is a grind, but with the right tools and mindset, you can turn your vision into reality.

Resources

Join my free Facebook group for Contractors: https://www.facebook.com/groups/contractorprofitblueprint

Free Sales Guide: https://theprofitclub.hammerandgrindpodcast.com/sales-training-optin

Profit Journal: https://www.lulu.com/shop/brad-huebner/profit-journal/paperback/product-ype4j9.html?q=profit+journal&page=1&pageSize=4

Direct Links:

Cary Prejean's Website:

https://strategicbusinessadvisors.org

Special Audience Giveaway:  

  • GIVEAWAY TITLE - Optimize! Develop an Operational Strategy to Create a Highly Functional and Effective Organization for Growth

Cary Prejean's Social Media:       

Book: OPTIMIZE! - Read the executive summary here. 

businessfinancial statementsbusiness ownersprocessesbusiness optimization
As a former Marine from Southern Indiana, Brad understands the importance of leadership, grit, and determination. After the Marines, Brad worked various jobs until he founded a successful construction business specializing in high-end Handyman and Residential Remodeling, completing over 2,500 jobs for 900+ customers. Now focused on coaching, Brad helps contractors break free from the crazy cycle of struggle, driven by a passion to support those striving to build businesses with integrity, ensuring they don't give up on their dreams. He believes everyone has the opportunity to create abundance in their life, business and community, but oftentimes they fall short due to a lack of knowledge. His mission is to grow people, create community and live abundantly.

Brad Huebner

As a former Marine from Southern Indiana, Brad understands the importance of leadership, grit, and determination. After the Marines, Brad worked various jobs until he founded a successful construction business specializing in high-end Handyman and Residential Remodeling, completing over 2,500 jobs for 900+ customers. Now focused on coaching, Brad helps contractors break free from the crazy cycle of struggle, driven by a passion to support those striving to build businesses with integrity, ensuring they don't give up on their dreams. He believes everyone has the opportunity to create abundance in their life, business and community, but oftentimes they fall short due to a lack of knowledge. His mission is to grow people, create community and live abundantly.

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