Innovate for Profit and Long-Term Success
Concern for your company’s little-known long-term success isn’t unique. But by making small changes (innovations), you can add $ directly to the bottom line. So, let’s use a little brainpower to pursue hidden profit!
Businesses spring up when entrepreneurs take advantage of their personal abilities to meet customer needs, providing short or long-term advantages such as:
Great Salesmanship Reputation Personality Persistence
Personal Attractiveness Knowledge Intelligence Hard Work
Are You Doing Enough or Too Much?
As conditions and requirements change, entrepreneurs often lose their big picture focus, dealing instead with day-to-day problems. It’s vital for owners to stay focused on what has the greatest long-term profit potential. The best way is to outsource tasks others can do better and faster. (If a furnace fails, a specialist should be called to fix it safely, efficiently and quickly. If one’s teeth need attention, a temporary specialist (dentist) or consultant has the tools and up-to-date ability to solve the problem.)
Keeping Your Eye on Profit
Business owners must make certain marketing and advertising is truly building a convincing argument. Prospects need to be led to purchase the products – regardless of price! An unbiased evaluation can be made by a marketing professional temp. This is a great way to reduce the company’s dependence on its owner, freeing his/her time to develop new business and/or gain leisure time.
Most of us know small businesses owners who try to outwit the Big Guys. Over the “long haul”, that’s difficult since “Bigs”, using “economy of scale,” can hire sales, marketing, product, advertising and strategic planners. Sadly, since small businesses can’t carry hefty salaries, they rely on the over stressed business owner or WORSE, needlessly abandon planning.
Can small businesses compete? Absolutely!
All companies face difficult obstacles, but smaller companies feel they have fewer resources from which to draw. Not true! Smalls actually have access to similar resources but on an as needed basis – without carrying the overhead. By using affordable resources (independent consultants), small business owners can take advantage of focused efforts, paying only for services when needed.
Whom do you trust?
Small business is often a very personal and private matter for the owner, who lives amongst his customers. So, owners not only need to know who can do a specific task efficiently and correctly at a fair price, but whom can they trust with their closely guarded secrets.
It makes sense for the business owner or manager to begin collecting a group of temporary professionals (consultants) who can provide needed assistance at a moment’s notice. This can be done through networking events and occasional meetings. If the consultant provides assistance, don’t be afraid to send them a couple hundred bucks for their clear thinking. If they are of no assistance, cross them off you list.