There is a reason why certain businesses attain success, while their competitors fail to do so. The fact is that, the way you run your business plays a huge part in determining the level of success your business attains. Also, it has being discovered that it is easier for entrepreneurs who think more like CEO’s of big companies and less like owners of small businesses, to achieve sustainable success.
Below are four strategies employed by big businesses that you can implement, if you want to run your small business like the CEO of a big business:
Develop tactical “critical musts”
The major things you have to achieve within a year to bring you closer to achieving your dream success are referred to as “Critical musts”. CEOs of big businesses start off their year by setting the critical musts that they want their business to achieve for the year, and they program their projects, aims, plans, and to-do lists to reflect that. With this, it is easier for them to accomplish their goals and sustain it.
In other to apply this strategy to your small business, you must evaluate the critical musts that you will like to accomplish this year, and work towards aligning it with your monthly and quarterly goals. For instance, if one of your year’s critical musts is to grow the visibility of your business within your industry, part of your immediate goal should be to grow the subscriber base of your email by %50, blog on popular websites at least three in a times week, then book appointments for engagements that involve public speaking.
Allocate your resources tactically
What most big business CEO’s do is that they allocate resources in a profitable manner. In other to apply this business strategy in your business, you have to first assess the way you’re utilizing your money and time. Is your resource allocation in alignment with your critical musts? You must know your present return on investment.
For instance, is spending two hours daily scheduling appointments for clients, really the best way to utilize your time. It will probably be a good idea for you to assign your assistant to manage your calendar and in the process free up the two hours you’ll spend scheduling to concentrate on other business opportunities that can affect your critical musts.
Observe and measure your progress
Revenues, marketing, sales, human capital, technology, efficiency, are factors that are observed and monitored regularly in big business. With regular analysis, it is easier to spot and correct deficiencies, which help the CEOs discover what is working and differentiate them from what is not.
My recommendation is for you to make use of the same ideas for your small business. Through my Big Breakthrough, I introduce my special clients to the idea of executing mini appraisals to make the best of productivity. At the end of every month, we’ll access their goals and achievements and discuss what we need to do in the following month to ensure that things continue to go according to plan. This encompasses, checking out the finances, projections for revenue, losses, as well as investments.
If you adopt this method of operation, you’ll eliminate unpleasant surprises. You’re not in doubt about where you stand and as time goes on you’ll know what needs adjustment and do what is necessary.
Entice, engage and keep the best talent
Responsibilities are clearly defined in the corporate world, and people are placed according to their particular skills and talents. For instance, you won’t find the principal finance officer in a corporate organization handling human resources. One thing that CEOs of big organizations know is that you can’t expect one person to do justice to countless other tasks that require specialization, so they employ their staff with that in mind.
A lot of small business owners don’t see it that way. They employ just one person to take care of all the miscellaneous jobs that they’re not interested in, and the end product is a waste of your money, time, and energy. For instance, assigning your assistant to write the newsletters of the company, manage the website, and handle the payroll, may not be the best approach. Take an objective look at the tasks you need to take care of, and employ professionals to efficiently handle them.