8 Ways to Take Your Small Business to the Next Level
You want to see your business grow and achieve its goals. Taking your small business to the next level requires a lot of work, and helping it survive through tough times is quite a challenge. Making sure it’s profitable is at the top of your list as well. So, if you’re ready for the next step, here are 8 ways to help you achieve your goals:
1. Your USP must be clearly defined
A business without a clearly defined USP (Unique Selling Proposition) is most likely to fail. Having a USP gives your business an edge over your competitors since most people don’t take the time to develop one. It also gives your business a target market to focus on. Knowing what your strengths are helps identify whom you should be selling to.
2. Assess your business and have a plan
There are three resources that should be assessed if you want to bring your business to the next level:
- Operational resources – do you have enough human resources/skill sets that can support expansion?
- Financial resources – know your current cash flow and your burn rate.
- Outside resources – know if your bank and investors support you in business expansion.
A business plan is a guide that will help you achieve continual levels of success. Always have long-term and short-term goals.
3. Focus on Customer Service
Regular income comes from regular customers. A great product is one thing, but providing quality customer service creates happy and returning customers. Ask for feedback and act on it. Issues and complaints must be addressed appropriately and quickly. Always remember that happy and satisfied customers are very powerful in marketing your business through word-of-mouth, especially in this social media driven day and age.
4. Delegate tasks
Tasks that can be done by someone else should be identified and assigned out. You may be used to doing everything yourself, however delegating tasks will give you more time to do what you do best and focus on growing your business. You might even find people who do the tasks better than you.
5. Keep up with technology
Invest in technology to increase productivity. Understanding the technology relevant to your business model and keeping track of how it develops and changes will benefit the business. This will allow you to make better decisions, be more efficient and ideally help save financially as well.
6. Commitment to learn continuously
For your business to thrive, you must continually desire to learn more about your industry, marketing, and the evolving business environment. It does not have to be in a conventional classroom setting. Learning can be in a form of online training, mentoring, self-paced programs and combined opportunities. Reading can also be used for continuous learning. Attending conferences and workshops in your industry can be quite a valuable learning tool as well.
The business won’t succeed without each and every person in it working together as a team. The people in your business must know and understand the goals and visions of the company on order to help bring it to the next level.
8. Live your plan
Make your plan a reality by living it. Make sure your plan is in front of you and keep it active. Let everyone on your team know the plan and so they can live it as well and always have it at the forefront of their minds.
Are you ready to take your business to the next level? Take one or two of the items from this list and implement them today. Add one or two more each month and have a look back 6 months from now. Remember, it starts with you.
Chris Benjamin founded Rogue CFO Management Consulting in 2007 after spending 12 years in the corporate world as a CFO to both public and private companies. Leveraging his experience & education, Chris currently partners with growth stage companies who are in need of CFO management talent on a part time basis to help them grow and eventually become publicly traded. In his efforts to help the small business community, Chris has also created video courses, webinars and articles to help educate entrepreneurs & CEO’s, and guide them to success.