When I hear someone mention new years resolutions my first thought is “why wait for the new year, start now”. Because the truth is, if you or your company can’t commit now, you will never commit long term. In this installment I am going to outline 5 great things you should start NOW to grow your business.
1. Cut the fat
This is a hard subject for any company. Who and what do we cut from the equation to make the company draw a better bottom line. The average employee should net your company $45,000 after expenses and salaries. Think about cutting non performers.
What expenses aren’t really “Needed”. Start by analyzing your ROI on software, leases, equipment, and even low margin items that don’t make you money.
2. Learn to manage cash flow more effectively
Cash flow is the lifeblood of small business. Most businesses actually fail because of mismanaged and poor cash flow practices. So start doing research today and find out what will help your business create faster more steady flows of cash.
3. The beauty of delegation
Small business owners do everything, I literally mean everything. And like myself you are a control freak. Not delegating tasks will hinder your ability to grow a business. You can only work so many hours in a day. However many small business owners don’t delegate takes because it takes a lot of upfront effort and the feeling that you are losing control. Clearly communicate your objectives so that you don’t end up micro managing.
4. Charge what you are worth
Making sure that you are making appropriate margins is crucial to your success. Many companies think raising prices may alienate certain customers. That could be the case in very limited situations, but chances are you don’t want the customers pinching their pennies anyways. Charge what your time and business is worth.
5. Take steps to improve you digital presence
When was the last time you updated your website? We are all guilty of this. If you haven’t taken action to make your website mobile friendly start now. Over 58% of all online traffic is now from mobile devices.
Take these 5 steps and implement them to your business immediately, don’t wait for new years. If you take this action, your business will grow.