Harnessing the Right Resources to Achieve Your Goals
In addition to explaining the benefits of taking the perspective of a potential buyer for your company, the Exit Mindset Podcast is focused on providing you with actionable solutions to real world problems. But what happens when you do not possess the financial or human resources that are required to achieve a goal, or complete a defined objective? Does the project come to a complete standstill? In this article, we will discuss just how important resources are to your success and how you can break down a large project into smaller elements that require less resources at any given time to move forward. Not only will understanding your resources and making more efficient use of them improve your valuation, but it will also increase business profitability. There is a massive misconception in the business world that it takes an army to complete any daunting task. But the reality is each and every person can make a difference overtime even if the progress seems minimal at first. So, what resources do you need?
Resources: Human and Financial
There are two types of resources that you should be concerned with as a business owner, your human resources or your employees, and your financial resources. If you haven’t already read the previous article about assembling a team or haven’t listened to any of our previous podcast episodes, I recommend that you do so. Capitalizing on your human potential is key! Each and every business owner, across the country, run into large projects that require a greater number of resources than are available to the business. More often than not, these projects are placed on the shelf and the goals associated with them are never accomplished. It is easy to become overwhelmed when you are looking at a massive project up close. By taking a step or two back and attempting to break down a larger objective into multiple, smaller parts, all of a sudden you may be able to see the light at the end of the tunnel.
Do you have any projects that have been tabled for a year, maybe even two or three? What if you had done a third of that project the first month, the next third the second month, and then finished it within 90 days? Would that have been possible with the resources you have at your disposal? If the answer to any of these questions is yes, then there are actionable steps that you can take to accomplish these previous out of sight goals. A project does not always need to be completed in one shot! There is no shame in finishing a project that could have taken one month with all of your resources. But it took six, because you decided to spread out the effort of your teams. If you’ve been having a difficult time making the decision to allocate resources to a goal or task, try breaking down the task in front of you and determining whether slow yet steady progress could be an actionable solution.
As a business owner, assigning projects to outside companies can be a way to harness additional human power. Although assigning objectives to outside sources can be tempting, it is always advised to be careful, as to not get yourself into a situation where you are overpaying for resources outside of your own company! By splitting costs among experienced vendors based on expertise as well as price, you may be able to spread the costs of a project out over time, get the best bang for your buck, and improve the profitability of your company. When you first pull the trigger on a project and set a specific objective, you shouldn’t be concerned about how you are going to achieve that goal just yet. If the task is important to your company, setting the objective as a goal should always be the first step. When it comes time to figure out how to avoid obstacles and harness the resources needed for a project, you can take it one step at a time.
At the end of the day, your takeaway from this article should be that insurmountable goals are not always as difficult to achieve as they appear when you are standing at the very bottom of the mountain. Once you start to separate a large project into individual achievements and weekly goals, you may realize that it doesn’t take an army to accomplish a worthwhile task. Breaking down a project into multiple parts and assigning those parts to capable vendors, or even slowly handing them out to your internal teams over time, can lead to long-term success. If you have built a capable team, there is no reason to be pushing projects off for years where they will fade out and become irrelevant. If a task is truly beneficial to increasing the valuation of your company or improving your Exit Infrastructure, there is no reason to be wasting any time.
Are you ready to accomplish long-term objectives, increase the profitability of your company, and enjoy more free time as a business owner? You’re in the right place. For more information about how you can leverage the skillsets of your employees to improve efficiency and productivity, visit the website Exitmindset.com.