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Spring Cleaning For Business Owners

Get ready for spring cleaning…for your business!

Break out the dust buster and mop and clean up the clutter that has not been working for you in your business.  Goal setting, visualizing, branding and creating a 3, 6, 9 and 12 month business plan are all things that must be done regularly to ensure you are on track for success. 

Is the dust piling up on your business plan?  Has your vision become fragmented and worn under the pressures of keeping it all going, especially in tough economical times?  Has your entrepreneurial enthusiasm given way to the woes of long days and sleepless nights counting invoices in your head? 

If any of the above is ringing the bell of truth loud and clear, you are not alone.  It is important to know when to clean out your entrepreneurial closet, dust off that business plan and set some new goals for success. 

So many of us entrepreneurs start off with such enthusiasm.  Before long the long hours force a reality check and cause us to step back and re-assess the vision.  But that is exactly what you need to do to keep yourself on track towards success.  Every business has growing pains.  Every business has had a mess or two to clean up.  Goal setting must be a continuous process and sometimes that means looking back at what didn’t happen so that the same mess can be avoided in the future. 

Take some time to add new color to your business plan.  Plant new seeds and tend to your blossoming business with action, intention, vision and purpose.  Prune when needed, add some fertilizer by re-investing back into your business and never let the clutter get so bad that you need a bulldozer to see light at the end of the entrepreneurial tunnel. 

Top three tips to spring clean your business:

1)  No Regrets!  Before you toss out an idea that didn’t work, one that has become clutter, be sure you have no regrets or feel you failed.  You are a success just by realizing you need to make room for a fresh new perspective!

2)  Your personal bliss is your personal, and professional, best.   Shine up your self-esteem and re-discover your personal best, your inner bliss. It will translate into your direction for your business. 

3)  Dust off your business plan and set new 3, 6, 9 and 12 month goals.  It is smart to evaluate your business garden often and adjust your plan according to what is thriving and what is wilting.

One last thing…have fun.  Spring cleaning your business isn’t a chore.  It’s an opportunity to grow!

How to Build a Personal Standard Business

It is easier to be involved in other peoples business than building a personal business.

Simply speaking, a business is any money making venture that serves your need as you serve your clients demands. It involves putting in the best of ones skills, time and energy.

For an individual to build a standard business, they must answer these questions perfectly-

  • What is my business and how will I do it
  • Is it the best for me
  • Do I have the knowledge to offer my services
  • Will my actions today solve my needs now and later in life
  • What future does the business have
  • Can I cope with the business occupational hazards and risks
  • Who is my client, where are they and what is their behavioural pattern

Having answered these questions, the business builder must research and locate a market niche in his chosen field. Opting for a niche separates your daily activities from those of the general class and average earnings. A niche option streamlines what you will be doing, how you will be doing it, and what your earnings will be at different intervals.

Before you commence any business, you must have a written business plan. This written work must answer the entire question concerning the business operations. Beginners in entrepreneurial endeavours are advised to have their business plan conform to the formula S.M.A.R.T

S-Specific

M-Measurable

A-Achievable

R-Realistic

T-Time bound

While building this business, you have to develop a set of personal tactics and its accruing strategies. This set of strategies will be fine tuned to create wealth for you. Also, one must make an effort to stick to it over time. This will make you a brand in meeting your clients’ demands and also place you in an advantaged position against your equals and competitors.

Lastly, for you to build a business that will endure, you must understand the trends in the market and play it to your advantage. Maximizing this knowledge accounts for great successes in businesses recorded by outstanding people and organizations.

Concerted efforts must be made to tow the line of your visions and mission not minding the different market tides. Caution must be taken in times of overflowing profits. After such boom periods are moments of draught. Plans must also be put in place for rainy days.

Business Growth – 7 Solutions to Grow Your Company

Business growth requires that you to make some definite decisions about where you want to take your business next. Before you can map a clear and successful route, you also need to know where you are starting from. Take a closer look at everyone that comes in contact with you and your business.

1. Market Concentration – There is always great potential for business growth in existing markets, so start by looking at your existing customers to see where you can increase your sales.  What have their needs been so far?  Are you providing other complementary products or services that they are not yet utilizing? If that’s the case you need to ask yourself a few questions.

Could it be that they are unaware of exactly what solutions you offer? You need to make sure that all your existing customers know the full range of your products or services. Are they receiving those products and services elsewhere? If that’s the case you need to find out why they prefer your competitor. Are they supplying a better/cheaper/later version?

Once you know you can start to think of ways to persuade your existing customers to buy these extras from you instead. Selling existing customers more of what you already provide is the most economical route to business growth there is.

Could your customers benefit by purchasing larger amounts of what they already get from you? Could using your product more frequently give them better success or faster results? Could you offer an incentive for bulk purchases or discover new ways your product could be used?

2. Listen – By listening to your customers, employees and suppliers you can find some great ideas for new products or related services that will grow your company quickly and easily. If customers keep asking if they can put a down payment on a particular item, maybe a payment plan is a service you should be offering.

Are you supplying DIY items like flat pack furniture? An employee may mention that a lot of people are asking if someone is available to build it for them. If you are already getting inquiries, it means there is a demand and potential to grow your business in that area.

A supplier mentions he’s been selling a lot more oriental sauces this year. Should you expand your range of oriental food products; include a range of woks, oriental serving dishes, utensils and recipe books or, if you own a restaurant, should you add an oriental dish to your menu?

3. Revitalize – Potential for growth may be right under your nose. Take an old product line and give some thought to presenting it in a new way. Perhaps you could package it differently to stimulate new interest in the product.  

Do you have another complementary item that you could couple it with to start getting it noticed again?  Emphasize a new angle to it. Does it fit with a current trend or topic? Is it safer, healthier or a more eco friendly model than newer items on the market?

4. Add value – You can increase customers’ perception of value with optional extras. Just make sure they are complementary to the existing product or service, or at least relevant to the same type of customer.

Could you grow your business and serve your customers better by offering different types of services or product ranges? Think about Platinum, Gold, Silver or Deluxe, Standard and Economy. Would the seasons or other time considerations add that little extra, like a Christmas or Limited Edition?

Do you have products that can be personalized with a name and/or a special message, or made special in some other way with the customers own photo or artwork? If you find there’s a market for it, what investment would it take to grow your business in that direction?

5. Complement – Think about providing items or services that would really complement your core business. If you own a bookstore, you might also sell writing material and designer pens.

You have a natural health outlet selling mainly vitamins. Could you locate a lovely natural hair product range and sell it alongside your women’s hair loss treatment tablets? Package some appropriate products together into a luxury gift pack.

6. Cross Sell – Offer more services to your customers. These could be supplied by you under license from others. Or you could refer your customers to a complementary service for a commission. The latter is a great way to grow your business without having to incur extra expense.

Do make sure any other service you are recommending meets your standards and doesn’t offer anything else that your customers are currently getting from you.

7. New Markets – Research to find other markets that could use your product or service in a slightly different way. Perhaps you are supplying a component to motor manufacturers that would be equally as useful in the aircraft industry.

Have you developed a process or a piece of software for use in your business that you could sell or license to others that are not in direct competition to you?