Small business owners have to think ahead.

Now that you are a small business owner – what next? Think of the long haul, remember all the planning and research that went into starting your small business. Hopefully your expectations are being met by all that effort you put into the planning stage of your new business. If so, it has paid off with positive results that are satisfying and uplifting at the very least. Now, you need to maintain that momentum in investment in research and analysis and sustain your short-term success as you anticipate the future.

Now we will show you how to develop a strategy for managing the long-term growth of your business.

First: Take another look at your business plan
Don't set your business plan aside just because everything is looking good now that your start-up phase is over. Use your business plan as a point of reference that you refer to often to make accurate estimates that reflect present realities. Even small changes in the marketplace may require you to adjust your plan to include existing conditions. Like a football game, each new play is a consideration of the last play.

Second: Keep an eye on those numbers
Keep a close eye on your financial statements because it provides you with insights into the health of your business. You can project future cash flow by several months based on current activity, expectations for sales and income, demand for your product and services, set overhead (e.g. loan payments utilities, and rent) and other factors. By comparing actual cash flow to projections, you can spot changes that will help improve performance.

Third: Reach out and develop relationships
Even though you may be gaining a reputation for good service, it may be a little premature to consider bringing aboard additional resources. Broaden how much you can do by developing friendships with other businesses in your field. Assist your competition and in most cases they will return the favor by referring overflow work to you. Be honest and don't try to steal your competitor's customer when you are assisting them. If they trust you, they will call on you to back them up when they need help—perhaps at a time when you could use the work.

Fourth: Delegate time-robbing tasks
As your business grows it will place more demand on your time. It is important to identify trusted employees who are capable and can accept routine and managerial responsibilities. They’ll welcome the opportunity for personal and professional growth and it will free you up to focus on matters of more importance.

Fifth: Watch the big picture
What are the issues or trends which affect your business? No matter if your business is small or large you must be vigilant in all aspects that can change your business environment. Stay current with your community and conditions, study your sales records and talk to customers, suppliers and colleagues. Being aware of possibilities will make you less susceptible to surprises and better prepared to anticipate and capitalize on current conditions.

Sixth: Never stop learning
One of the biggest assets you have and what brands you as an authority is your knowledge. Make sure to acquire as much knowledge and instincts as possibly as your business experience grows. Even open minded, veteran entrepreneurs can benefit from the perspectives of others. That’s what makes experienced, retired veteran business people so valuable to the novice. Experienced volunteer counselors serve as idea evaluators for new ventures as well as provide advice on issues both routine and unexpected.

Seventh: Be innovative
Be willing to investigate new ideas and concepts. Where does innovation come from? Listen to unsatisfied customers. Your customers are a sounding board for problems that may exist and new concepts for change.

Demographic changes in society: As the population gets older how is it going to effect your business? The new generation is more adapt to electronic games and devices, how will it effect your business?

Luck: Business is a collection of predetermined issues. Luck is not a factor because it is random in nature and therefore unpredictable.

Imagination: Every business owner must have some imagination to be able to see the big picture. Figures and facts are good but it take imagination to put it all together.

Vision: A person without vision will become stagnate and die. Having a vision for tomorrow produces dreams, desire and motivation. It is the visionaries who are the backbone of business and government.

Problem-solving: Business owners must become adapt to problem solving. Every day is made up of problems and solutions in which the business thrives. A good problem solver will drive the business forward without unresolved crises.

Remember:

• Always be on the lookout for new innovations. There is always room for freshness.
• Keep it simple, there's no need to be complicated, it only serves frustration.
• Start small, take it one step at a time. Plan each step and execute with diligence.
• Try, try, try again, never give up. If one thing doesn't work, adjust your tactic and try again.
• Even though there are a lot of givens and trials when starting a new business; most problems can be overcome with a little thought. Make sure your business plan is solid and you have the desire to see it through by paying the price and being true to your convictions. We wish you success in your venture and future.

 

(Source: Article circle; the views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of SME Times )