10 ideas on how to smarten up your business

Its not uncommon to be a business owner who wears a number of hats or responsibilities. It’s important that you take a moment and step back and look at the big picture of what you are doing. Its great to be a good leader and hard worker. Just be careful that you are doing too much of what could easily be delegated within your team. Working smarter and not harder is the way to go. Working on your business rather than in it is the smart way. You need to focus on what you can do best. Ensure you have systems, strategies and goals in place so you can effectively analyse your results and gather the necessary information to change and improve your business performance.

Here are ten ideas from my business notebook to help you work smarter on your business:

1. Finance

A common mistake is to view finances through an emotional lens, meaning you either look at them with fear when times are tight or delight when business is booming. But looking at finances from an emotional perspective means you will miss important information such as what and why things are working or not working. Its better to be open and inquisitive with your numbers. When you’re constantly curious in both good times and bad you will always be learning and thinking constructively on how you can improve your business.

2. Review

It’s important to clearly define and understand the things you hope will happen with your business, so that you can monitor your results and adjust accordingly. If you aren’t reaching your projected numbers you can then compare the actual results to your assumptions and see what needs to be changed.

3. Results

Rather than try forcing a certain result, consider the factors that created those results and see how they can be changed and how that in turn creates a new result. When you play with the factors, you’re able to learn and adapt to what is working and not working and understand why.

4. Sales

Making the initial sale is only the first step. Once you have converted a prospect into a customer, you must then work to keep them as a customer. It’s far more cost-effective to retain customers than it is to gain new ones. Bundled packages, loyalty rewards programs, referral systems are all great ways to keep customers engaged in your business.

5. Marketing

Marketing is the relationship your business has with your customers – advertising, promotions and sales are all functions of marketing. Make sure you are sending out a consistent message. Line up your promotional material, business cards, e-mail signatures and online profiles and make sure they are consistent.

6. Communication

A fear of missing out on some customers is a common mistake in marketing. But the whole point of effective marketing for your business is to exclude some people. Focus on your target market and talk only to them. You will inevitably attract other people as well. If they are not your focus don’t get distracted and try to widen your net until you have dominated your niche target market.

7. Networking

One advantage small business owners have over large corporations is the ability to create a personal connection with your customers. People connect with a story, passion and people going after their dreams. Make sure you are sharing yours with your customers. A powerful way to stay in a daily conversation with your customers is through social media. Find out what social media outlets (Facebook, Twitter, LinkedIn, Pinterest) your customers are on and connect with them there.

8. Customer Service

Your business exists to make a difference in the lives of your customer. This means you must think not in terms of why you want to sell your service/product to them but why they want to become a customer and how you are going to make their life better.

9. Preparation

There will be times when the phone isn’t ringing and you don’t feel busy. This is your ready time. When business isn’t actually busy, get ready for when you are busy. Make sure you have all your systems in place, promotional material printed and ready to go, iron out all the kinks so when business picks up you are organised and prepared.

10. Growth

Planning, strategy and goal-setting are all essential to your business’ growth. It may be overwhelming, especially if you are a solo entrepreneur or just starting out. The Business Minder can help. Always remember to just go ahead and take the next step. Your vision and direction will continue to change as you and your business grow.

Gary Chamberlain set up The Business Minder to answer the growing need for expat assistance in small to medium business. This in turn has led to more consulting opportunities in other places including Singapore and Malaysia. Gary has over 30 years experience in business management in Australia and UK. He has won international awards for work in management.