How To Grow A Small Business
Most small businesses owners are typically good technicians at what they do, but struggle a little about how to grow a small business.
Every small business owner has had to learn their profession or trade to be competent at it. The same is true for us all as business owners. We need to study and learn how to grow a small business to be competent at that too.
Business Development Framework.
If you want to learn how to grow a small business, you should adopt and apply a business development framework to help you do it. Growing your business is not rocket science, but it is a science.
We have been Coaching and training Business Owners how to grow a small business since 2001.
During this time we have helped thousands of small businesses.
Many people say ‘how to grow a small business’ is ‘common sense’. The reality is that any form of a business development framework rarely exists in most small businesses.
This means that what many people say is ‘Common sense’ in business, rarely is
At LibAbun Business Coaching and Training we provide you with the ‘common sense’ approach. We also give you the Business development framework to ensure it becomes
‘common practice’ too. If you wan to find out more about our specific program to grow Small Business by at least 50% year on year. click on the ‘Find out more…’ button below.
Small Business Management
Before you charge off into the Business wilderness to seek fame and fortune, get your Small Business management fundamentals right first.
Libabun can introduce you to over 500 Business developments strategies as you are learning how to grow a small business. However, with this many options you can easily get overwhelmed and loose sight off your goals.
Without a management framework, you risk becoming a victim where you ‘Can’t see the forest for the trees’. This is precisely why we need to use a Business development framework to first achieve sound management skills, before anything else.
Sound small business management comprises of 4 key areas you need to completely understand, to have a solid foundation for growth. These four areas, once mastered, will change your understanding of your business and your outlook on daily life.
The first area of small business management is getting clear on your business and personal goals.
Set Clear Business & Personal Goals
We all mean to do it, yet most don’t do it! Setting clear business and personal goals is one of the most important things you need to do. If you want to learn how to grow a small business, get clear on where you want to go first!
You need to set and ‘align’ clear business and personal goals. Doing one area without the other is losing 50% of the momentum you build. Its like have the front wheels of your
carnot aligned and not heading precisely in the same direction. Make the attainment of your goals easier by aligning your personal and business goals.
The achievement of business goals massively affects your personal goals options and the reverse is true too. Just try to grow a small business if you aren’t also looking after
yourself by being drastically overweight, not healthy and have a lack of energy.
To attain these aligned Business goals and personal goals, we now need to conduct effective small business planning. This is the second fundamental of Small Business Management.
Conduct Effective Small Business Planning
Successful small business management requires us to regularly conduct effective business planning.
The reality is that most small business owners invest more time planning their holidays than they do planning their businesses. Now that maybe harsh, yet it’s true. Perhaps
it’s true for you too?
If you want to learn how to grow a small business, you need to have a plan. You actually plan everyday. When you get in your car to go somewhere, you plan first where you are going. So we all plan to a certain degree. Get good at doing this for your
business developmental needs too.
We conduct business planning training for all our small business clients. In just one day you can have set up an effective small business plan. Then we coach and train you how to use it everyday. Find out more on our website https://www.libabun.com/coaching-programs/business-planning/
In order to effectively manage your small business plan you need to also manage where you focus and invest your time.
The number one factor that will determine how productive
each and every day is for you, is your time management skill.
That is why we train then coach all our business coaching clients to plan out every day. Daily planning requires you to make the critical decisions where you are going to focus your energy and time.
Everyday you need to ensure you or someone else in your
business is working on at least one of your strategies in your business plan.
If you are working on a strategy then you are also moving toward your goals. You can start to see how all these levels of Business
mastery are inter-related.
In a ‘Nutshell’, how good you get at time management is
as much about learning to say ‘No’ to people and tasks as it is to say ‘Yes’ to other aspects.
A quick win is to say ‘No’ and cut out the time wasters in
your day. This will massively boost your productivity and results.
To track the progress in the implementation of your plan,
we also need to be doing the ‘4-R’s of small business management. Recording,
Reporting, Reviewing, and Rewarding.
This can only be done if we also are applying the fourth area of Small Business management – Numerical Mastery .
Achieving Numerical Mastery
If you are going to achieve your business goals as
quickly as possible, you need to have numerical mastery of your business.
Mr Warren Buffet, who is a Billionaire and founder of
Berkshire Hathaway says it best. “Accounting is the language of Business, if
you cant speak the language, its difficult to win the game!”
Now even though Mr Buffet is talking about Financial
accounting. Here at LibAbun, we prefer to extend that to all numbers. These numbers included financial numbers, marketing numbers and sales numbers, to name a few.
Your small business financial numbers should include monthly profit and loss statement, cashflow report and at least a quarterly balance sheet.
Your marketing numbers should include number of leads, conversion rates, cost per lead etc.
Your sales numbers should include; Number of sales,
conversion rate, average value sale etc
There are many more we could mention. An important point
here is that the Numerical Mastery measurement requirements are slightly
different for different sectors.
The most important point here is that you are definitely
measuring and reporting your financial reports every month. In addition, you also are measuring the key marketing and sales ratios for your business too.
LibAbunBEN Online Business Coaching Course
If you want to learn how to successfully manage your
small business, then we have a course that teaches you this.
We call it LibAbunBEN Coaching and training. The ‘B.E.N’ stands for ‘Business Education Network’. This weekly course teaches you all the small business fundamentals.
Our LibAbunBEN Coaching and Training is specifically
designed for small businesses doing less than £100,000 per annum or has 3 or fewer staff.
We beta tested this coaching and training during 2019
with several businesses. This resulted in everyone growing their revenue by at least 50% in 12 months and some more than doubled.
During this Small Business coaching and training, we will
cover with you how to;
- Set and align your personal and business goals
- Construct and manage your small business plan
- Take control of your own time management
- How to effectively manage your small business
- Apply growth strategies to double your business and beyond.
Do you want to learn more about how the LibAbunBEN online business coaching and training program could work for you? Click on the ‘Find Out More…’ button below.