As 2008 comes to a close, looming resolutions from last year are still hanging over my head. New exercise routine? Sort of... Healthier diet? Check (except for RAGBRAI and the State Fair) A new small business operation that's geared to maximize impact on the community? Well... I did finally get New Iowa Group, Ltd. properly organized as an Iowa Corporation and I've landed an anchor client (more on that in the next posting). I know I was supposed to change a few things up with the New Iowa Entrepreneurs’ Coalition ...but...
"Those 'shoulda, coulda, woulda' business goals are attainable for every small business owner in 2008," says Ridgely Evers, CEO and founder of NetBooks (http://netbooks.com). "By doing these five things, you can ensure success and avoid disaster."
As a financial software expert, small business owner and CEO of several technology start-ups, Evers' has refined a tried-and-true game plan for revolutionizing a small business:
1. Define your success. It's different for everyone. What's your measure of success? Define realistic and measurable goals, and communicate them to your employees. Put goals up where you and everyone in your business will see them on a daily basis, and track progress against them. Give out rewards when they're met and exceeded.
1. Define your success. It's different for everyone. What's your measure of success? Define realistic and measurable goals, and communicate them to your employees. Put goals up where you and everyone in your business will see them on a daily basis, and track progress against them. Give out rewards when they're met and exceeded.
2. Understand and fix the sources of error. Pinpoint the errors that seem to keep happening, requiring everyone to run around and fix them. Cleaning up messes prevents employees from focusing on their jobs. Figure out what is causing the error, and fix it. Address one at a time, and when you're finished with the most common one, move on to the next one. Your profit margins will thank you.
3. Make your data safe, and have a back-up plan.
"Everyone knows they should do something about this, but assumes they'll get away with it. Bottom line: your luck will run out sooner or later," says Evers. "And catastrophic data loss is a leading cause of failure for small businesses - no need to risk it."
"Everyone knows they should do something about this, but assumes they'll get away with it. Bottom line: your luck will run out sooner or later," says Evers. "And catastrophic data loss is a leading cause of failure for small businesses - no need to risk it."
Right now, your data is probably on a hard drive that will crash or get overwritten accidentally, and there isn't a current back-up in place. Keeping all pertinent data in a web-based system gives small business owners a reliable system for storing data securely...and is accessible from any computer. No more worrying about the life expectancy of your PC.
4. Create a marketing program and use it consistently.
Marketing is crucial to growth and success. A marketing plan doesn't need to be complicated, but it needs to be executed consistently. The first step is to make sure you know who your customers are...and then figure out where they get their information and how to reach them. A great resource is "Duct Tape Marketing - The World's Most Practical Small Business Marketing Guide," by John Jantsch. Execute your plan.
Marketing is crucial to growth and success. A marketing plan doesn't need to be complicated, but it needs to be executed consistently. The first step is to make sure you know who your customers are...and then figure out where they get their information and how to reach them. A great resource is "Duct Tape Marketing - The World's Most Practical Small Business Marketing Guide," by John Jantsch. Execute your plan.
5. Increase sales - and start by raising prices.
Most successful business owners focus their energies on growing revenues to the point where the business can stand up comfortably, and keeping them there. Cutting expenses never hurt, but success come from growth.
Most successful business owners focus their energies on growing revenues to the point where the business can stand up comfortably, and keeping them there. Cutting expenses never hurt, but success come from growth.
"Growing sales should be a focus for you all year long, but the first part of the year is the best time to raise prices," says Evers. "And you can reinvest added revenue into making sure this coming year is the most successful your business has ever had."
Share your best ideas with other business owners by using this forum and the New Iowa Entrepreneurs’ Coalition message boards. Ridgely will publish the most helpful in his blog (blog.netbooks.com), which is also a great resource for tips and ideas on improving your business. Go to http://netbooks.com and click on "Share your Best Ideas" to enter your top resolution for 2008. One winner will be selected to win a free year of NetBooks (approximate value of $2,400).
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