How To Run Your Small Business Like A Big Business For Greater Profit
As a small business owner today, you are going to need to know how to run your small business like a big business for greater profit. You will have to be resilient and able to face more – and better – competition than at any other point in human history.
Technology has made it almost effortless to start up a brand-new business with next to no money and no “hard skills”, which means your market is going to be flooded with competitors that are looking to steal your customers 24/7.
Now is the time to really focus on building a systematic and efficient business (regardless of its size or scale), and that means stealing as many strategies as possible from major businesses that have enjoyed decades of success and continue to lead the charge moving forward.
Here are three key secrets (and a bonus) that will help you run your small business like a bigger business, pushing a tremendous amount of profit into your bank account just as soon as you begin to implement them!
#1 Focus on the ONLY three areas your business can grow
Even though every business has a number of critical departments and all kinds of tasks to complete each and every day, sales is the driving force of EVERY business – and there are only really three ways to grow that business of yours:
- Get more customers
- Get your customers to pay more and
- Get your customers to order more often
Focus on these three drivers of growth in your business and pretty much everything will take care of itself!
#2 Map out your marketing for at least a year in advance
Big businesses understand just how devastating it can be to run your marketing and advertising by the seat of your pants, but the overwhelming majority of otherwise smart and savvy small business owners leave this reality every single day.
You still want to maximize your greatest advantage as a small business – your flexibility – when it comes to marketing. Doing this using a systematic plan that allows you to run your marketing on almost autopilot. An example might be starting new campaigns right after old ones terminate, hitting all of the critical dates on your marketing calendar, and basically turning your business into a marketing machine. Automation tools can be used to boost your profit almost effortlessly.
#3 Take advantage of ALL the leverage you have available
At the end of the day, you have to maximize all of the leverage that you have available as a small business owner.
Instead of seeing competitors as enemies you should start seeing them as partners. Instead of doing business as usual like everyone else in your industry, start utilizing ideas from other industries that have proven to be effective and modifying them to suit your business. Instead of seeing your small size as a hindrance embrace all of the advantages it brings to the table.
Boost Bonus Advice – Be Mindful of Capital Allocation
Most management teams do not fully understand how important Capital Allocation is to their business. Where you spend the money that is earned is a strategic decision that can ultimately make or break your organization. Developing a budget is the first step to understanding where all your money is going. Being able to analyze the financial results and develop financial strategies can be equally important.
Do you know where your current and future profits are being allocated? Are you being efficient with the expenses you incur and are they bringing value to your business?
You might be thinking to yourself, I don’t have the resources for a fully staffed Finance & Accounting Department or the staff that I have now is very lean and maxed out, amongst other thinks. This is where Boost comes in!
Give Boost Consulting Group a call and see how we can help. Before you know it, your small business might become a much bigger and more valuable operation than you ever expected it to be!