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Category - Small Business

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1
Starting A Small Business – Make Sure You Know Why
2
Your Employees: Performance Reviews
3
7 Ways Of Financing A Small Business
4
Your Challenge – Strategies For Next Financial Year!
5
How A Business Plan Grows Your Business Year By Year

Starting A Small Business – Make Sure You Know Why

This the first of a series of posts about the life-cycle of a business.

First, we will start with the things you need to know and consider when you are starting your small business.

But don’t stop reading if you have already started your business, or if you believe you are operating a “mature” business! You may still learn a thing or two about setting up successful businesses, and you can still use some of these strategies to improve your growth or spurt the next cycle of expansion.

In this post, I will start with making sure you understand why you are starting your small business. In the next few weeks, I will talk about all the things you need to consider, and then later the “how” or steps to take, how to check your business idea through a feasibility check, planning, hiring your first employee, and setting up standard operating procedures.

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Your Employees: Performance Reviews

What is the biggest asset in your business?

Your employees.

Good employees are valuable in any small business. Even if you don’t employ anyone right now, you will. Employees scale your business, doing what you alone cannot do.

Good employees can mean added productivity. They can mean experience. Good employees can help you grow because they become integral to how your business serves customers. Good employees make your business capable of growth because they do more work than you can, and they can be used to supervise and train even more employees as the need to hire continues with growth.

In time, good employees take over management, and you can finally achieve your dream of running your business – without fixing the nuts and bolts every day!

How do you build a team of good employees?

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7 Ways Of Financing A Small Business

Whether you are starting your small business, or planning to invest to grow an already existing business, you will come to a time when you need to find extra cash.

Here are seven ways you could finance your small business.

But first, we should discuss the good and bad reasons why you are seeking the extra cash to invest in your business.

Good reasons to invest in your business include starting a business with a proven market or product and expanding a profitable business. Starting a business with a totally new idea is riskier, so if you are borrowing money or investing your own savings, you should be aware of the higher risk involved.

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Your Challenge – Strategies For Next Financial Year!

At the end of a financial year, you should be thinking about what you are going to do in the next financial year to grow your business and take you on the next stage of your journey to your most successful, ideal business.

Think of business building as a series of steps that you take along a roadmap, the direction chosen so as to get you to your idea of your successful business as quickly as possible. Each year, you should be taking another step in that journey, always aiming for your ultimate desired outcome for your business.

Well, here’s a simple five-day challenge for you to take, to choose some clear strategies for your business in the new financial year.

You will only need a couple of hours a day for the next five days to set the direction of your business, and in doing so, clearly define your strategic direction for your business – where it needs to go and how it needs to grow in order to make it a successful business for you. In doing this, you will effectively mark out what needs to be done next year, and as new opportunities or any changing circumstances arise, allow you to decide if they help you get to your ultimate goal, or if they are merely distractions to be ignored.

That is a powerful situation to be in, avoiding overwhelm and constantly changing tactics, never knowing what really works for your business until you’ve done it – and mostly find you’ve wasted your time!

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How A Business Plan Grows Your Business Year By Year

When I am asked why a small business needs a Business Plan, my answer is simple.

“Don’t you want to grow your business?”

It is that plain and simple.

While a Marketing Plan may grow your sales, a Business Plan directs the growth of your business your way. And it does this year by year.

But first, what do I mean by “the growth of your business your way”?

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