|
The Seven Game Changing Strategies For Small Business |
|
|---|---|
| Deborah Dowdell President New Jersey Restaurant Association |
|
1. Speed Up By Stopping
When the dying economy hits your business it is a natural tendency for you to work harder. Instead, take a minimum of a 15 minute break every day to mentally release all your minute-to-minute worries. During this time, shift your focus on the big picture. Stay focused on where you are going and how you are going to get there, instead of worrying about how the economy is effecting you right now. This simple 15 minute process will retrain your brain to think and plan while you are working hard, instead of allowing limiting beliefs to take over your mind.
2. Systems, Systems, Systems
Delivering products and services are not enough. You need to keep the business infrastructure sound. Keep a close eye on your Income Statement, Balance Sheet and Cash Flow. With daily knowledge of how cash is flowing in and out of your business, it will make your 15 minute break sessions even more effective.
3. Get Out Of Your Comfort Zone
Don’t be afraid to try something new! Actually let's restate that, you MUST try something new. Not taking risks in this economy is the biggest risk of all. You need to try new and different things that will make you stand out. Don't bet the farm, but instead test "micro-innovations" to see if it improves the bottom line. Once you find something that is working then go after it in a big way.
4. Tighten The Nuts & Bolts
If the core of your business is broken, you can forget innovation! You must ensure that the basics are working, and that they are working well. For example, if you are in the food industry and your serving spoiled food or your service is slow, you might as well close the doors. You must make sure you are always delivering on the highest quality of standards to ensure your service is top notch. Once the foundation is stable, then build with innovation.
5. Network With The Enemy
“Your enemy's enemy is your biggest ally.” This is not the time to worry about the competition, since there is a new enemy in town - the economy. This is the ideal time to start networking with the competition and forming joint ventures. Consider similar vendors where your products and services nicely complement each other, and your partnership can position you as the defacto choice when consumers open their wallets.
6. Let The Pain In
The old school method of keeping the problems cloaked in the conference room, won't keep the business rolling along. Your employees know what's going on and will resent your silence when the business is struggling. Instead share with your employees that challenges your facing. Seek their thoughts and commitment in helping your business make the turn from surviving into thriving.
7. Embrace Vendors
The game used to be all about cutting costs and squeezing pennies out of your vendors. That doesn't work anymore. Your vendors are feeling the same crunch you are and won't be able to withstand cuts in their prices. Instead formulate win-win situations where both you and your vendor are coming out ahead. Consider bartering, splitting costs, or thinking up new innovative ways to work together.
By Mike Michalowicz, Author of The Toilet Paper Entrepreneur
