5 resolutions all small businesses should make
by Geeta Nadkarni on Feb 11 at 11:46 am
The New Year is well under way, but have you made the right moves so far? Here are some effective strategies to help you make more money this year. Are you ready to make some changes?
1. Define your goals: Any self-help guru worth his salt will tell you that the more specific and measurable your goals are, the more likely you are to succeed. It’s a little bit like having a map– it helps you find the quickest and most efficient route to your destination. That way, you spend less time wandering down dead ends and are primed to recognize opportunities that will get you to your target faster.
Spelling it out as in, “I would like to make $X per month in sales” or “I would like 8 out of 10 consults to become regular clients” will get you far better results than something vague like “I want to grow my business”. Make sure your goals are concrete and that it’s easy to tell when you reach them.
2. Break big challenges into baby steps: How many times have you abandoned a resolution because it seemed too huge to accomplish? David Allen, one of the world’s most famous productivity experts recommends that you break each task, no matter how daunting, into tiny manageable chunks and list them in order of priority. In fact, if you struggle with productivity issues, do yourself a huge favour and purchase his book, “Getting Things Done”. It takes a while to absorb the concepts, but it really will help you get things done!
3. Fix the leaks: Almost every small business owner will be able to identify one or two key areas where his brand needs fixing. It might be sloppy customer service or a defective product. It might be deadline issues or failure to deliver on promises made by the company’s ad campaign. Pick two of these issues and FIX THEM. What ever it takes.
4. Be a smart marketer: There’s no point developing the most amazing product or service in the world if no one knows it’s available! You may not want to hear it, but your marketing strategy is as important as quality control or pricing. If you aren’t already taking advantage of social media, you’re missing out on a huge small business opportunity. That said, don’t fall into the trap of thinking that getting on Facebook or starting a blog is going to suddenly fill your coffers. Social media forces businesses to be more transparent, more accountable and more nimble. These are all good things – if you’re willing to do the work.
5. Look for hidden treasures: Chances are, there’s some aspect of your business that is lying dormant, just waiting for you to tap into it. For example, if you’re a successful photographer, you could probably make some serious cash teaching workshops to newbies in the field. If you’re a hair salon, perhaps you should hold “members only” events where you teach your clients how to do easy but sophisticated styles or apply mineral makeup. The better you know your ideal client the easier it will be to identify ways to build a loyal community around your brand.
Now it’s your turn. Have you tried putting any of these resolutions into practice? Did you get good results?
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