7 Top Business Building Tips for Entrepreneurs
A lot of entrepreneurs have a similar problem within their companies – the reason for them to hit a stumbling block in the growth of their businesses. They excel at the more “technical” aspects of their job, but they have a difficult time with business development and the everyday business tasks that are involved in running a successful company. As successful as they are, the more difficult problems they have to face.
Here are 7 things I would recommend that all entrepreneurs focus on in order to develop their businesses without too much stress.
1. Business Plan
Spend the time to develop the proper business plan. It’s time well-spent when you consider how to make how your business can grow in the medium – to long-term not just in the short-term.
2. Marketing Plan
Create a marketing strategy that describes the way you intend to take your brand and product to the marketplace. Think creatively and consider every aspect of your marketing plan, from social media to traditional networks as well as word-of-mouth.
create a sales procedure and create an effective sales plan that includes various price points. People are searching for choices therefore give them more options to purchase and provide opportunities to increase sales. Customers are willing to buy more therefore give them more choices to buy and offer an up-sell ramp that moves customers from low-end items or services to high-end items or services.
Utilize virtual or staff to take over the monotonous task so you can concentrate on the areas you excel at. Don’t let your business’s slow down due to the fact that you don’t enjoy working in your own business. It’s easy to now hire virtual employees who work remotely, on per hour basis. Your time is important, therefore if you employ employees to complete your everyday tasks, you can put your focus on patient/client time, which can increase your earnings more than what the amount you have to pay.
5. Joint Ventures
Create joint ventures or affiliate and associate relationships with other companies. Establish alliances with similar-minded people and help promote one another. It’s a win-win situation and can help you gain more attention.
6. Time Management
Manage your time, not only the time you spend with clients or patients. The business world isn’t only about seeing clients or patients, so you need the right system in place to manage your time, so that you have the time to develop and run your business.
7. Cash Flow
manage your cash flow or control it. You must know what’s going into your account, what’s going out, and who you owe, and whom you owe. Spend time each month to prepare and review your finances every week at least. Controlling your cash flow relieves anxiety and allows you to concentrate on the work at hand. It’s a great way to remind yourself to take the initiative to build your business, and also a good method of evaluating your financial objectives.
Entrepreneurs are fantastic “technicians” – they are skilled in their chosen field but are often unable to manage the expansion of their businesses. This can become an issue when their businesses grow and they get to a point of no return. Take these areas under control and you will be able to grow your business in a less stressful way.
I’m Angus MacLennan and I am a Personal and Business Coach who is achieving great results with driven entrepreneurs and Small Business Owners. My goal and my passion is to provide amazing worth to the clients I work with, and to help them grow their businesses, and allow them to achieve the balance between work and life they desire.