Small business: Think BIG!
So many small business owners start their businesses with visions of grandeur and expansion but over time many of these same business owners forget their original goals when the day-to-day operation of their business starts to consume all their time (and let’s face it, running a business take a LOT of time!).
The fact of the matter is that to become a big business, you have to think big! Here are our quick tips to point you in the right direction.
Press the reset button
Stuck in a rut? Then it’s time to hit the reset button, step back and remember what it is that you are aiming towards. By pressing the reset button we don’t mean to forget all you’ve done and start again but rather create a vision board that reminds you of why you got into the business in the first place and what you want to achieve. Narrow complex goals down into a list of three or four dot points and place it somewhere prominent where you can’t lose sight of it, both figuratively and literally!
This is a key step in thinking like a successful business. Focus and remove the distractions! Many businesses in trying to achieve their goals focus on too many strategies to get there. The truth is that as a business you should be focusing on what you are good, where you want to be and how you are going to get there. If you are starting to think about things in a more complex manner than this you will be destined to succumb to distraction. Distraction in business equals poor performance.
Handball where you can
You are a business owner, not a superhero. It’s important to remember in business that where possible it is to your advantage to delegate responsibilities that will distract you from reaching your goals. If you employ staff, delegate tasks where you can. This will free up your time (once you’ve finished the training of course) and is also likely to improve employee performance. Sole trader? Don’t forget that there are third party advisors and support people who you can pay to help you out with tasks you either need help in or are simply taking up too much of your time.
Calculated risks are worth it
By nature, business owners are people more prone to risk taking than most but sometimes the fear of losing your baby (your business) can prevent many from taking calculated risks. Calculated risks allow business owners to identify opportunities and act on them for the improvement of their business. Calculated risks should not be confused with risk in general, any opportunity that might help grow your business needs to be carefully considered.
Think like the rock-star you are!
You are an intelligent and accomplished business owner. There isn’t anything you can’t do without planning and a can-do attitude. Start to think like a successful business owner and you are well on the road to being one. Start thinking about setting up your financial and other business systems to reflect the road to success but always remember to make any business changes and upgrades in line with your business goals and strategy.
If you need advice on how your small business can start to think big, make sure you contact the Verve team on (08) 8120 4877 and we can assist you with strategy development right through to implementation.