10 Point Action Plan to Grow your Small Business

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 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.

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.

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?

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.

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?

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?

Humans are afraid of risk. It’s in our DNA to fear the unknown.

But starting a business is inherently risky. You must 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.

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 must be able to 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.

Everybody fails or is rejected at some point.

It’s 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. So, 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 failure is an opportunity to learn and rejection isn’t always permanent.

Don't burn bridges. Maintaining positive relationships, even in the face of failure, can go a long way.

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 communicate effectively with the various stakeholders in the business. 

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
• Showing gratitude