Running a small business is an exhilarating roller coaster of ups and downs and successes and failures. I have run Ideation Creative Brand Management for 15 years. It’s grown from me “owning a job” as a one-person business to a company with many people inside of it. I’ve learned a lot over the years and here are 5 tips to fuel your small business's journey forward:
1. Deploy Technology:
Find technology that creates efficiency and makes you look larger than you really are. Even in the early years, investing capital in technology is crucial to help you automate and streamline repetitive tasks, leverage customer relationships and utilize social media. Technology allows you to do more in a day faster. It’s the least expensive way to buy back your time and increase revenue faster. Invest in good sales software, accounting software and project management software, like Asana, early. Make sure all your software is scalable for when you grow and add people.
2. Create Repeatable Systems and Processes:
Imagine your business running like a well-oiled machine. That's the power of repeatable systems and processes. Document key procedures to ensure consistency and quality. This is a key foundation and a principle you’ll continue to use as you grow and add people. Take everything that you do and document it as early as you can. Processes and Procedures will become the playbook you use to train future employees to do tasks and create predictable experiences the way you want and expect them to happen.
3. Hire Rock Stars and Fire Yourself:
Without a doubt, don’t be afraid to hire people who are better and smarter than you. Surround yourself with exceptional talent. Hire individuals who are passionate, skilled, and share your vision. As your business scales, delegate tasks and empower your team to take ownership. Fire yourself from as many roles that you can. Replace what you’re good at (or weak at) with people that are masters at it. This frees you to focus on the bigger picture (vision), solve big problems, coach your team, manage the finances and cultivate a great culture.
4. Cast a Clear Vision Attached to a Clear Mission and Core Values:
Where is your business headed? A clear vision attracts talent and motivates your people as you add them. Your vision must be so big that your people will be willing to take the risk to join you and be part of it. The vision has to be big enough that employees can see the vision for their personal lives fitting inside the vision you cast for the business. Define your company's mission, its reason for being. Finally, establish core values that represent the heart and soul of your business and then live by them. The Mission and the Core Values will determine how you hire, fire and make future decisions as the business grows.
5. React Quickly to Customer Needs:
In today's dynamic marketplace, agility is key. Be attentive where your customer is TODAY and where they will be in the future so you can evolve to meet those needs. Respond promptly and adapt for them. Demonstrate that you value their input and are committed to exceeding their expectations, or as we like to say at Ideation, “Make them look like Rock Stars”. By fostering customer loyalty, you create repeat business and referrals. That is a strong formula for sustainable growth.
Bonus Tip - Delay Your Gratification:
This is one I recently re-learned. Building a successful business is a marathon, not a sprint. Short-term temptations may arise but stay focused on your long-term vision. Reinvesting profits strategically, prioritize long-term growth over immediate gains. Remember, the sacrifices you make today will pave the way for a thriving future.
By implementing these tips, you'll equip your small business for sustainable growth📈. Remember, the journey is just as important as the destination. So, raise your sails, embrace the challenges, and know that rough seas never make exceptional sailors. Stay the course and watch your small business grow to its full potential. For more about my journey building Ideation, check out this video ⬇️, where I talk about building Ideation over the last 15 years.
