10 Quick Tips on How to Improve Your Small Business

Costs Vs. ProfitsWhether it’s just you running the show or you have a 100 employee company, you should always be concerned with improvement. A business is ever-changing and yours could be on an upward track or slowly losing traction. You must make the conscious effort to better your business by making improvements. However you not only want to make sure you balance your time, you also want to make sure that you’re targeting the right area of business that will make the biggest impact. Here are 10 tips that should help you concentrate on and focus your time and energy on the areas of business offering the biggest gain.

  • Keep Score: It’s surprising how few small┬ábusinesses have any idea of the daily, weekly, and monthly numbers and financial trends within the organization. So do yourself a favor and spend the time keeping up to date with cash flow. If you lack the financial credentials or aren’t comfortable with numbers, hire an accountant to take care of these things for you.
  • Set Goals:┬áMuch like keeping score, setting goals and objectives is an essential part of running a business and can often make the difference between success and failure.
  • Use High Impact Marketing:┬áSpending a lot of money on ineffective marketing is an easy thing to do. Especially if you don’t know where to start! There are what I would refer to as “marketing vultures” out there, waiting for the opportunity to sell you on a cheap service. Instead of listening to them, try a low-budget, high-impact approach to marketing your small business.
  • Master Business Presentations: A strong business presentation can help improve your business by leaps and bounds. Be sure to gather research and learn how to put together a one-of-a-kind presentation.
  • Monitor Trends: No business operates in a vacuum and events and changes in the global landscape have an effect on any business and/or business model. It is vital to keep up with current trends and issues.
  • Sharpen Selling Skills: The sales function of a business can be one of the highest return areas. Whether you’re managing a sales team or selling to large corporations, never forget to focus on improving your sales skills for you and your employees.
  • Find Best Practices: Almost every industry has their own tried and true best practices or standardized way of doing things. So it’s important that you not waste time, energy, and money on reinventing the wheel. Spend time researching already existing successful business models, unless you have your heart set on becoming the next Google!
  • Motivate Staff: Staff who are encouraged and motivated can bring huge benefits to your company. Find out what inspires your talented employees so that they can perform at the highest level.
  • Know Your Limits: All business owners, even Bill Gates, understand their limitations both as individuals and as business owners. By knowing your entrepreneurial personality type, you can manage your resources and find help in areas of weakness.
  • Take A Break: Running a small business is not for the feint of heart. Often times the absolute best way to improve your business and re-ignite the passion for your industry is to take a vacation!

In order to succeed in business, making improvements should become a way of life. Applying these tips can set your company in the fast lane.

Source: About.com, via Darrell Zahorsky