Tag Archives: your small business

Work ON (Not) IN Your Small Business

  Grow your business by focusing on your strategic planning.
With all the many demands placed on you in running the day to day operations of your small business it can be extremely easy to get side tracked by managing the different tasks just to run the business. Instead of investing all of your invaluable time and effort working IN your business, it’s critical that you take a STRATEGIC approach to work ON your strategic planning and growing your business.
But how do you stop managing the details of your business and instead focus all your efforts on your business strategic planning to grow your company, you ask?
Following are a few very easy to implement strategies you can begin doing TODAY to get out of your business management so you can get INTO the planning to grow your business:
1. Outsource Non-core Functions: Outsource all of your administrative functions to an outside third party, also referred to as a “virtual assistant.” Any task you perform that cannot be directly attributed to generating sales, finding new clients, or obtaining referrals is a WASTE of your time and effort. Hire a vendor to manage your various administrative functions from billing/invoicing to your email programs, managing your social media accounts, running your emails, updating your prospect and client contact details.
2. Develop your Operations Plan: Create a detailed operations plan defining your business processes, policies, procedures, risk management, business continuity and other day to day operations SO THAT you can delegate these Operations tasks to employees, outside consultants, vendors, etc.
3. Empower Your Employees: I am constantly amazed at how few business owners I coach are willing to delegate tasks to their people. They believe their people are not qualified (a very dangerous sign!) or they simply do not know how to give up control of tasks they have done themselves. But your people are closest to your clients, prospects, operations and tasks. By empowering them you create a number of positive outcomes such as:
a. Employee satisfaction which leads to greater retention
b. Employee productivity gains – so you can get the full return on your people investment
c. New ideas to reduce your costs, increase your revenues, serve your clients, find new business, obtain referrals
d. New product/service offerings
e. Free up YOUR time to invest in the planning ON your future business growth
4. Plan for Growth: Develop a strategic networking plan so you can identify the events that all your top clients attend so you can plan a program for maximizing your networking investment.
5. Create Client Referral and Loyalty Programs: 50% of all new business comes from your existing clients. 35% of your new business is generated by new clients referred to you by existing clients. Only 15% of your new business comes from advertising. Thus, 85% of ALL your business comes from existing clients. How are you personally working on developing one time clients to repeat purchasers, from repeat purchasers to raving fans and how are you maintaining those Raving Fan relationships.
Here’s to your success in starting a new business in 2013. May it be the start of an entirely new path for you!
Ethan Chazin, The Compassionate Coach