‘Designing Strategies’ Newsletter

January – February, 2013                       Volume 10 – Issue 51

 

Many small business owners continue pushing their rock uphill as the economy continues to be a very sluggish. In some regions, things are improving, in others they continue to drag. Lots of blips are on the radar screen as economic indicators are up one month and down another. It appears that the only one spending money is the government. Consumers continue to  hunker down and hold on to their money. Even the recent holiday shopping season was quite lackluster, a huge disappointment for retailers.  What to do?  It’s past time to start to focus on success for the coming year, so get to it!

focus on successRegardless of your current situation, it’s time to start ignoring  all the forecasts.  Time will be better spent if you work on a strong focus on success for your business.  Let’s declare 2013 The Year of Focus. See how many of the strategies below you can plug into your plan for 2013 to get your business moving again.

8 Ways to Focus on Success for Your Small Business

Focus on your clients. Give customers the best service in your industry. Categorize your customers as A, B, and C customers: ‘A’ being the best ones, least trouble, highest profit level, ‘B’ are the average customers, and ‘C’ are the ones that are high maintenance types. Go for the A’s. Work on focus to provide exemplary service that they will tell others about.

Focus on existing and past customers. These customers are easier and less expensive to move toward a project or sale than going in search of new customers. They already have a history with you. They can be a good source for referral traffic. Give them your business cards to pass out. Make them a special offer or special discount as a way to show you appreciate them.

Focus on your strengths. What are your company’s core competencies?  These include skills, processes, systems, creativity, innovation, and technology.  Tell prospects and customers all about them.  Some potential customers are looking for exactly what it is you offer.  This should be a major part of your brand and marketing plan.

Focus on keeping employee morale up. If salary raises still aren’t in the cards, give employees some time off.  Perhaps you might give half a day off on Friday to the employee observed doing the best job each week.  Pay attention and recognize staff who do something impressive to service a client. Think about providing flex-scheduling; 4-day work weeks. Find inexpensive ways to recognize excellent service.  A tray of cookies or a pizza party can go a long way in letting staff members know they are appreciated.

Focus on waste and inefficiency. Review your processes and systems to see if something can be done differently or more quickly.  Identify ways to save time and money. Focus on what you pay for general services like phones, cell phones, or Internet access.  Often you can get a better deal from your suppliers or  another supplier.  Ask suppliers if you can renegotiate a better discount for office supplies or technology.

Focus on cash flow. Follow up on outstanding unpaid balances and slow paying customers.  Work out terms with slow paying customers with a payment plan if necessary. Change your terms of payment to a shorter time to pay. Offer a discount for those who pay in full up front. If you’re not knowledgeable with financial reports like your profit & loss statement and others.  Learn how to follow your cash flow and do it routinely.

Focus on opportunities. Keep your eyes and ears open and be alert for potential new products or services you can add to your menu. Watch for potential strategic alliances.

Focus on the future! Ignore the past several years and lock your eyes on the future of your company as a successful enterprise. Take a risk. Develop your strategic outlook and plan for it. Don’t look back.

It is time to seriously Focus on Success for your small business in the coming year.  Wallowing in high stress and self-pity will not move your company forward.  It is time to batten down the hatches and kick into high gear as we move into 2013.  Work on focus. Implement strategic initiatives that focus on every element of your small business to improve productivity and profitability.