Buff Up Your Business – 7 Strategies For Small Business Success

Are you ready to take your small business to the next level? Here are 7 strategies that you can implement that will help you "Buff Up" your business!

Strategy #1 - Substantially Increase Your Net Profit

It sounds so easy, but how do I do it? Here are some quick tips: 1. Make your focus profitability 2. Develop timely and accurate financial statements 3. Have a plan for what you are going to do with your profits 4. Watch expenses like a hawk 5. Systematize everything 6. Increase employee retention and productivity 7. Be a leader in your field - raise your prices!

Strategy #2 - Spend 10% of Your Time With Your Top 10 Customers

Why? 1. 80% of your business comes from 20% of your customers 2. They make your company possible 3. They have all the answers 4. They will help you grow and run your business

Strategy #3 - Get All The Information You Need to Run Your Company Perfectly

You cannot control what you don't measure. From a financial perspective, you should have the following regular reports: sales, cost of sales, general and administrative expenses, operating and net profits, accounts receivable, and accounts payable. On the operational side, you need reports on: production rates, customer count, staff count/turnover, customer satisfaction ratings, project status, profit by profit center, and employee satisfaction ratings.

Strategy #4 - Invest 2 - 10% of Sales to Stay Ahead of The Competition

What should you spend it on? 1. R&D 2. Marketing 3. Sales 4. Training staff 5. Technology

Strategy #5 - Expect and Require Alot from Everyone

This includes: vendors, staff, your management team, customers, and yourself What should you expect? 1. On-time performance 2. No problems 3. Lowest possible pricing 4. Quick payment 5. Accuracy 6. Great attitude 7. Maximum performance 8. Professionalism

Strategy #6 - Upgrade Who You Are

The better you are personally, the better your business will become. Here are a couple of things that you may want to work on: 1. Setting strong boundaries 2. Raising your standards 3. Improving your communication skills 4. Improving your management skills 5. Building your professional network 6. Increasing your personal responsibility

Strategy #7 - Know Why Your Company is in Business

It is imperative to know: 1. Your company vision and mission 2. What kind of firm you want to own and run 3. How you want your customers and staff to perceive you 4. What makes it all worthwhile, personally 5. What the company's values and goals are

By focusing and implementing these 7 strategies, you will take your business to the next level!