Tips for Entrepreneurs Many entrepreneurs share a common set of difficulties in their businesses – reasons why they hit a plateau in their business growth. They are great at the specialist “technical” aspects of their profession but they often struggle with business development and the daily business tasks involved in running a successful business. The more successful they become the bigger the problems they face.
Below are 7 points I recommend all Entrepreneurs focus on to help them grow their businesses with less stress.
1. Business Plan –
take the time to create a proper business plan. It is time well spent as you think about your business grow in the medium to long-term and not just the short-term.
2. Marketing Plan –
create a structure marketing plan that lays out how you will take your brand and products to the market place. Be creative and think about everything from social media to traditional networking and word of mouth.
3. Sales Tips for Entrepreneurs –
work out a sales process and develop a sales ramp with multiple price points. Consumers are looking for choice so give them more opportunities to buy and you also create opportunities to up-sell. People are now used to having more options so give them options to buy and have a sales ramp that takes them from the low-end products or services all the way to the high-end products or services.
4. Staffing –
use staff or virtual staff to delegate the tedious work so you can focus on your strengths. Don’t let your business growth stall because you do not like the business of running a business. It is a simple task now to hire in virtual staff who work remotely on an hourly basis. Your time is valuable so if you use staff to fulfill the daily tasks you can focus on client/patient time which will earn you more than you pay out.
5. Joint Ventures Tips for Entrepreneurs –
create joint ventures, associate and affiliate relationships with other businesses. Form alliances with like-minded people and promote each other. This is a win-win and will help you reach a wider audience.
6. Time Management Tips for Entrepreneurs –
manage your time and not just your patient or client time. Running a business is not just about seeing client or patients so have a system to mange your time – so you have time to grow and manage your business.
7. Cash Flow Tips for Entrepreneurs –
control your cash flow or it controls you. Know what is coming in, what is going out, who you owe and who owes you. Take time each month to plan ahead and check in at least once a week. Having control of your cash flow also relieves stress and allows you to focus on your work. It’s a great reminder to get out there and build your business and a great way to measure your financial goals.
Entrepreneurs are great “technicians” – they are experts in their chosen professions but often struggle to manage the grow of their business. This tends to become a problem as their business grows and they reach a plateau. Get these areas under control and you will grow your business with less stress.
My name is Angus MacLennan and I am a Business and Personal Coach getting great results with motivated Entrepreneurs and Small Business Owners. My mission and passion is to deliver amazing value to my clients and help them develop their businesses allowing them to have the work/life balance they really want.