Tips for growing your small business
Feature Article- Thu., Aug. 4, 2011
When you start a small business, you’ll probably discover that what you learned in business school doesn’t cover everything you need to know as a business leader.
That’s what Michael Alter, SurePayroll president and CEO, discovered during his 10 years leading the company. He’s put together tips for growing a small business that you probably won’t learn in business school:
Don’t be afraid to make new mistakes. Mistakes are one of the most valuable learning tools you will ever come across. You can’t learn anything if you’re afraid to try something new, or worried about letting your staff do things differently.
As a small business owner, you can’t afford to fall victim to “the paralysis of analysis.” That doesn’t mean you should change how you run an aspect of your business without doing your due diligence, but the longer you wait to try something new, the longer you’ll wait to learn something your competitors might already know.
Develop a culture where you and your employees feel comfortable trying something new and embracing an entrepreneurial spirit. “At SurePayroll, we give a ‘Best New Mistake’ award that’s our equivalent to the Presidential Medal of Freedom. The winner walks away with $400 – the largest prize we issue to any employee,” Alter said. You’ll be pleasantly surprised how much you learn, and how entrepreneurial your employees can be, when you give them the freedom to err.
Saying “no” to new business is one of your most powerful assets. Taking on new challenges and doing practically everything yourself is the hallmark of a small business owner. But rather than accepting every new opportunity that looks like it might be helpful with your business, start saying “no” to things that aren’t strategically aligned with your business.
Use negatives as positives. You may never have the big marketing budgets, huge cash flow, or large infrastructure that your big competitors will. Most people will tell you that’s a negative you’ll have to overcome (or a “challenge” you have to overcome, if they’re being nice). Rather, think of it as a positive – an opportunity you need to seize.
Working with abundant resources is always more cumbersome. When your competitors want to change, they have an army of employees to retrain, technology to reprogram and at least a few big wigs who’ll need to sign off on it – usually after a lot of convincing.
As the owner of a small business, you are able to change quickly. Use your nimbleness to your advantage. Turning your idea into a reality quickly is much easier for you than for a colleague who works at a large employer.
Play to your strengths, not your weaknesses. In past jobs, your bosses probably tried to help you by identifying skills or traits you should improve when they conducted your performance reviews. But, time is the one resource you can never get more of. So why waste time trying to improve something you’re not good at – and probably don’t have any passion for – when you can outsource your weaknesses?
If you’re buried in receipts and your general ledger, struggling to keep the books accurate, find an accountant or bookkeeper so you can free up your time to focus on growing your business. When you’re in the middle of doing something you hate, pass the buck to someone else.
“Following these principles has helped me in every step of my career,” said Alter. “But they wouldn’t matter if I didn’t adhere to one overarching goal: Keep learning and remain open to change. Markets change, consumers change, needs change. You need to provide the change businesses and consumers demand.”
Courtesy of ARA Content.