Differentiating your small business and continuing to improve your business are two key pieces of being better than the rest.
But how do you get this in motion? Where do you start?
In 15 minutes we walk through two key objectives;
1. Ensuring that you are making time to work on your business rather than in it
2. Outlining 5 key ways to differentiate your business and how to do this
Increasing our small business revenue generation is something that most entrepreneurs are concerned with. In this video we learn why all entrepreneurs need to make it the top priority and we walk through the 4 main things that we need to focus on to help our revenue grow.
1. Number of leads
2. Improve conversion rates
3. Increase the price of the average sale
4. Increase the number of sales per period
Plus we walk through all of the tools we have at our fingertips to help improve these 4 areas. Watch it now!
How do we know if we are on track for our yearly goal? How can we ensure that our strategy is working?
Small business owners need to do a quarterly review!
Without a quarterly review we are falling into the trap of working in our business and not on it. All of our activities become tasks rather than things that will help our business grow.
This video walks through:
1. Why is a review so critical? What are the reasons why our quarterly review might be higher or lower than we expected? What are the reasons why we might have to tweak the rest of our annual plan?
2. Super quick overview of strategic planning
3. How to do a quarterly review. What to be analyzing and what to be considering for the future.
4. Best practices and the top things to avoid when executing a strategic plan.
Get Started. Keep Going! This is the life of the small business owner and entrepreneur in 2014 trying to get their business ramped up or growing.
The number one reason why a small business owner is successful in the short term is based on how much they are moving forward. Every time that you say the words ‘I will’, are you? Not that you necessarily have to be on time, but you need to do it if you said you would. Being action oriented and getting things done is critical to success.
The Action Planning Process includes the following steps;
1. Goal Setting
2. Action Planning
4. Measure the Results
Business valuation is critical for all small business owners as there is a high probability that you will be needing to evaluate how much your business is worth due to needing a loan, going through a divorce, or selling your business either voluntarily or involuntarily.
When it comes down to it, the value of your business is the price that someone is actually willing to pay you for it. But if you are trying to put a dollar value on your business without this step or before this step, there are some things to consider;
1. Net tangible assets
2. Identifiable intangibles
3. Goodwill (transitioned and non transitioned)
4. Redundant assets
If you are selling your business, there are some great ways to increase the value of your small business. And there are some specific value drivers to be aware of.
If you are buying a business, there are some specific details you should be looking for and specific circumstances where you may buy a small business for a lesser amount.
Your small business exit strategy is one of the most important parts of running your business.
The reality is, if you want money quickly it is better to get a job than start a small business. Starting a small business helps you in the long run financially as you are building equity and value in your business year over year.
But the only way to get this equity and value out of the business is having a solid exit strategy that allows you to realize this.
There are 6 major exit strategies to consider;
1. Getting the most out your business now.
2. Liquidating your business which means selling all of your assets.
3. Selling your business to someone you know.
4. Being acquired by another business for a strategic reason.
5. Issuing shares publically and getting out of the business.
6. Create a family empire with a solid succession plan.
One of these should be selected and planned for. The video walks through these strategies, gives examples of how it has worked, and highlights the top tip for each exit strategy that you should be focusing on.
Large businesses and small business alike use performance metrics with the intent to motivate their employees. However often these metrics are misguided and resulting in undesirable behaviour. They are not tied to the strategic performance of the organization.
In this video learn…
1. Why have metrics?
2. How to create your metrics that will actually help your business
3. Understand what a balanced scorecard is and what components make up a small business’ balanced scorecard
4. Learn how to monitor and implement the metrics in the most effective and efficient way possible
There are a lot of red flags when it comes to metrics, and if done improperly a metric can actually stunt your business’ growth rather than foster it.
Always remember that what gets measured will get done!