Grow your profits – that's what I see 90% of one-year-old businesses need. There's a critical point at about a year – you still have your passion for business but you're starting to get tired, and you need to grow your profits.
Being a year old is a critical “edge” time for a business. The business owner is usually established, covering their costs, but not making a profit yet. They are on that edge of “go forward or fold.”
Here are the 3 critical steps I often see that, once corrected, allow the business to build rapidly to profit.
- Business operations need to be organized – systems for customer service, bookkeeping, etc need to be in place.
- Delegation to support staff needs to happen – a bookkeeper, an assistant, or part time help.
- Marketing needs to happen consistently on one or two “marketing days” per week. Get your shtick down!
Small business owners often resist one or more of these 3 critical things. Yet without them your business simply will not move forward.
I often am amazed to find that a business owner refuses to go into even a penny of debt for a business yet expects a half a million in sales right off the bat. They will go in debt for their car, they will charge clothing and shoes, but they won't spend even $1000 to get a bookkeeper in place. You won't get to that half a million trying to run every part of your business yourself. Pay attention to the 3 critical steps and you'll be on the way to a real business with real profits. You will grow your profits!
Want to know more about business operations? Read my blog post Key Business Functions for Small Business Owners.
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