Tag: growth

Starting a Small Business Pt: II

businessWelcome back for the second installment of starting a small business. If you’re reading this then you must have read the first piece on starting a small business and the important factors that must be considered and enacted early on. In the first section of this two part series I highlighted the importance of multiple factors like setting team expectations, managing your employees without an ego, having a clear set of processes, creating a solid foundation, and getting open and honest feedback from your team or employees. In this new installment we will discuss some more variables to keep in the forefront of your mind and lock down immediately to ensure the success and growth of your new business.

Transparency is Key:

You want to be as open and honest with the people working with you and for you as possible. Your small business shouldn’t be hiding anything from the people that are dedicating their time and efforts to growing your company. The more your employees know the better because they will be more involved and committed to the cause rather than being in the dark.

Document Progress:

Start documenting your company’s progress and recording all your milestones. Knowing where you started and where you are at any point in time will give you a realistic point of view as to how your company is performing. It can also be extremely useful to share with potential investors when they ask about your progress from the beginning. Documenting your progress will also show you real time numbers and data so that you can accurately map out the future of your business and the potential ability to scale.

3 P’s:

There are 3 P’s that exist in each and every business that are extremely important to your business. The first P is “Process” which alludes to knowing and understanding all of the processes your company uses on a daily basis. The second P is “People” which is related to filling your company with good, hard working individuals that are going to propel your business to the next level. The last P stands for “Product” which is the main point of your business when it comes down to it. Product is what you sell and what makes your money, so knowing the ins and outs of the product(s) you are selling is vital.

Supreme Customer Service:

A rock solid customer service team can be the difference between a sale, a continuing customer, or a good review online. Your customer service team must be well-versed in all aspects of the company and be able to handle tough situations or questions with potentially upset individuals. Your customer service team will help lay the groundwork for your company’s reputation and growth from the very beginning.

Data-Driven Decisions:

This is your business, this is not a gamble at the casino, so make sure all decisions you make are rooted in numbers based information. Before making any decision with your small business make sure it makes sense from a numbers point of view because in the end numbers don’t lie and if it doesn’t make sense on paper, it most likely won’t off paper either.

I hope you enjoyed all the tips I had for owning a operating a small business. It was my pleasure to provide you and young entrepreneurs with some helpfuls ideas on how to ensure the growth and prosperity of their businesses. Be sure to check back again soon for more helpful information.

Thank you for reading!

Nona Black

Growing a Successful Business

nona-black-business-growthIf you own your own business or have the power to change the company you are a part of, this article is for you. I have been a working in corporate environments across the world, most notably in Japan, Paris, and the United States, and in each and every position I was in, I thought about the tips you will read about below every day. Growing a business is extremely important and there are great ways to help and great tips to keep you on track. Take a look at the list below and be sure to constantly discovering new ways to grow and help your business.

Organization:

Staying organized might be the most important tip on this list. Starting out organized and staying organized allows a company to run faster and more efficiently with all their processes. The company is only as strong as its weakest link and if the weakest link isn’t organized like the rest of the company that can tie others up and cause a slowdown in workflow efficiency.

Detailed Record Keeping:

Having all your ducks in a row when it comes to your record is extremely important for many reasons. Every successful company keeps detailed records of everything in case for whatever reason they need to look something up from 4 years ago, it will be no problem to find it because they’re organized. Keeping organized records allows you to look things up quick, known how your company stands financially, and look ahead for future challenges.

Analyze Competition:

Knowing your competition is one thing, analyzing them is completely different. Understanding their business model and how they remain relevant in lieu of your business efforts tows the line between an art and a science. Closely monitoring their moves will allow you to learn more and see if their doing something you aren’t, and should be doing.

Risk Vs. Reward:

Knowing how the risks stack up against the rewards should always be in the forefront of your mine. Knowing how to calculate risk and what the possible reward is can mean the difference success and failure of the company. You should always be considering the downside and the upside of every major decision. Knowing the proper balance between the two will allow you to make very informed decisions and create great rewards for your company

Creativity:

Having a creative staff in your organization is critical to the success of the company. Coming up with new ideas, projects, and plans doesn’t just happen, it comes from hard working creative and imaginative people. Having a creative atmosphere in your busienss allows you to be innovative, come up with new ideas, and become a leader in your industry because no one else thought of what your company is going to do.

Good luck growing your business and be sure to check back here again soon for more updates and helpful professional information.

 

Thank you for reading!

-Nona Black