How to make Small Business a Success – Improving Bottom Line

by | Nov 9, 2011 | Business

Spending more hours in your small business will not necessarily bring you more wealth. You have to act smartly to improve bottom line without stretching yourself beyond certain limit.

In order to earn more and enjoy more time off, you need more than hard work, good idea or luck. If you make certain practices part of your daily activities, you will be able to achieve perpetual prosperity.

Create a Big vision for your business

You must develop a vision for your business that will compel you to fulfil customers’ needs beyond their expectations. You should write down your small business vision and imagine yourself implementing it. Feel those emotions, feelings and connections as if it was actually taking place. Share this vision passionately with friends and other well wishers.

Draw a Business Plan

A detail plan is very essential to implement strategy and guide all actions to achieve vision. You must create a simple marketing plan covering all the basics – what, where, who, when and how. You should define objectives, targets and time schedule of your actions in clear terms. Make a practice to reward yourself and team on achieving any milestone.

Play real role of a business owner

After establishing all practices in running of the business, play major role of a business owner than that of a practitioner. Start spending your precious time and talents on development of processes, automation and system development. Free yourself gradually by delegating your routine work to some responsible person. It will be to your credit if you get less involved in day to day activities and your business still runs smoothly.

Prioritize your actions

You must list down what is important and urgent in the list of actions to accomplish your vision. Set target for what you want to achieve each day. Your day must start with action on number one priority. You will have to be ruthless with time schedule and must be focussed only on activities identified as important. Delegate rest to others. Be focussed on your plan and allow no distractions.

Assess your results and identify what is holding back.

Handle those things carefully and urgently that cause hindrance to implementation. Prepare your “not-to-do-list”, things you are doing that you should have stopped doing. Also prepare another list of things that you should be doing but are currently not doing. These will probably include marketing work, going out and connecting with people, hiring support staff, planning for business growth, giving talks or creating products to complement your services.

Now list reasons why success is eluding your expectations

Question your various reservations and assumptions. Replace them with facts. Start working on reasons. Enrol support for achieving your vision. Join mastermind success groups. Delegate book-keeping and administrative work to specialists and focus on growth.

You can make a breakthrough with professional practices. Success doesn’t come by working harder, it comes by working smarter. Follow the above practices and let our profits multiply.

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