Will your business thrive in 2016?
Author: Dominick N. Biangone
Small business ownership is one of the most exciting jobs in the world. However, operating a business is no easy task. According to a recent survey, 43 percent of small business owners anticipate no revenue growth this year.* Obviously, many small businesses are merely surviving, not thriving.
To attain success, a small business needs to adapt to a continually changing and challenging economic environment, and it must find a way to achieve sustained growth in order to thrive. Not only is sustained growth necessary, but this must be real growth, not simply keeping up with inflation.
For today’s small business owners, setting goals and identifying the key factors of growth and success are paramount. With that in mind, here are five proven strategies that can maximize the performance of your business and help it thrive in 2016:
Assess the health of your business with financial analysis. Through an in-depth dissection of your financial statements, you will discover potential cost savings, find hidden inefficiencies, and identify growth opportunities. Make sure you also undertake Ratio Analysis, and Benchmark using Key Performance Indicators (KPI’s). Understanding your current position is the key to creating good strategy.
Achieve operational efficiency to maximize profits. There is a difference between an effective operation and one that is efficient. Efficiency increases productivity, keeps wasted time and effort to a minimum, and lowers costs. Making improvements to your everyday systems and processes will help you achieve operational efficiency and maximize your profits.
Plan for future growth and success. If your business is to grow and prosper, it must have a clearly defined mission; there must be direction and specific goals. A strategic plan will prepare your business for the future in a proactive and adaptable way. Without a strategic plan, a business simply operates from day to day without any clear path for its future.
Identify your ideal customer. I often hear business owners complain that they are spending thousands on marketing and not seeing any return. In many cases, they’ve never defined their target market or ideal customer. Once you’ve done this properly, you’ll be able to effectively move the marketing process forward.
Get help where you need it. This strategy is simple, but rarely heeded. There are very few small business superheroes out there. We are all mere mortals, and most anyone who’s running a successful business will tell you they’ve had lots of help along the way. You are the expert in your business, but you may not be an expert in financial analysis, operational management, strategic planning, or marketing.
Remember, you must work on your business, not just in it to see it thrive. Hiring an accredited consultant whose specialized help can get your business from Point A to Point B and beyond may be the best investment you’ll ever make!
Dominick N. Biangone is the founder of Confident Endeavors. He is a member of the Association of Accredited Small Business Consultants (AASBC), and as an accredited small business consultant, he has expert knowledge and skill in all facets of business operations. For more information, visit confidentendeavors.com or call (843) 384-4846.