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5 FRIGHTENING Trends That HAUNT Small Business Owners (a Halloween Special)
I do not mean to alarm you, but as a small business owner there are 5 trends that will scare you, cause you to hide, and make you run for the hills. If you are currently doing one of these five, it is enough to make you pull your hair out! If all five of these trends are going on within your business - it is time for an exorcism. Take action NOW and cast out the evil spirits from within the walls of your business. It is for the good of your prospects, your customers, your partners, and YOU!!
Now, let us’s begin...
Frightening Trend 1 – Trying to do Too Much
This might be you! Are you a small business owner or an executive who has got far too much on their plate? This happens to many small businesses, where the owner is the CEO, bookkeeper, marketing department, customer service department, collections executive, administrative department - and let us not forget the sales department too! Even if you have hired resources for some of these jobs, the problem is still there - just in a different form. Too many small business owners make their employees responsible for tasks that take them away from their core competencies. Because of this, entrepreneurs spend a scary amount of time working IN their business, instead of ON their business. You should find time EVERY WEEK (or a portion every day) being strategic about your business. Identify some of those tactical tasks and responsibilities that can be done by someone else, so that YOU can be the CEO in the driver’s seat!
Trying to do too much is a frightening trend that business owners tend to do when the economy is tough, and the wallet is a little tight. The knee-jerk reaction is to let key people go, give multiple responsibilities to fewer people, or as an owner –put more on your plate.
When this happens, quality suffers, communication with prospects decreases, and dissatisfaction from customers increases! Then, your competitors who delegate, and find partner relationships willing to work WITH them, take market share away from you.
Frightening Trend 2 – Lack of Right Talent on Your Team
How do successful sports teams beat out their competition – time and time again? How is it that some teams are consistently great, and others are consistently bad? How can this be? Aren’t there just as many players for both teams? Are some teams cheating by sneaking in more players onto the field or court when no one is looking?
Of course not! Their secret is the Right Talent!
Talent helps to determine if you are a major player as a company or enterprise, or just a me-too, average competitor. As a small business, most of the talent resides in the owner – either as the visionary or as the driving sales force of the company.
Those companies that leverage talent from outsourced services or other strategic partners understand how to borrow talent for their team. Yes, great talent is expensive – because your competition wants them too! To hire and retain high-quality talent, you have to pay top dollar- they deserve it. The ROI they bring you by saving your money, bringing you sales, retaining your customers, developing business relationships, and being an asset to your organization, is worth every penny.
For many small businesses who cannot afford to hire talent, or want to save the revenue for other areas of their business, the typical solution is to find qualified experienced professionals who can work with them.
This can be for administrative work, website expertise, marketing specialties, IT help, etc. As an astute entrepreneur or executive, leverage resources to gain market share – or face a frightening experience staying ahead of your competitors!
Frightening Trend 3 – Poor Systems and Processes
Does your company run like a well-oiled sales machine or a bumpy, rocky engine on its last leg? Unfortunately, most small businesses DO NOT have systems, processes, and procedures for EVERYTHING within their company.
If you want to be inefficient, ineffective, work twice as hard, and spend longer hours doing it – then don’t incorporate systems and processes! Think of running your business as a franchise. You want to run your business as though you were going to start up another location or entity of your existing one – a hundred miles away. If you were going to have someone else doing the creative and tactical tasks within your business, you would want to have a ‘Business Procedures’ book, or a partner service to systematize the steps, tasks, process, etc., for everything.
For each area of your business (i.e., marketing, administrative, IT, etc.), you should develop, follow and standardize the various components. Even if it is as simple as how a mail should be forwarded. Do this now, so the future help you bring on will be able to follow a step-by-step process going forward.
Frightening Trend 4 – Poor Management of Cash Flow
Cash is King! According to the Small Business Administration (SBA), one of the top reasons over 70% of small businesses close their doors within five years, is lack of cash flow, or mismanagement of cash flow. Now that is scary!
You might be a great marketer, a great salesperson, and an ace with customer relations – but you have negative cash flow for too long, then your business will become just another sad statistic. For small business owners who have a partner who is strategic and thrifty with their money, there is a better likelihood for success.
If handling finances is not your strong suite, and you don’t have a business partner that is – then it is time to get some help! For an entrepreneur who has put their heart and soul into their business idea, spent countless hours developing the plan and gone into the marketplace to find and develop loyal customers – only to close the doors because of poor cash flow management - now that is a scary thought.
A solid solution for most small business owners is to find specialized services that can assist them in this area. Although you can hire expensive CFOs to help, but just by keeping your books up-to-date can give you a great insight to your cash flow. These accounting or bookkeeping partners are worth their weight in gold for your business enterprise. Be sure to do your homework when finding the right kind of help.
Look for expertise in the industry, ask for references (and contact them), obtain testimonials, and ask your network for referrals of service providers they have had success with.
Frightening Trend 5 – Using Outdated or No Technology
Technology can expedite processes and systematize procedures, and can be a monumental asset to small businesses. Latest technological tools placed in the hands of your competitors, while you struggle with old-school methods, can bring a harrowing experience for you. Depending on what type of products you sell or services you offer, here are a few things correctly utilized technology can do for you:
• Manage and automate you core business processes
• Automate sales and marketing
• Keep your scattered information structured, safe, and accessible
• Provide you with the right information at the right time to take the right decision
The Software as a Service ( SAAS ) technology is a BIG boon for small businesses. Gone are the days where you could think of adopting technologies only if you had deep pockets. Now in almost every industry, the software vendors are coming up with SAAS or hosted solutions for different business processes. Time cannot be more appropriate for small business owners to research technology products in their own industry and make necessary changes.
What’s really scary, is thinking and believing it is all up to you, and you can only grow with the tools under your business roof! When you are looking to dominate in your marketplace, and take market share away from your competitors – it is time to upgrade your ammunition for winning the war! When you are not sure what technology is right for your business, don’t hesitate to ask your strategic service providers. Based on their experience with other clients in the same industry, sometimes they have the right tips for you.
MyBusinessAssistant.com is one of the fastest-growing outsourcing providers of virtual office assistant services for small businesses, and home to the Virtual Business Center (VBC).
The Virtual Business Center (VBC) is a more strategic and successful approach to virtual assistant outsourcing, and has become the secret weapon of online businesses and professional service companies who are dominating in their marketplace.
Because your business is an integrated system that requires all essential support elements to work in sync, the Virtual Business Center (VBC) allows you to pick and choose your customized services based on your budget and needs - while supporting the core functions of your business as you grow and expand.
Now, let us’s begin...
Frightening Trend 1 – Trying to do Too Much
This might be you! Are you a small business owner or an executive who has got far too much on their plate? This happens to many small businesses, where the owner is the CEO, bookkeeper, marketing department, customer service department, collections executive, administrative department - and let us not forget the sales department too! Even if you have hired resources for some of these jobs, the problem is still there - just in a different form. Too many small business owners make their employees responsible for tasks that take them away from their core competencies. Because of this, entrepreneurs spend a scary amount of time working IN their business, instead of ON their business. You should find time EVERY WEEK (or a portion every day) being strategic about your business. Identify some of those tactical tasks and responsibilities that can be done by someone else, so that YOU can be the CEO in the driver’s seat!
Trying to do too much is a frightening trend that business owners tend to do when the economy is tough, and the wallet is a little tight. The knee-jerk reaction is to let key people go, give multiple responsibilities to fewer people, or as an owner –put more on your plate.
When this happens, quality suffers, communication with prospects decreases, and dissatisfaction from customers increases! Then, your competitors who delegate, and find partner relationships willing to work WITH them, take market share away from you.
Frightening Trend 2 – Lack of Right Talent on Your Team
How do successful sports teams beat out their competition – time and time again? How is it that some teams are consistently great, and others are consistently bad? How can this be? Aren’t there just as many players for both teams? Are some teams cheating by sneaking in more players onto the field or court when no one is looking?
Of course not! Their secret is the Right Talent!
Talent helps to determine if you are a major player as a company or enterprise, or just a me-too, average competitor. As a small business, most of the talent resides in the owner – either as the visionary or as the driving sales force of the company.
Those companies that leverage talent from outsourced services or other strategic partners understand how to borrow talent for their team. Yes, great talent is expensive – because your competition wants them too! To hire and retain high-quality talent, you have to pay top dollar- they deserve it. The ROI they bring you by saving your money, bringing you sales, retaining your customers, developing business relationships, and being an asset to your organization, is worth every penny.
For many small businesses who cannot afford to hire talent, or want to save the revenue for other areas of their business, the typical solution is to find qualified experienced professionals who can work with them.
This can be for administrative work, website expertise, marketing specialties, IT help, etc. As an astute entrepreneur or executive, leverage resources to gain market share – or face a frightening experience staying ahead of your competitors!
Frightening Trend 3 – Poor Systems and Processes
Does your company run like a well-oiled sales machine or a bumpy, rocky engine on its last leg? Unfortunately, most small businesses DO NOT have systems, processes, and procedures for EVERYTHING within their company.
If you want to be inefficient, ineffective, work twice as hard, and spend longer hours doing it – then don’t incorporate systems and processes! Think of running your business as a franchise. You want to run your business as though you were going to start up another location or entity of your existing one – a hundred miles away. If you were going to have someone else doing the creative and tactical tasks within your business, you would want to have a ‘Business Procedures’ book, or a partner service to systematize the steps, tasks, process, etc., for everything.
For each area of your business (i.e., marketing, administrative, IT, etc.), you should develop, follow and standardize the various components. Even if it is as simple as how a mail should be forwarded. Do this now, so the future help you bring on will be able to follow a step-by-step process going forward.
Frightening Trend 4 – Poor Management of Cash Flow
Cash is King! According to the Small Business Administration (SBA), one of the top reasons over 70% of small businesses close their doors within five years, is lack of cash flow, or mismanagement of cash flow. Now that is scary!
You might be a great marketer, a great salesperson, and an ace with customer relations – but you have negative cash flow for too long, then your business will become just another sad statistic. For small business owners who have a partner who is strategic and thrifty with their money, there is a better likelihood for success.
If handling finances is not your strong suite, and you don’t have a business partner that is – then it is time to get some help! For an entrepreneur who has put their heart and soul into their business idea, spent countless hours developing the plan and gone into the marketplace to find and develop loyal customers – only to close the doors because of poor cash flow management - now that is a scary thought.
A solid solution for most small business owners is to find specialized services that can assist them in this area. Although you can hire expensive CFOs to help, but just by keeping your books up-to-date can give you a great insight to your cash flow. These accounting or bookkeeping partners are worth their weight in gold for your business enterprise. Be sure to do your homework when finding the right kind of help.
Look for expertise in the industry, ask for references (and contact them), obtain testimonials, and ask your network for referrals of service providers they have had success with.
Frightening Trend 5 – Using Outdated or No Technology
Technology can expedite processes and systematize procedures, and can be a monumental asset to small businesses. Latest technological tools placed in the hands of your competitors, while you struggle with old-school methods, can bring a harrowing experience for you. Depending on what type of products you sell or services you offer, here are a few things correctly utilized technology can do for you:
• Manage and automate you core business processes
• Automate sales and marketing
• Keep your scattered information structured, safe, and accessible
• Provide you with the right information at the right time to take the right decision
The Software as a Service ( SAAS ) technology is a BIG boon for small businesses. Gone are the days where you could think of adopting technologies only if you had deep pockets. Now in almost every industry, the software vendors are coming up with SAAS or hosted solutions for different business processes. Time cannot be more appropriate for small business owners to research technology products in their own industry and make necessary changes.
What’s really scary, is thinking and believing it is all up to you, and you can only grow with the tools under your business roof! When you are looking to dominate in your marketplace, and take market share away from your competitors – it is time to upgrade your ammunition for winning the war! When you are not sure what technology is right for your business, don’t hesitate to ask your strategic service providers. Based on their experience with other clients in the same industry, sometimes they have the right tips for you.
MyBusinessAssistant.com is one of the fastest-growing outsourcing providers of virtual office assistant services for small businesses, and home to the Virtual Business Center (VBC).
The Virtual Business Center (VBC) is a more strategic and successful approach to virtual assistant outsourcing, and has become the secret weapon of online businesses and professional service companies who are dominating in their marketplace.
Because your business is an integrated system that requires all essential support elements to work in sync, the Virtual Business Center (VBC) allows you to pick and choose your customized services based on your budget and needs - while supporting the core functions of your business as you grow and expand.
Tags: admin, assistant, business, center, it, office, offshoring, onshore, outsourcing, phone
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