Let’s face facts. Most small business owners have a brilliant idea for a product/service but very few are “management gurus”. Management skills are learned, if at all, by the school of hard knocks. No, I don’t expect all small business owners to stop their businesses or go to night school to learn management Let’s face facts. Most small business owners have a brilliant idea for a product/service but very few are techniques. What I do encourage is for the small business owner to realize what is important for achieving success and to focus on those items.
Let’s start off with a bottom line premise: the only real growth is profit growth. That means that all activities, management, marketing, etc. should be focused on profit growth. If it doesn’t add to the bottom line, don’t do it.
Growing a business fast requires dedication. Just like there never is enough money to do everything, there is never enough time to complete everything that could possibly be done. The 80-20 rule comes into play; accomplishing the top 20% of what has to be done will bring in 80% of the profit. Make a list of all the things that have to be done to increase the bottom line. Now take the top 20% of your list and focus all your energy on them.
Fast growth management also includes the allocation of financial resources. Managing financial risk while moving forward is a necessary part of the fast-growth process. (I met with a small business owner who is selling her products for $2 less than her costs. This is her marketing effort. Unfortunately, she will never make up her loss by increasing her sales.) The moral of the story is: don’t focus on catching minnows, look for whales. When you take on any kind of new business, instead of high profit business, the growth mission ends.
Procrastination is the thief of time. If you don’t move forward at a fast pace, procrastination will also destroy your business opportunity. Don’t wait until you have all the facts before moving ahead. You will never have all the facts and in that case, you will never act. Remember the old saying, “Strike while the iron is hot”. In this case the iron is your enthusiasm and intuition.
Your strategic focus plan has another title; it’s your growth plan. Once developed it will contain prioritized action items which have to be implemented according to the proposed time frame.
Remember that your business is a money making machine. Yes, it can benefit your clients/customers and you can give back to your community; but if your profit is not an increase line on your progress chart, survival of your business may not be an option.
Dreams get you started….discipline keeps you going. Jim Rohn
Nick J. Petra CFP helping you grow your business is our only business©
Contact me at email@example.com to find out how you can develop and implement a fast growth management process. www.strategicduck.com
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