July 21

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10 Point Action Plan to Grow your Small Business

By Patrick Millerd


These 10 action points to grow your business have been taken from an article by James Altucher. Many of these points are valid through all stages of business. From start-up to maturity.

1

Write down your goals and deadlines

It may seem obvious, but studies have shown that the power of writing down your goals and dreams means you’re 42% more likely to achieve them.

Simply by writing them down increases your chances of achieving them. With a defined process to achieve the goal and reviewing it on a regular basis will guarantee success.

2

Stay abreast of industry trends

The world is constantly changing. Make sure you’re considering these changes to keep your competitive edge. 

Subscribe to newsletters and reports on your industry. Join online communities or mastermind groups. Follow and connect with the industry influencers.

3

Watch your competition

Another way to stay abreast of what’s happening in your industry is to watch your competitors. What are they doing better than you? What are they doing poorly? How can you use this information to improve your own services?

4

Outsource

Spend your time doing what you are good at. Make more time available by delegating tasks to full-time or part-time employees or contractors.

5

Systems and Tools

Build systems and utilise tools to streamline your processes. Create a business that is run by systems so you can focus on what is important. Can you implement an online bookkeeping system? Could your sales funnel be better optimized to bring in new clients?

6

Be responsive and embrace change

Most new businesses don’t succeed.

If you want to be one of the successful ones you’ve got to be open to new ideas and feedback. This is truer than ever in today’s economy, where we have no idea what the future holds.

For instance, if you had a small business in hospitality or tourism, you’re probably feeling some hurt right now.

How can you adapt your business to meet the changing circumstances?

7

Consider the downside risk

Humans are afraid of risk. It’s in our DNA to fear the unknown. But starting a business is inherently risky. You have to be willing to take on a degree of uncertainty… but you don’t want to take on unnecessary risk. For every decision, consider whether the rewards outweigh the risk… and the likelihood of it paying off.

8

Be decisive

A lot of people are afraid to commit to their decisions out of fear they’ll be wrong. Entrepreneurs don’t have that luxury. You have to be able make decisions to move your business forward. And yes, you might make one that turns out to be the wrong one. But even if it doesn’t turn out as expected, every mistake provides an opportunity to learn and grow — so don’t let the fear hold you back.

9

Learn to handle failure and rejection

Everybody fails at some point. Or is rejected. It’s almost a certainty. Some people won’t like your business… some people won’t need your services… and some people will dislike you for no reason. As an entrepreneur, you need to be able to develop tough skin.

It could take 1,000 rejections to get to a single “yes.” But the “yes” is what’s important.

Try not to take it personally. Consider where you can improve next time — or, if you’re comfortable enough to do so, ask for some feedback. And remember: rejection isn’t always permanent. Maintaining positive relationships, even in the face of failure, can go a long way.

10

Hone your people skills

Having a great business idea doesn’t make an entrepreneur. Many skills are involved in creating a successful business — and one of the most important ones is being able to talk to people. Clients, employees, investors, partners… these relationships are what build a business.

A lot of people THINK they have great people skills, but I challenge you to consider how you could improve yours, like:

  • Less talking, more listening
  • Asking questions about / showing interest in the other person
  • Using positive, friendly language — both verbal and nonverbal
  • The basic skill of comfortable small talk
  • Learning to communicate your points clearly and effectively
  • Consider how other people might perceive your words / actions differently than you intended

Running a business is tough at all times but applying these simple action points will certainly increase your chance of success.

Patrick Millerd

About the author

I help small and medium size business owners achieve success through managing the financial health of their business. By applying focussed goals for cash and profit and customer management.

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