Edmonton Business Coach | Small Business Tips For Success
When you’re looking for small business advice come to your Edmonton business coach at inspired method marketing and coaching for tips on how to create a successful business. There are several different things that you can do in order to make your business a success. The biggest problem that we see with small business is that 50% fail by year five.
This is completely avoidable in our opinion, because there are certain things that you can do to ensure you become successful with your small business. In this article we are going to be sharing some small business secrets from your Edmonton business coach to set you up for ongoing success. When someone starts a small business they usually don’t have everything figured out. Even though they have intentions and possibly a good business idea, the all of the at different aspects of running a small business can be challenging.
Small business secret number one is not everyone is your ideal customer. Many small businesses that we speak with often are under the impression that everyone is a great fit for their product or service. The opposite is actually true. When you are crafting your business offering it is always best to think of the end-user first. It’s never a great idea to try and create a business and then find buyers for that product or service, it is always the best practice to find out what needs exist, and then fill those needs.
When you are starting your small business you’re going to be working 80 hours a week for a long time. When people are holding regular jobs, the 40 hour work week is something that they’re used to, and when you’re small business owner is not possible to great a successful business while only working 40 hours a week.
Trying to balance out your work life and your home life is almost an impossibility. You have to be willing to have times where you are spending more time at work creating the business systems and processes and not spending as much time at home.
When you are at home spending time with family and friends, that time should be designated for spending time with them solely. As an Edmonton business coach we recommend that you turn your phone off don’t answer emails, or work on any projects while you are at home. This time is spent for developing and growing your relationship with your family so that they will allow you to spend the 80 hours a week that you need to put in on the job.
Many of your friends and family will not understand what you’re doing or why you’re doing it. That’s okay, because they will never understand why you’re working so hard for so little money. The best part about not having people understand you is that they won’t even try to replicate what you’re doing.
When you are 10 years down the road and living the lifestyle that you always dreamed of, then they’ll be asking you for a job.
Edmonton business coach | it’s going to take 10 times more effort
When you are starting any new venture you have to be prepared for it taking 10 times longer than you first thought. Bill Gates is quoted as saying people overestimate what they can do in one year, and underestimate what they can do and 10.
As an Edmonton business coach we work with a lot of small businesses and usually their first year figures are unrealistic. It’s okay to set large goals, but not too large that they can’t be attained. It’s always best to set interval goals and as you continually reach the next interval, over time you will reach your ideal revenue target.
Another small business secret is that culture takes time to create. Culture is a big buzzword in the business world. A lot of people want to create a dynamic culture where people are excited to show up to work on a daily basis, but they have no idea how to create or develop that culture.
The first bit of advice we give as an Edmonton business coach, is to meet regularly with your team. You need to set apart 60 minutes a week to have time to train your team, and share your company’s values and mission.
This is also great time to speak with individuals privately to give them some direction or correction, or to recognize a job well done. There is no better way to begin creating and developing good culture within your organization.
Another great way to build awesome team is to adopt the group interview hiring process. This is the same process that the Edmonton business coach at inspired method marketing uses to develop and grow strong team. It’s always the best idea to have a number of people that you are considering to join your team before you have a need for both people.
Employees typically leave when it’s good for them, and you may not always be prepared for them going on to other opportunities.
The next small business secret that we want to share is to look at your numbers. It’s very important to keep track of your revenue and your expenses. Seeing as running out of cash is the second reason that businesses fail, it is a great idea to have a look at your numbers on a regular basis so that you know how much revenue is coming in, and going out.
This might be the best business secret that we’re sharing in this article. Create systems or you’ll never be able to have time off. When you start a business you have to think about grading systems like McDonald’s or Starbucks.
When you have repeatable and duplicatable systems in place, you can hire lower skilled employees to do high functioning jobs. When you think of McDonald’s, they have a multi-million dollar restaurant that is run by teenagers. This wouldn’t be possible if they didn’t have good systems in place.