You only have to do a very few things right in your life so long as you don’t do too many things wrong. Great quote from Warren Buffet. He is spot on with that comment, yes? Doing things wrong far outweighs doing things right. Especially in how to build a business that will deliver results.
Check out our thoughts on building innovation.
Why? Our view is that mistakes are more prevalent and certainly more costly. That is why we believe, if you are planning on starting a new business, it is critical to spend time on these 9 recommendations that will help deliver results:
Focused business plan
It’s not clear to us why business plans are the way they are, but they’re often focused on too many things. If you want to maximize success, the key is to focus on five topics. We recommend dividing the business plan into these five sections:
- Competitive analysis
- Market research and analysis
- Marketing plan
- Financial plan and cash flow
- Short versus long term
How to build a business … creator of change
Be a creator of change. Watch for trends in the market and what your customers are doing. Stay ahead of the change curve by adapting before you have to. Remember the status quo is usually your worst enemy.
Related post: Most Frequent Startup Companies Cardinal Sins
Network for support
Find local business leaders that can exchange ideas and support your thinking on day to day activities. Activities like being a sounding board, idea generation, and offering lessons learned. They often see solutions that you can’t see. You can do the same for them. Create a large network and make it social … like a casual advisory board.
Build small business … work on right things
Sounds trivial doesn’t it? But you would be amazed at how many of our clients have their priority lists inverted. Or work on things that should be ignored.
Trust your intuition
Tackle real problems on behalf of your customers, many of which may challenge the status quo. Be curious. Experiment on a small scale often and learn. Place lots of small bets to see what will work best. Don’t be afraid of unconventional paths.
How to build a business … don’t get totally consumed
Be a team player … caring about your employees. Delegate and empower them to act on your behalf. Remember that you can’t do everything or be everywhere. Learn to back away occasionally. Maybe an afternoon … sometimes for a day. Find a balance between work and life that works for you.
How to build a business from scratch … gain customer insights
Unlike big companies, a small business gives you the opportunity to interact with customers on a daily basis. Make use of these interactions by gaining better knowledge of their wants and needs. Ask good questions, listen carefully, and take notes. You will be amazed at how eager many are to help and what you can learn. Customer insights are one of your most valuable assets.
Don’t hold back
Tell people about your ideas. Get feedback from customers, suppliers, and even your competitors. Talk with anyone who seems interested. Many will be both willing and able to offer ideas and advice.
Building a small busines to have fun
You need to wear your enthusiasm and passion always. And here’s the thing. You really can’t be enthusiastic and show passion if you aren’t having fun. The key is to stay the course, with an even keel, and enjoy the ride.
My discussions with many small business owners over the last several years led me to create this list of recommendations. Guess what? They are not that different from my own personal lessons.
Follow these simple tips and you will be well on your way to the results you are looking for.
Need some help in finding ways to grow your customers? Such as creative ideas to help the differentiation with potential customers? Or perhaps finding ways to work with other businesses?
Call today for a FREE consultation or a FREE quote. Learn about some options to scope your job.
Call Mike at 607-725-8240.
All you get is what you bring to the fight. And that fight gets better every day you learn and apply new ideas.
When things are not what you want them to be, what’s most important is your next step. Call today.
Test. Learn. Improve. Repeat.
Are you devoting enough energy continually improving your business learning?
Do you have a lesson about making your learning better you can share with this community? Have any questions or comments to add in the section below?
Mike Schoultz is the founder of Digital Spark Marketing, a digital marketing and customer service agency. With 40 years of business experience, he blogs on topics that relate to improving the performance of your business. Find them on G+, Twitter, and LinkedIn.
Digital Spark Marketing will stretch your thinking and your ability to adapt to change. We also provide some fun and inspiration along the way. Call us for a free quote today. You will be amazed how reasonable we will be.
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