Business Bites – Business Tips in a Minute
Business owners are big thinkers which can be helpful because owning a business means doing it all and doing it all NOW.
Unfortunately, doing it all at once rarely leads to doing any of it well. When it comes to growing your business, focusing on a short list of tasks is a good strategy. Recently, an article in INC, used the metaphor of a Lion Tamer, who only needs 3 tools to do his job. It doesn’t get much simpler than that.
These 3 Tips are easy to do and often overlooked.
1. Focus on your core competency and who needs that product or service. When business owners don’t see immediate results, they turn to the next shiny thing. A question I often ask is, “What do you do the best, that generates the most revenue with the least amount of effort?”
If you don’t know the answer to this question (and many people don’t off the top of their head), then find out. How do you find out? See the next step!
2. Start with the numbers. Where do you generate the most revenue? Who is buying that service? How did they find you? Do they need more? If your business generates revenue from multiple streams, start with the one you like doing the best.
A marketing business owner may find that they offer branding, strategy, website design, social media, etc. Some of those things may require more time for the money, so there is less profit. You don’t have to give up the revenue but review what gives you the most energy in your business, you may find you really like working with the clients on strategy and you can outsource the other pieces and maintain control over how they fit into the strategy. You are still generating revenue from those pieces and building relationships with other vendors and you get to do more of what you like doing.
3. Filter out the “noise” and take action. When you take action everyday, you start to see things shifting and your business growing. Develop a plan that has at least one sales/marketing task everyday and follow the plan. Keep track of your results and see what actions are creating the greatest results and do more of them. Let go of the actions that are not creating results.
Business owners can find themselves being very busy but busy doesn’t always equal the revenue they seek. The key to spending time on the “right” activities is to filter out the ones that aren’t working and spend more time on the ones that are.
When you start to look at each of these things, one at a time, you will feel more in control of your business. If you want to grow your business, you have to have control over your business. And, while it can be overwhelming to think about growing, when you look at things one at a time, it gets easier to take action and stop feeling overwhelmed.