As a Small Business Owner, improving your business can be challenging if you don’t know where to start. The key to success is knowing what tasks to focus your energy on to grow your business.
Here are some practical tips to help you improve your business and increase your profit:
Work on your business, not in your business
Are you a business owner or a business doer? Don’t work on tasks that your team can manage for you. Instead, choose to invest your time into tasks that grow your business. This means focusing on tasks only you can do. Automating or outsourcing recurring tasks will also help you free up your time to better optimise your strengths. As the business owner, you need to strategise the direction you want your business to grow.
Put your plan on a page
Writing an annual business plan may sound like a lot of work, but it doesn’t have to be. Your plan can be as simple as a single page of goals that helps you prioritise your efforts. Having a clear outline of your goals will also help you evaluate opportunities. A plan helps keep you committed to your vision, making it more likely to achieve your goals. It is also a useful compass for your business for when it comes time to make big decisions.
Speak to your ideal customer
How well do you know your customer? Have you ever thought about who your ideal customer is and whether you have enough of them? The old saying ‘the squeaky wheel gets the oil’ also applies to your customers. A customer that isn’t a good fit for your business can end up costing you a lot of time and money. They can also prevent you from attracting and nurturing your ideal customers. It is important to fine tune your marketing strategy to align with what you know about your customer. This means ensuring your key messaging speaks to your ideal customer and shows up in the places they are.
Cash is king
Cash flow is the lifeblood of any business. To maintain a healthy cash flow, you need more than strong revenue. You must be comfortable and confident in how you handle cash to achieve financial growth. Outlining a cash flow forecast will help you identify cash availability and shortages. Building and managing cash flow is easier than you might think. In fact, there are several key areas you can activate to create exponential profit.
To learn how to improve your business across the four pillars of Strategy, Cash, Capacity and Clients – register for The Business Bootcamp.
The Business Bootcamp is a program designed to help you take control of your business right now – giving you the opportunity to set yourself up for immediate and future success.
