Nine Business Building Tips for Entrepreneurs

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Entrepreneur’s Guide to improve their results

1. Leverage your time and resources!

  • If your “To Do List” has more tasks, than you can possibly complete, within a reasonable length of time, you need to delegate some of the work to others
  • You may be holding your business back by not getting those tasks done promptly
  • The number one priority, is to maintain your health
  • Without good health, nothing else matters
  • Getting balance in your life is essential to achieve and maintain good health
  • You may find yourself exhausted, stressed and with out enough free time to do anything outside of your business
  • You will quickly reach the point where you burn out or become ill because you are demanding too much from yourself
  • You must find balance between work and play and family
  • Many entrepreneurs are reluctant to turn over key duties to others, as they fear a loss of control, or worry the task will not be completed properly
  • Carefully explaining the task to your assistant will normally be all that is required
  • If you don’t have an assistant, search for a Virtual Assistant online, there are many companies online, which provide recruitment services, or assist in matching workers to businesses seeking help
  • Be sure to clearly communicate the tasks, objectives and deadlines, and avoid micromanaging the assistant.
  • Most Virtual Assistants online, have done this many times and know what is required, they just need to know what it is you want or need.

2. Managing Cash Flow

  • If you are an operator of a small business which sells goods or services, you know the importance of managing your cash flow
  • Often individuals will start a business expecting instant returns on a small investment
  • They often fail, because they are not equipped financially, emotionally or are unfamiliar with the requirements to succeed
  • Often online entrepreneurs are attracted to offers of instant rewards, bonuses and exaggerated income claims, only to find out the reality is much different
  • Over 95% of those who join a Multi-Live Marketing (MLM) program will fail, many in the first few months
  • Make sure you always maintain a cash reserve to cover your own expenses, cost of inventory and supplies for at least three months
  • Studies have determined, most small business failures, result from lack of cash flow management
  • Planning your requirements in advance will avoid a sudden need to borrow or seek sources of funds when cash flow is low
  • It is essential to have sufficient cash resources to meet unexpected needs which may arise

3. Improve your Website / Blog Content Strategy

  • Make sure your blog, and/or website, has been updated recently and has content that others will see as valuable
  • Your blog should have posts at least once a week to keep viewers interested
  • The secret to on-line success is to consistently provide perceived value, to attract new and returning viewers to your website
  • Ensure your website is mobile-friendly as most traffic comes from mobile devices
  • Failure to address the special needs of mobile users will result in drastically lower traffic and potential customers
  • Review all landing pages and opt-in forms, to ensure they are attractive and up to date
  • Complete the lead generation forms with a new email address and test the links and confirm the autoresponder is sending appropriate email
  • Review your mailing lists and email templates to ensure they are current and all links are working correctly

4. Set fees that reflect your worth

  • If you feel your product or service is undervalued, it likely is
  • An annual review of your fees or product pricing / markups will ensure you are not stuck at a level, which was correct when set, but is now below market
  • Do not be afraid of alienating your customers, while they may not “like” a price increase, most will understand and accept modest changes
  • By reviewing and adjusting each year, you can avoid large increases which may cause some dissatisfaction among your customers
  • Check your local market, and determine what your competitors are charging, not to copy them, but to measure how you fit in the local or online marketplace
  • Even if your fees are higher, the perceived value may justify that
  • Your customers will gladly pay for the value they receive
  • Do not be afraid to charge what your services are worth
  • Consider implementing or updating “packaged services” to generate a higher average sale for your business
  • Often packaged deals will offer a lower per-unit price but generate more revenue, as you are selling a larger volume of services

5. Always stay in learning mode

  • Choose something new to learn in 2018
  • You may want to choose two major learning goals – one personal and one business related
  • Skill building adds a new dimension to your life and will help you to reach and maintain work-life balance
  • Learning and attending seminars or workshops will ensure you get out of your comfort zone and meet new people
  • Be sure to include at least one Marketing Program in your curriculum to keep up to date with what is happening in social media and on the internet
  • You are never too old to learn something new
  • Learning energizes, motivates and generates enthusiasm for life
  • A positive mindset will reflect positively on your business results
  • More energy and a more positive frame of mind is required for success

6. Strategize every week

  • Strategizing and planning are vital components of running a successful, growing business
  • Create an annual plan and revisit it and update quarterly to reflect changes which have occurred in the environment
  • Weekly, short sessions to review and modify your plan for the week will pay huge dividends
  • Simply writing down your goals will help you achieve them
  • Running a small business is very demanding and it’s easy to get buried in the day-to-day operations
  • Strategizing allows you to step back and highlight what worked, what didn’t work, and adjust old goals while setting new ones
  • Rather than focussing on goals from the beginning of the year you are focussed on the tasks that are most needed right now
  • A quarterly review of your overall annual plan is a good idea, so you do not lose site of those larger goals

7. Eliminate what is not working

  • When it is obvious that a strategy is not working do not hang on to it
  • Remove what is not working and move on
  • Eliminate the negative influences and forget them
  • Because you are reviewing what is and is not working on a weekly basis it will be obvious to you what needs to go
  • Maybe your techniques are not producing the level of engagement you expected. Or perhaps a product isn’t selling or the return on a business venture is lower than expected or is losing money
  • Avoid investing a lot of energy into trying to make something work which is not producing
  • Move on
  • Something better will turn up

8. Promote your business consistently

  • Marketing is the lifeblood of your business
  • Failure to pay attention to your marketing plans is a sure way to fail
  • Keep marketing at the top of your To-Do list, time should be spent every single day on marketing
  • To attract new business and to retain your existing customers, you must give marketing a high priority
  • Create a separate marketing plan which includes both local and online markets
  • Establish yourself on Social Media such as Facebook, Twitter and Instagram to engage with people and create relationships which may lead to referrals or new business
  • Create online ads to boost your engagement online using Facebook video ads. They are very inexpensive and will generate traffic and likes on your page
  • Like other people in your niche and engage with people on their websites or groups.
  • Talk to people, help people, offer free advice, provide value
  • Explore all avenues to get exposure for your small business. Join the Chamber of Commerce, join service clubs such as Rotary, offer to do classes or workshops for local organizations, write articles for local newspaper, get listed on business sites to get your name known

9. Enhance your Worldwide Profile

  • Review how your website or social media profiles come up in search engines and compare to your competitors
  • If they are consistently coming up more than your business, you need to act
  • Search engine optimization may help you to choose better key words and to update the meta tags on your content, so the search engines can access and index your site more completely
  • Ensure you have up dated equipment and your website is hosted on a reliable site with 100% up time. Slow sites, especially for mobile devices will result in very low engagement
  • Depending on your niche or service the world is your marketplace. Do not only think of local businesses when doing your planning and strategizing
  • Review new techniques or methods of marketing online. Facebook messenger for example, Stories in Instagram, Live Video in You Tube. Etc.
  • Post video interviews, interesting topics, product ideas, announcements as Video is the most popular of the various content types
  • YouTube and other platforms allow you to post video online and offer it to their millions of viewers

Do not underestimate the value of the Internet to your business – It is unlimited!

Have a great 2018 …

Allan Curtis

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