Has your business growth stalled? Are you spending more time working in your business and not on it?
Ron Ameln, editor of St. Louis Small Business Monthly, appeared on TNtv. He said many business owners get fixated on managing the day-to-day operations of their company without generating a growth plan for future success.
Ameln said that business owners need a clear vision for their company. This is not just a mission statement but an actual plan of what their company should like in three years. Once the plan is in place it is easy to backtrack to make sure your plan is on target today, one quarter from now, and one year from now.
He said your three year plan should have some specific targets. For example if a company plans on generating 300 customers by the end of the third year you can begin by looking at each year individually. A business owner can analyze if they will be able to generate 100 customers in the first year of the plan. They can break down that number for each quarter and see if they are able to generate 25 customers in the first three months. If they are missing their goals they can make the necessary adjustments and get back on track.
Hiring is another key part of business success. Ameln said that great businesses cannot be built with just one person. He said the best businesses in St. Louis spend a lot of time hiring the best people. These firms build a “deep bench” and utilize it as necessary.
Finally he urges small business owners to join a peer group to discuss business issues, overcome plateaus, and get help as necessary. He said company presidents often feel like they are on an island. It helps to have a sounding board to share information with others who may have faced similar challenges.
Small Business Monthly publishes both print and online versions. It also presents two trade shows and other events throughout the year. For additional information visit www.sbmon.com.