10 Easy Steps To Transform Your Business, Part 2

A friend of mine owns his own company, and he's done OK for himself. He has about 20 employees and sales are steady for his core portfolio of products.

Here's the problem: He doesn't seem to want to do more, yet his business has big potential. Rather than investing for the long term, he looks at the next quarter. For this reason, he doesn't invest in salaries for higher-quality talent, nor does he invest in technology that will take him into the future.

If your business is stagnant and you want to grow it but aren't in a position to spend big dollars, there are some simple things you can do to transform. Yesterday, Promotional Consultant Today shared five of these tips from Rieva Lesonsky, CEO of GrowBiz Media. Today, we're sharing five more.

1. Create a BHAG (big, hairy, audacious goal). Don't settle for just getting by—dream big. What's your wildest dream for your business between now and the end of the year? In five years? Write it down; then plan out how you can achieve it. Even the biggest dreams can become reality when you break them down into small, manageable steps.

2. Raise your profile. If you are a small-business owner, your best marketing tool is at your fingertips. If you serve a particular industry, get out there and make a name for yourself by speaking or chairing panels at conferences or contributing to blogs and publications. In your local community get involved by sponsoring events or getting involved in local charities.

3. Share the burden. Small-business owners tend to take everything on themselves. But no one can "do it all" without burning out in the end. Think about what you can delegate, whether to employees or independent contractors, and do it. Let go of the small stuff so you can focus on what you enjoy doing and what you do well.

4. Take care of yourself. If you're not healthy, your business will suffer. As a busy entrepreneur, taking care of yourself is easier said than done, but you can do it by making small changes. Get a little bit more sleep, eat a little bit healthier, and make time to exercise every day.

5. Get a grip on your finances. Create sales and financial projections for your business, and use them to assess whether you might need business financing. If you think you might, start investigating your options now. Check your business's credit rating and take steps to improve it if necessary. Talk to your bank about what type of financing is offered, and consider alternative financing solutions if needed. Invest in your business today, so you can meet your future projections and goals.

PCT returns tomorrow with more ways to grow your business.

Source: Rieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Visit her website SmallBizDaily.com to get the scoop on business trends and sign up for her free TrendCast reports.

filed under July 2018
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