In a recent release by the Small Business Authority, found on globenewswire, small to medium-sized businesses are seeing only minimal growth:
“Today the release of the SB Authority Index of small business indicators for October 2015 which reached 130.87 points. The SB Authority Index is down 0.14% from September 2015, however on a year-over-year comparison, the SB Authority Index is up 1.15%. The ADP National Employment Report® and Russell Microcap Index led the increase.”
Because small to medium-sized businesses play such an integral role in modern economies, it is crucial that they have all the tools they need to maximize success. Here are 7 expert tips from entrepreneur.com that will specifically help SMBs achieve healthy growth and stability.
Prepare for Change
“Life and business inevitably throw us curve balls, so be prepared to broaden your horizons sooner than you might have otherwise expected. No matter your area of business, things change—especially in the digital space. Whether it’s your products or clients, don’t struggle against the tide. Prepare for change so when it comes, you can adapt on the fly.” —Chuck Leavell
Avoid Complacency
“Business is the amalgamation of challenges and their mitigation . . . we must remember that there is no finish line, there are only mile markers. No job is ever fully complete, and business does not simply finish. As soon as you reach a milestone, a new goal will have been set. It’s up to you to meet these challenges, build your business, and keep moving forward.” —Michael Ventura
Delegate Tasks
“I thought as the owner and president that I had to have all the answers. . . . Over 20 years I learned that it was impossible for me to do it and know it all. For many small business owners, pressure can build until they feel the company’s success rests entirely upon their shoulders. Strong businesses aren’t built upon any single individuals talents, so delegate tasks effectively and have faith in your team.” —Anisa Telwar
Don’t Make it Personal
“Everyone know that money can’t buy you love, and by extension it makes no sense to love your company. A business requires many tough decisions, so any attachments skewing your judgement can cause a business to sink quickly. As a first principle, remember that the company is there to make money—don’t get distracted by anything else.” —James Green
Understand How you Spend Time
“Oftentimes you focus more on completing the task that is directly in front of you versus investing in the future and long-term initiatives. That is a mistake. Moving fast doesn’t mean your business will grow quickly. Take a step back when laying the foundations for success to identify whether short and long-term goals are being addressed—this means you won’t be caught on the back foot.” —Jeff Platt
Balance Commitments
“Family is super important to us. To spend the most time with them as possible, you have to set strict priorities on what’s essential to accomplish today. Working hard is essential to a successful business, but without balance it will inevitably lead to burnout. Be strict with yourself and make free time an equal priority to work. You’ll be efficient when you’re well-rested and content.” —David Morken
“When I started VIA . . . I had people everywhere. . . . It spread our resources and attention across too many fronts. Don’t become overambitious and spread yourself—or your company—too thin. The damage caused could prove lethal to your company. Have clear, manageable goals to focus on building your company in an effective manner.” —John Coleman