Tweet

10 Tips to Grow Your Business Plain and Simple

Written by: Beth Tabak

Article Overview: Is your small business a well-oiled machine or are you tossing and turning all night long? Read on for 10 tips to help you develop a strong, solid, profitable business. Turn your business into the company you know it can be, and get the sleep you deserve.

10 Tips to Grow Your Business Plain and Simple

“Try not to become a man of success but rather to become a man of value.” Albert Einstein

The majority of small businesses operate at 60% of their potential I once heard. While unable to obtain the source it seemed accurate or maybe even high. *The Small Business Association reports that “two-thirds of new employer establishments survive two years, and 44% survive at least four years.” Read on for 10 tips to help you develop and grow a strong, solid business foundation.

1- Solid Plan with a Clear Simple Vision- Think of the impact you would like your business to have in the world. Think big! You may never reach your ideal vision, but the vision itself is so grand that your team can get excited about it and it sets you up to be unlimited. Then back up. Look at what needs to happen to get there. Create a solid plan with realistic short and long term goals that are achievable.

2- Focus on Profitability vs. Revenue- While revenue is important, high revenue does not add value if your expenses are just as high. What can you do to create more profit? Begin developing various streams of income. What expenses can be reduced or eliminated? How can you operate more efficiently? Think profit.

3- Work “in” and “on” your business- We get so caught up in daily tasks “in” our business we forget to step back to take a wider view from the outside. See it through the customer’s eyes. Look at how it fits into the community. Prepare the future of the company. On the other hand, we can get so comfortable working “on” our business from a planning or management stand point that we forget to step in to talk with customers, handle details, and experience what the employees face daily.

4- Automate and Create Systems- What do you need to automate? What system can you put in place that would free up your time or make you more money? What tasks need to be eliminated, systematized, or delegated. What system would help your employees be more effective and provide the best service? Is there a system that needs to be upgraded? Automation and systems help your business be consistent and efficient.

5- Consistent Marketing Plan- Marketing expert Jay Conrad Levinson of Guerilla Marketing has said that “I hate to admit this, but mediocre marketing with commitment works better than brilliant marketing without commitment.” It is important to have a marketing plan in place that is consistently and persistently being carried out on a daily basis....not just when you need more customers.

6- Increase Value to Your Customers- Give more than customers ask for and more than they expect. There are 3 convenience stores by my neighborhood. The first one built I visited regularly and was satisfied. The second I visited a few times and had to wait every time to get checked out so haven’t returned. Every time I got gas at the third store I was greeted over the intercom with a friendly “Hi, how are you today?". Inside they were friendly and provided kids with a free lollipop. They even added a Post Office. Who do you think got my business on a regular basis with just a little extra effort? The one that gives more than expected. What value can you provide that will increase your “Wow” factor?

7- Innovate- React to the customer’s needs before they know they need it. Sell what the customer wants, then give them what they need. How do you know what they need? Take time to talk to them. At a minimum talk to your best customers and learn from each one you’ve lost. Find out what they would like and what their challenges are. Stay current on market trends in your industry.

8- Leadership vs. Management- Empower your staff to manage themselves. Do you really want to spend your time problem solving? Train them well. Make sure they know the vision of the company and they are on board because there is a personal win in place for them. The personal win gives the employee motivation to cooperate as part of the team.

9- Well Oiled Machine vs. Chaos- Is each section of your business operating efficiently while working together towards a common goal? Or is your team expending time and energy putting out daily fires. What shift would move your business out of crisis/ problem-solving to operating with ease?

10- Develop YOU! - Take one minute to hold your breathe. As you are holding think about what you really want. See what happens. You may have had trouble thinking about what you want because your needs were not being met. When you take care of yourself and feel strong, healthy, happy, and have time and space in your life, then you can focus on what you want and attract more to your business.

Take one step at a time to build a strong, solid business. Along the way build lots of reserves...time, money, space, revenue sources, future products, etc. and begin filling the gap to your potential.

Today’s Dare to Take Action Challenge:
Focus on one tip above for one week. What changes can you make? Take action, build momentum, and move on to the next as you develop a strong foundation to grow on… Starting Now!

* Source- Small Business Association Office of Advocacy- Frequently Asked Questions, updated 6/06, www.sba.gov/advo/stats/sbfaq.pdf

Copyright 2006- 2nd Revision © Beth A. Tabak, All rights reserved.

Related Articles
  Stuck in a Pigeon Hole
  Hidden in Plain View
  Text vs. Images on your Website
  How Good is Your Guru?
  The Elevator to Success is Out Of Order

Article Tags: albert einstein, business foundation, employer establishments, money, profitability, simple vision, small business association, small businesses, streams of income, term goals, two thirds



Related Forum Posts
Business Tips - How about: Tips for managers to handle employees more effectively? Tips on how to deal with difficult customers? Tips on how to deal more effectively with suppliers? The only three I have in mind right now, but will try to come up with something else. Chris
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: New Infographic: Top Ten Reasons to Partner with Someone - I like it. Simple yet informative. I also RT'd it for you.
Re: My 3 best business books - 1. Think and Grow Rich - Napoleon Hill 2. The 7 Habits of Highly Effective People - Stephen R. Covey 3. Permission Marketing - Seth Godin Think and Grow Rich seems more powerful each time I read it or dip into it. The 7 Habits not only offers some very effective ways to organize your life (which I have yet to master!), but also some great quotations and thought provoking statements including this by Nazi concentration camp survivor, Viktor Frankl: [i:2naxzsom]Between stimulus and response, man has the freedom to choose.[/i:2naxzsom] Seth Godin's Permission Marketing is a good read for anybody seeking to understand how to approach doing business on the Internet in the right way with regard to winning people's trust.
Re: Is being too connected pushing your business forward or back - Good advice, Terrycan! Simple but necessary.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

The Pure FUN of Learning & Using NLP

Small Business Internet Marketing

Designing Employee-Enhancing Training Programs

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.