Hello Greatness Partner, welcome to DanielAjumobi.com – the place where people in pursuit of success come to get actionable insights. Today, I’m sharing with you basic business tips to scale your small business impact. As a small business owner myself, I have come to realize that we play a key role in the society.
How well our economy thrives, is solely dependent on you and I – small business owners. So, here are reality questions you must answer to grow your business.
IS YOUR FINANCIAL REPORT UP TO DATE FOR YOUR SMALL BUSINESS?
Never forget to keep accurate financial reports of your business – daily, weekly, monthly and yearly. It is an act of responsibility that gives you leverage when it’s time to scale your small business. It is important that you spend the right time to maintain being current on your cash-flow. If you lack the skills then you either get a partner who’s better at it or a friend, family or hire an accountant but don’t forget to always stay in the loop of every money that goes in and out of your business no matter the amount.
WHAT IS YOUR MARKETING STRATEGY FOR YOUR SMALL BUSINESS?
Social media has proven to be a low budget and high impact productive marketing tool to leverage for small businesses (even big businesses). Starting from Linkedin.com, instagram.com, facebook.com, twitter.com, pinterest.com, youtube.com and the list goes on. You should start from one with the easiest and cheapest means to reach out to your target market. Your market is bigger than your immediate friends and families even if they are your business foundation. So when you are taking your small business to the next level, it is important to always market your product and services to a wider range of people in order to increase your sales and overall growth.
HOW WELL DO YOU KNOW YOUR SMALL BUSINESS?
This is not just knowing a business name or sector. This is about having clarity as to what you are really into such that you can convince an investor in 5 minutes or less. Remember the popular saying – “if you fail to plan, then you are planning to fail”. Yes, it’s so applicable because you have to be prepared with a detailed pitch for your small business and be ready at all times if there’s any hope that you want to grow your small business. 3-5minutes is enough to give a very short and relevant presentation to any prospect. Like someone once asked me, “if you met a business magnate who invests in small businesses in an elevator and he offers to lend you a moment of his time, what can you tell him to make him buy into your business or idea? Think about that question and make adjustments.
ARE YOU UPDATED WITH YOUR SMALL BUSINESS TRENDS?
A business cannot operate in a vacuum. Everything changes from time to time and these changes will have its effect on your business, don’t be so rigid when it has to do with your business, be very flexible, be a “responsible” jack of many trades. For example, if you trade in sweaters, coats etc. and other material for winter or cold, know that when summer comes, you most likely will have no or very little sales, so pay attention to those things that surround and could affect the growth of your business. The things that seem irrelevant on the surface can have a very high impact on the growth of your business so consider all possibilities and stay current on trends in the industry associated with your business.
HOW WELL CAN YOU SELL WHAT YOU SELL IN YOUR SMALL BUSINESS?
Revenue generation is the blood of every business. You have no business until you start selling. And the only way to earn returns and grow your business is from sales. If you run your business alone, then you have to and must master the art and act of selling, but if you have a partner(s) then there must be a person who is good at sales in your business team. Understand that, selling is an art worthy of mastery.
WHAT’S YOUR SOURCE OF MOTIVATION FOR RUNNING YOUR SMALL BUSINESS?
Motivation has been under rated. But it’s essential, it’s a fuel for you as a business owner. You have to stay motivated in the midst of all the demotivating factors. Read books on business, listen to the right people, and believe you can do it as you keep going about your day to day business activities because business can really be tiring and psychologically draining, so you have to stay hydrated on motivation to keep going on no matter what. Learn about what motivates you and continue to do it every day. I recommend staying connected with my blog as my priority is constant insight and motivation.
DO YOU KNOW YOUR LIMIT WHEN RUNNING YOUR SMALL BUSINESS?
A successful business owner understands the clear importance of limitations to prevent them from reaching the end of the rope too early. Know your strengths and your weaknesses. That is a real driver for successful entrepreneurs. For example, if you’re great at sales but less experienced with bookkeeping, specialize in sales and get somebody else to handle the books. Leverage your strength, and leverage other people for your weaknesses. Don’t break yourself.
Here is the end of my small business growth tips. But I’m sure, you must have some ideas which I possibly did not include on the list. Please, kindly share in the comment session below. Other small business owners in the Success Seekers Community will find it helpful.
Thank you for spending some of your time with me today. Make sure you subscribe to my newsletter below and follow on social media pages @DANIELAJUMOBI so you never miss my updates. See you tomorrow.
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