7 Ways to Help Guarantee Your Business Succeeds
It appears the worst days of the Great Recession are behind us. Yet I’m seeing few small-business owners experiencing increased sales, while revenues for many remain very low. While some customers appear to be opening their wallets again, it is evident their purchasing patterns have changed.
The economic landscape has drastically shifted and the world of business is no longer the same.
Entrepreneurs, whether unemployed individuals trying to break away on their own or experienced veterans looking for a Business Management Tips fresh start need to adjust in order to stay afloat. Everyone must adapt, but especially small business owners who operate from home.
What hasn’t changed is the fundamentals of business and management skills that successful entrepreneurs typically possess: determination, tenacity and vision as well as sound business knowledge.
However, new strategies must be tailored to be successful in the current business climate.
I have had the unique opportunity to design strategies and put them into action on my own during both the economic downturn and its aftermath, and implement those plans myself. Additionally, I’ve worked with numerous companies over the years as well as managing more than 57 businesses that I own. Through experience in front-line business battles, I know what works today and what doesn’t.
Here are seven steps that will guarantee your company’s success:
1. Create a written plan. Without one, it’s just wishful thinking. Your plan doesn’t need to be extensive; rather, create several pages outlining specific goals, strategies, financing marketing and sales plans as well as how much money is necessary to reach those targets. Making this clear in writing is the initial step toward achieving these results.
2. Don’t get stuck in your plans. Even the most well-laid plans may need to be altered once battle commences. Be flexible, fight hard, and conquer!
3. Keep your ego in check and be open to suggestions from others. Advisors are important in this process since you need someone else to discuss ideas with, review your work, help you achieve better results, and hold you accountable for actions taken. Be true to what you say – regardless of how difficult or challenging that may seem at the time. Remember: it’s not about you; it’s all about the business. Try not to get involved in drama; keep calm and unaffected; don’t let your ego take over your life!
4. Make sure to stay organized with numbers. Create written procedures for all tasks so you can benefit from them in the future; that way, you can educate your employees and ensure consistency. Be aware of your numbers; review them daily so you can make decisions based on what information they reveal to you. The most critical calculation to understand is your cash flow pro model: determine how much cash is necessary to run your business and ensure you always have that necessary amount available.
5. Empower employees with the power of delegation and avoid managing employees. Managers should delegate, then monitor progress. Try not to become an over-control fanatic; keep your business structure flat so delegating can happen effectively. Create a formal training and orientation schedule so employees know what is expected of them, use an incentive-based reward system, and maintain an attitude of no-complaining about any issues that come up. If possible, utilize technology for training purposes as well.
6. Take advantage of the internet. It is an incredibly powerful and cost-effective tool, but it requires patience and a certain degree of skill to use effectively. Creating communities through social media networks such as Facebook, YouTube, Twitter and blogging allows for meaningful connections with your target market. Now is your time to join in – your competitors have already done it! It’s time for you to join their ranks by starting today by joining forces!
7. Reinvent your business model. Focus on net profit rather than gross revenue when developing a competitive edge – whether that means creating a niche or super-service, but do so without cutting costs.
Most importantly, have fun! The business world is your oyster; take control and do what you can to succeed even in this slow economy if you take the right path. Don’t despair – success can still come your way when you take control.