So you want to rev up your small business engines. But you are at a loss of what to do and where to start. Well, whatever the nature of your business, there are certain fundamentals of staying afloat, and even surpassing your own goals. But it takes focus, study, fortitude, insight, street smarts and patience. Do you have the time and inclination to do the things you need to do to turbocharge your business? Well, here are some of the things you might want to start thinking about:
1. Market forces --what is the market like for your business? What are the trends you can capitalize upon to rev up business?
2. Competition -- who are your competitors? What are they doing? Where are they getting clients? How are they treating clients? Are they getting paid for their work? What are their price schemes and price breaks? How experienced are they? What do you need to do to be more competitive with them so that you can get to their level and pass them sooner rather than later?
3. Product proliferation - So you have this business, or this business idea. How unique is it? It is a mass market product or service? Is it available a dime a dozen? If so how can you stay profitable by offering it in a different way to the same clientele like your competitors? Would it be better to stay out of this business to begin (assuming you are not already in it) with given the proliferation of competitors? If you are in it, would it make sense to get out, cut your losses and try something else? If you can't make a profit with your business due to a glutted market place does it make sense to continue? You have to be able to move through the market with some facility. If all around you is a traffic jam you are not going anywhere. Unless, of course, you find a whole different way to travel than everybody else.
4. Identifying core strategic challenges: What is your core business? And what is the biggest challenge you face in making it successful? Once you have identified your greatest challenge, can you brainstorm ideas of how to overcome these challenges? If yes, how soon can you implement these ideas? The bottom line is to "get noticed" and "get paid." That is the ultimate core challenge facing a business. If you are not getting noticed and you are not getting paid, what's the point. Management of your core strategic challenge is the key to turbocharging.
5. Do a cost benefit analysis - Does the cost of your business outweigh the benefits you receive from your business? Look at your balance sheets and financial statements. If your cost consistently outweigh the benefits, it might indicate that you do not have a viable idea. Sometimes you need to give business a chance to gain traction. It can take years to see the fruits of your labor depending on what business you are running. But you have to be tough with yourself. You have to determine if this business can be turbocharged, if it can be revved up, if the fire can be stoked, or if it is dead. If it is dead, cut and move on to the next idea. Don't waste time and resources on a dead idea.
6. Think about expanding and extending - So you are trying to turbocharge your business. You offer one type of product or service. Things are lean. You are not getting traction. Well maybe you need to consider expanding and extending your core. Can you add other services and competencies? Are you proficient with any other skills you are not currently employing? Is there an additional product that you can fairly easily add that will complement your core business? Don't atrophy. Think flexibly.
7. Use technology to your advantage - There are so many ways that technology improves your game. No business today can turbocharge if that business is technologically inept. Get online. There are tons of free resources on line that are specific to any business that will help you rev up your engines. It's about R&D. You have to be willing to do the research, and to develop the ideas you get from the research.
3 years ago
