Hard work isn’t a cure-all for success in business. True, passion and enthusiasm help to a degree, as well. But success requires more than just these qualities.
Many business owners are so involved in putting out fires, they fail to take time to address the bigger picture – to grow via business leadership. Realizing strong profits – even in a weak economic environment – requires a multi-prong approach.
Here’s a quick checklist:
- Business-health check. AKA, a SWOT analysis on a regular basis is best every 12 months. It’s important to budget the time to assess strengths, weaknesses, opportunities and threats – then make a strategic action plan using the nine do’s and don’ts for best decision-making.
- Budgeting. Don’t know where to start? Here’s a primer for best practices in preparing financial statements and budgeting basics for a micro business.
- Profits. Analyzing cost structures and profits are important. It really helps to determine your break-even point.
- Evaluate all products/services. Next, compare the viability of your offerings. Get rid of unprofitable products and services. In any economy, you need to know what drives your profit. If innovation is needed, become a .
- Pricing. History shows companies aren’t successful if they focus on selling products and services at the lowest price in the marketplace. Here are eight simple strategies to give you pricing power.
- Action for improvement. If a business isn’t healthy, here’s how it’s possible to overcome obstacles for a business turnaround.
- Marketing. It’s important to make sure marketing is cost-effective. Here’s an overview for marketing plan essentials for best results. Remember to think 1930s for business success. Consumer attitudes are changing.
From the Coach’s Corner, it’s beneficial to leverage an often-overlooked asset – human capital – to accelerate growth: Partner with your employees.
“Make everything as simple as possible, but not simpler.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.