The Top 10 Ways to Grow a Small Business (In our opinion)
This 5-minute post is for anyone who wants an alternative view on growing a small business. We have linked to some of our favourite videos that we found useful and insightful. If you like this post, please consider sharing it, thank you.
1. Work to LEAN principles
What are lean principles? Well, they’re used by some of the most well-known companies all over the world.
This short video delves a little deeper into what they are and how they can help transform your business.
2. Don’t be afraid to fail, that’s how you learn!
Test small projects till working, then scale. In this way, you won’t over commit.
In a world full of misinformation, it is important to find your own path and make your own mistakes. No one can sail the ship for you…
“Fail fast” is a bit of a BUZZ WORD in modern business circles.
Whilst it’s important to fail, don’t fail fast, fail small. Take measured steps forward to mitigate risk.
Here’s a short video that delves into this topic a little more.#
3. Know your numbers – forecast reality and hold on.
Making the right decisions is key. Your management accounts are your business’s compass. A bird in the hand is better than two in the bush.
Deal with what your figures will allow you to and this means recording your cash inflows and outflows to highlight your true cash position
If you are struggling now with not many sales, will overcommitting on a business loan really help?
If the pipeline is good and you know you have invoices waiting to be paid, you could consider an affordable small business loan – apply now.
Here is a great video from Warren Buffet explaining the importance of knowing your numbers:
4. Fire your friends and family… no really!
Family businesses can work if things are kept purely ‘business’ but, the lines can become blurred.
There have been many instances where a business goes out of its way to accommodate a family member only to be presented with an Employment Tribunal if things spiral out of control.
Do yourself and your business a favour, keep business and family and pleasure separate.
Nepotism can kill businesses and relationships.
Here is great video with some more tips:
5. Business Networking to Grow your business.
There are many businesses networking events in every country, in every region, City and Town.
The concept of network marketing is nothing new and the reason it’s still here is that it can work, for many businesses; but not all.
We recommend that you visit many different groups before you commit to joining. Some groups are more eager for members but don’t feel pressured into joining.
The great thing about networking is that you can meet a lot of new businesspeople quickly, whilst providing a platform for you to talk about your business.
Here’s a great video packed full of tips on how to improve your networking skills:
6. TIME: Arguably your most precious asset of all…
Learn to use time wisely, after all, when it’s gone, it’s gone.
Are there ways to multitask such as reading a book on your exercise bike, can you listen to an audiobook whilst out for a run? Can you do non-trivial tasks in the evening whilst watching TV?
There are 24 hours in a day, and you sleep for 6. What do you plan to do with 18 hours a day? That’s 6570 hours a year or divided by an average full-time week of 37.5 hours equal to 175 working weeks a year.
If you think there are only 52 working weeks in a year, you are wrong.
How to manage time more effectively:
7. Be Resourceful
If the business needs something, try and find a way to create more money first.
Can you leverage outstanding invoices using invoice factoring to free up some funds when you need it?
It is well worthwhile trying to increase your financial intelligence and there are so many great resources online, here is one of our favourite videos about what the rich teach their kids about money:
8. NEVER STOP LEARNING!
OK we get it… Western society teaches us learnings for nerds.
A quick observation, it is often the nerds earning 100x more than the average desk jockey’s wage. So come on Poindexter, find your passion, and GO FOR IT!
We all have skills and talents that can add value to your business. Don’t be afraid to take a leap of faith, think outside the box and share your passion with the World. You don’t have to be on a Hollywood carpet to be a star.
9. Embrace Automation!
Unleash your team! Maximizing your time is key. Automate data entry and more using Zapier.
Zapier integrates with WordPress, Google Docs, Mailchimp and just about any other serious modern platform.
The only thing stopping you is your lack of imagination.
What can you do with Zapier? Watch this video to find out.
10. Learn from the Terminator and a Navy Seal! Watch and enjoy these words of wisdom by Arnold Schwarzenegger and David Goggins, you’ll be glad you did!
Key take away, Diamonds are forged under pressure, so push the boat out every now and then and set yourself another challenge!