Even though the economy has been on the upward swing, it's still not where we would all like it to ideally be. However, this doesn't mean that your small business can't still see some major growth. Whether you have a snow removal business or a lawncare business, there are always going to be those that need an extra hand. They just need to know where to find you! Here are five business tips to help you find success in a slow-moving economy:
1. Take measured risks. Don't be afraid to take risks - what's life without them, right? However, I'm not talking about going skydiving or whitewater rafting, I'm talking about going out on a limb for your business. Invest in higher quality that you wouldn't immediately think to purchase, hire the extra hand, hire someone to do your business' public relations - these and many other risks could be the difference that determines your company's success - just make sure they are "calculated risks".
2. Find great people. The right people with the right management inspired by the right leader have the power to exceed the sum of their parts. Find ways to inspire your team. If your employees are proud of the business they are working for it will show through their work. Great work means customer satisfaction and if your customers are satisfied, they will tell their friends.
3. Be agile. Just like the best corner backs in the NFL need to be fast running backwards and forwards, and basically in every direction, you need to be just as agile. Take advantage of the opportunities that come your way and don't "wait and see" to see how things pan out. The most successful business owners need to be able to make smart decisions quickly. Make sure you are also making corrections to your business plan and company to stay ahead of your competitors.
4. Innovate. Brainstorm with your team. Keep a notebook by your bed at night. Wake up early and go for a morning run. All of these are known to get the creative juices flowing. The more innovative your company is, the greater edge your business will have on the rest of its competitors, especially in a slow economy.
5. Pursue a geographic expansion. Remember when I said take measured risks? This is one of those. Don't be afraid to expand your company. Look into expanding into neighboring, cities, even counties, and as you grow, maybe you'll be able to expand into other regions of your state. There is no harm in taking a little geographic risk.
We hope these business tips will help you find success! You can also download our free eBook for some tips on a successful service business.
