Tactics to reduce risk of running a home-based business or office
While it is relatively easy to set up a home-based business, some of the risk that is involved in starting the business isn’t always taken into consideration. Whether the business is a micro-enterprise, or a larger virtual team with home-based members, as a business leader, you need to consider how you can and will protect your business.
In the following post, author Lucy Kim writes about risks some business leaders may or may not have considered, reducing risk and some recommendations and resources to consider.
Please enjoy the post. I look forward to your response!
Business growth stages, different methods and why you should understand which stage your business is on
Businesses typically go through a number of stages throughout their existences, from startup through a “surviving” phase, a bit of a plateau, or even a decline, then, with some effort, the business might reach a point where it is “sustaining,” where things are pretty much under control and the owner can begin to consider options.Typically, the next steps of the business could involve purchasing other companies, being purchased by other companies or simply maintaining the business until the leadership simply doesn’t want to run it any longer.
Like the growth of a child, each phase is unique; each one has its own set of challenges and opportunities. Many businesses get stuck in that “struggling to survive” mode. Others may move rapidly forward, only to slide backward or even go out of businesses as a result of changes in economy, market, industry, competitors, technology or public policy.
How to make sure that you are doing the things it takes to grow your company
Growing your company – or any business, requires change. But that change has to enable the company to move toward a specific goal. Beyond creating a strategic plan, doing more marketing, advertising, hiring great people, here are seven things that you have to do:
“But this is what we have always done!” is a comment that probably resonates with a lot of people. Especially those who have created processes and systems and invested a lot of time and energy into certain activities. Some might call it the “comfortable spot” while others might harbor on “what if change is wrong?”
Here’s the thing: there may be some things that do get you, as a business leader, the results you are looking for every time. Every day, your results are hit out of the ballpark and you couldn’t be more thrilled. But that doesn’t mean a) you shouldn’t evaluate it to see if it could be done better. or b) there aren’t other ways to accomplish the same thing faster, better and at a lower cost!
Targeting the right audience for the greatest return on your marketing dollars
One of the biggest challenges many business owners have is – getting more business. While there are a number of factors that play into getting more business, one factor is targeting the right customers.
“Your target market is the group of consumers [those who would purchase your stuff] at which a company aims its products and services.” – Entrepreneur Magazine.
Why target? If you only have one dollar, do you think your marketing activities would have a greater impact if you did 10 different things for a dime each or one thing for the dollar? You could compare this to using a shotgun versus a rifle: the shotgun will most likely hit a target, but with very little impact, where a rifle, aimed properly, will hit the target with a more remarkable impact.
The question then becomes “who is my target market?” and “how do I define them?”