Running a small business is both rewarding and challenging. As a business owner, you are constantly juggling various tasks and responsibilities. To thrive it’s crucial to implement strategies that enhance your operations, streamline processes, and foster growth. Whether you’re just starting out or looking to take your business to the next level, these 11 steps will provide you with practical insights and actionable tips to help you succeed. Let’s dive in and explore how you can set your business up for success.
1. Professionalize Your Operation– Using an operating system is crucial not only for professionalizing your company but also for growth. Without clear goals and priorities, your employees will not be able to thrive in their jobs and most likely not hang around long. Implementing an operating system will result in:
a. Your team understanding the primary objectives of the business.
b. Your team having clarity on departmental responsibilities and that they are vital to achieving the company objectives.
c. Your team having clear assignments and deadlines.
d. Your team receiving consistent feedback on their performance.
2. Outsource- Depending on the size of your company, outsourcing things like payroll, Human Resources, compliance, staffing, etc., may make a lot of sense both administratively and financially. Using Professional Employer Organizations or a high-level payroll company (ASO) can help take you out of the role of being the HR professional, allowing you to focus on growing your business. Before hiring an in-house HR professional, consider engaging a fractional HR professional for tasks like employee handbooks, developing company culture, policies and procedures, and compliance with EEOC, FMLA, and COBRA. This option is generally less expensive than hiring a full-time employee to handle HR.
3. Hire A Virtual Assistant- A VA can be an essential part of the growth of your company. Imagine having someone you trust handle tasks that don’t directly generate revenue. Here are a couple of examples.
a. Task Management- Virtual assistants can manage your calendar, schedule appointments, set reminders, and help you stay organized, ensuring you don’t miss important deadlines or meetings.
b. Automation- They can automate repetitive tasks, such as sending follow-up emails, organizing files, or generating reports, freeing up time for more critical activities.
4. Join a forum or CEO Peer Group- Joining a peer group offers the opportunity to share challenges, struggles, and wins with like-minded business owners. It’s like having your own board of directors at your fingertips. These peer-to-peer groups can significantly impact the success of your company. Research and find the one that best suits your needs.
5. Hire a fractional CFO– Many small business owners try to figure out too many things on their own. Having the guidance and expertise of a high-level CFO can help you make the right decisions when comes to things like; can I afford to expand, where do I need to invest, and how much can I afford to take out of the business for personal use? Using a fractional CFO gives you high-level expertise and strategic insight to grow your business.
6. Invest in your Team- Benefits (medical, dental, vision, etc.) are vital to the growth of your company, but it doesn’t stop there. Employees want to be proud of what they do, and they want a path to not only making more money but to be fulfilled in their careers. Things like a positive work environment, the opportunity to collaborate, and ongoing training are all important to recruiting and retaining the best talent.
7. Embrace and invest in technology- Don’t run away from things like AI, social media, and internet marketing. These are not things of the future; they are here now and to grow you should take advantage of these tools. Find the right expert to guide you.
8. Review your products or services you provide– Periodically audit the products you sell or the services you provide to determine what’s working. Markets are constantly evolving. Remember Blockbuster resisted streaming services and became obsolete (If you have never heard of Blockbuster, google them and then it will make sense). Conduct an analysis by listing your products or services with their annual revenue, profit, overhead costs, and resources required to support the product. This will help you decide if you need to change, eliminate, or enhance what you offer.
9. Keep a healthy work-life balance- A healthy work-life balance is especially difficult for a business owner. Getting away from the business and focusing on fun or family is a challenge. The weight of success or failure is heavy and never really leaves you. To grow your small business, it’s important to not burn out. There are times when you have deadlines that you have to meet and working 70 hours a week may be necessary, but in the long term your business will suffer. Be stubbornly disciplined about your schedule. In other words, do not waste time. Invest in a day planner that works for you. Keep track of your goals not only for your business but for your personal life as well and make both a priority. Remember you will either own your calendar or your calendar will own you.
10. Join a Mastermind- Mastermind groups function similarly to a peer-to-peer group, but often focus on specific issues or industries. Some masterminds are centered around a book or certain coaching methods. They generally are not as intense in subject matter or as time-consuming as peer-to-peer groups. You may find that being in a peer-to-peer group and a mastermind is redundant and that’s understandable. You only have so much time in a day and it’s important to prioritize how you spend it.
11. Hire a coach- This one can be a challenge. Do I need a life coach or a business coach? Which type of business coaching would be the best? The best thing to do is research. Ask other business owners who use a coach, interview a couple of coaches, and don’t be afraid to have a discovery call. A good business coach only wants clients they can help. If they don’t think they can help you with your business or in your personal life, most likely they will come to that conclusion before you do.
Comments