For you, the small business owner, short-term projects can be excellent opportunities to grow the company while honing your team’s professional skills. However, they can also be nightmarish exercises in stress for you and your staff. Often, they are some combination of the two.
If this challenge was not daunting enough, as the owner of a growing company you will occasionally have to decide between listening to your staff members’ offers of advice in order to direct certain aspects of the project and asserting a more “top-down” approach in which you allocate responsibilities while offering your staff fewer options. Each approach is appropriate at certain times, and you need to know when to implement each.read more
Steps to Recruiting and Keeping the Best Employees for your Small Business
You have managed your business, whether it be a direct mail marketing practice or pet care business for the last few years. As a disciplined, independent entrepreneur, you have managed every detail; the semi-comedic introduction plays out like this:
“Are you the CEO?”
“CEO, secretary and janitor.”
However, as a well-studied businessperson, you also understand that the key success is intelligent growth, and the key to growth is hiring passionate, intelligent professionals to manage the aspects of the business which have distracted you and hence bit into your revenue. The question you need to ask yourself is, “I know I need the right office manager, general assistant or sales coordinator, but how to I get him or her to join my team?”
In short: you need to be recruiting.read more
Observing trends and planning for change in your industry
When looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know?
Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future.
If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.read more
How to make sure your business has everything it needs to grow
When I was a younger guy, whenever I would get a gadget, while I might have enjoyed it, I always thought about what the toy will be like in the future, perhaps with the same anticipation as many people have about the next generation of mobile technology. One of the things that always bothered me was the question of why things weren’t designed to be used with the next generation of products.
For example, with a computer, you might be able to upgrade the amount of memory, how fast it runs, and swap out different components, but yesterday’s computer probably may not be able to run tomorrow’s software as effectively as tomorrow’s computer will. Yesterday’s computer lacks true forward compatibility.
From a producer perspective, a producer could probably get consumers to believe that there are huge changes in the same old product in a different box and sell it again – every year in some cases. This, of course, is what drives revenue. But I digress…
As a business owner, the question begs to be asked: how have you designed your company for the future? I don’t mean – how have you thought about it, or what kind of planning have you done, but rather, what are the actual activities or tactical decisions you have made that will prepare the company as it grows toward the future.
For example, with your accounting system: do you have a formal accounting or financial management process that goes beyond collecting all of your receipts, dumping them in a shoe box along with bank statements and handing them to your bookkeeper each month/quarter/year/whenever you think about it? Do you think that there might be better ways to manage your finances so that you can see how your company is performing at any given time? In doing so, don’t you think it would be easier to hand off financial management as your company grows?
Of course. At the end of the day, it will probably cost you a lot less to keep things organized, help you understand where your cash is going and where you might need to cut back or invest. Poor management is one of the top reasons small businesses fail.
- Start with your company vision – where you want your company to go. Is it a single location with 100 employees, or multiple locations with offices both domestically and internationally?
- Develop a mission – why you do what you do. Your mission will help to dictate how you get to the vision and will keep you and your decision-making on track
- Develop a plan to get there – use stages and start very high level, then
- Look at the components of your business – sales, marketing, finance, products and services, Human Resources, management and IT – and determine what these will look like at each stage.
- Determine what resources will be required to support each function at each level.
Look, for example, at business management – how to manage the business. One of the things that has plagued small businesses is the idea that not all software solutions play well together. So we would end up with an email service that doesn’t communicate with the CRM (Customer Relationship Management) system, which doesn’t talk to the bookkeeping system, none of which interact well with the marketing system. Ideally, they should all play nicely together so that those using the system don’t have to update five systems manually in order to get an idea of what the big picture looks like!
So in planning for the future, we would want to have a system that either has native integration between the systems (they are all built into one solution), have a tool custom built that will enable all of the systems to work together or use an online service that will do the same.
In any case, when a business is young and has very few contacts and things can be done manually, it doesn’t seem to be a top priority for the business. However, when the business is in a growth stage, it can sometimes be too late or very expensive to make the necessary changes…which can be the case with each component of the business.
So if you are planning on building a business that is extraordinary, think in terms of where your business is going, versus staying completely focused on where it is. Sure – you will need to take one step at a time and not tie up all of your resources in assets that you cannot use. Rather think strategically – in terms of how the business will operate the most efficiently at each stage and plan for it as you invest and grow.
Rick Meekins is the Managing Consultant at Aepiphanni, the trusted advisor for business leaders who are seeking forward-thinking solutions to help them plan for and navigate through the challenges of business growth. Our entrepreneurial multidisciplinary team works with clients to develop differentiating solutions and provide direction focused on lasting, strategic results. We exist to help our clients CREATE | DESIGN | BUILD extraordinary businesses.
We would love to hear from you. Please share your thoughts and comments below. If you are seeking advice on how to grow your business, streamline systems and processes, implement software or overcoming challenges to growth, please contact us, directly or submit a request for a complimentary Coffee & a Consult to learn how we can help you CREATE | DESIGN | BUILD an extraordinary company..