5 Tips to Growing Your Small Business

October 17, 2017
Lisa Stromborg

Regardless of whether you have just opened your own small business or have been running the same place for years, growth will always be on the radar. 

However, many small business owners are too busy working IN their business rather than working ON their business.  It’s a very common problem. There’s never enough time, the competition is tough and you never seem to have enough money.

While growing a small business is undoubtedly challenging, it’s helpful to start placing more focus on the right things. Here are five tips for you to consider.

1.    Innovation and New Ideas

There’s a saying that if you keep doing the same thing then you are going to get the same results. This certainly applies to small business, any business really. When you learn, it helps you and your business grow.

How do we open our minds to innovation? You can read books or listen to people who have already run successful businesses. If they have a system that works, maybe you need to consider adopting parts of it for your own business. Listen to your customers, your team members and think outside the square. Ask questions and try new things.

2.    Time – Your Most Valuable Asset

You can make more money if you lose your savings. But if you lose time you can never get it back. Investing your time is far better than spending your time. Aѕ a buѕіnеѕѕ оwnеr, it is important tо рlаn уоur time аnd ensure еvеrу асtіvіtу уоu undеrtаkе durіng уоur wоrk dау іѕ іnvеѕtеd іn doing ѕоmеthіng that оnlу you саn do, AND that they are activities that get you сlоѕеr tо уоur gоаlѕ.

Have you ever worked out exactly what an hour of your time is worth? It varies based on your income and the hours you work to achieve goals, but you might be surprised by the calculation. It will more than likely compel you to focus on what is important.

To get the most out of your day make sure you plan it. Ask yourself: What are the things I must do to give me the maximum return on my time and still keep me moving towards my goals?

3.    Learn to Build Profit

It’s amazing how many businesses work on reducing costs as a way to improve profit. Sure, it’s important to keep costs under control but your energy and resources, like your time and money, should be used to generate income rather than cost cutting.

Think of it this way. If you were able to cut your costs to the bare minimum, and the company still survived, the exercise would add only 10 – 20% to your bottom line. However, by building sales and income, your bottom line has unlimited potential.

Tracking your numbers will at least tell you where to cut costs or where to invest your money. This is a key success factor. How can you improve if you don’t measure and track your results? What is working and what is not?

  • You can find which of your marketing and sales initiatives is working the best for your business.
  • Which of your products and services are generating the most profit?
  • How good, how efficient is your service?

Measuring and analysing your business figures helps you focus on the areas of improvements.

4.    Boost your presence

To attract more customers and boost your profitability, you will want to make sure you are making yourself known. With so many things being online these days, it’s important that you have a website that allows people to find you and connect with you. You should also complement this with social media platforms such as Facebook, Instagram or Twitter, which provide you with another way to connect with your existing and potential customers.

5.    Lifetime Value.

An astute business owner takes a long-term view of the value customers can bring to their business and appreciates just how important it is to have developed good relationships with them. You want to keep them for as long as possible.

These are five basic tips to help grow your business. Review them. Open your mind to innovative ideas, invest your time wisely, ensure that your marketing activities share high priority, work on building profit and work on long term relationships with your customers for lifetime value. Having the right focus and mindset will ensure great small business growth.

Talk to us about your small business needs today.  Contact us on 02 9653 9333, email: scottpartridge@mortgagechoice.com.au or click HERE to arrange a meeting.

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