The great thing about being an entrepreneur is that we are responsible for our own success.
The scary thing about being an entrepreneur is that we are responsible for our own success.
When was the last time you realigned your business with your vision? If you are like most business owners and entrepreneurs it has likely been too long. It is a good business practice to review your business every year and you will often find that good things start to happen when you do. Here are some ideas to get you started:
1. Rework Your Business Plan – Rework your business plan to bring clarity and a new sense of purpose to your business. This is an opportunity to drop what’s not working and expand on what is. Use your business plan to expand your vision based on the new skills you have developed and new possibilities that have emerged. Set new objectives and make the changes that will take my business to a new level.
2. Keep On Marketing – Start marketing smarter. Find creative, innovate, inexpensive ways to expand your marketing plan. Find new ways to get free publicity. Interview and be interviewed, have a podcast, add another specific subject blog to attract people to one particular aspect of your business. Offer free introductory calls to stimulate interest. Survey your clients. What do they need? How have their needs changed since you started marketing to them. Are you supplying them with what they want? Rethink your product positioning and bundles.
3. Cut Expenses – This may be a bit tricky if you are a solopreneur. But look closely. Reexamine your phone bill, shop for better long distant rates, cell phone deals. Shop your internet provider for combo offers. Sometimes you pay less when you pay for an entire year of a service like your shopping cart or web host rather than monthly. Get creative. What service can you share with another entrepreneur?
4. Add New Money-Making Services – It’s usually easier to add new services than new products because there is only the investment of time. Bundle your services to encourage larger sales. Ask your clients what they need that you might provide and see if that is something you can add.
5. Keep The Cash Flowing – Produce and send out invoices timely. If you are a solopreneur, invoices can be updated every time you finish a task. Offer a discount to people who pay you within 30 days. Add a penalty to slow payees.
6. Stay Close To The Money – Your time is your most valuable asset. Be certain you are using it wisely. Don’t spend your time doing things that other people could do for you even if you do them well. You are the brains, the creative fire that fuels your business. Your time and focus should be directed at ways to make more money.
7. Keep High Expectations – Expect the best. Do not settle for second best. Expect to attract people who value what you do and easily have the money to pay you. Keep an eye for the unexpected joint venture possibility that suddenly appears.