Imagine one day you wake up, jump out of bed, and are excited about starting your day.  You head toward the kitchen to pour yourself a cup of coffee and sit down to breakfast.  As you start zoning out while drinking your first sip of java, your excitement turns into anxiousness as you think through all of the things you need to get done that day.  An overwhelming realization that you can’t possibly get it all done starts to envelop you.

Many small business owners make the mistake of working in their business trying to grow it, rather than working on their business and planning for growth.  As they work in their business, they receive an unexpected avalanche of new business and become easily overwhelmed, primarily because they lack systems and resources.  It also occurs with small business owners who have done it all themselves and must start to delegate or outsource in order to keep up with the rising demand of new business.

Ultimately, your small business can only grow to the maximum amount of work you can personally handle.  Conquer the overwhelm by using these simple strategies:

• Plan for growth. When planning, identify metrics to include your ideal revenue and number of clients.  Determine the client or revenue thresholds which will serve as indicators to let you know when to hire additional resources.  As you get close to those thresholds, you will easily spot when it’s time to add additional support.
• Systematize specific functions. Typically, businesses are categorized into marketing, production/operations and administration. Remember to systematize each area by designing specific processes that work even when you’re not there. You may be able to streamline your functional areas with automated systems and save the staff for other areas that require human intervention and interaction.
• Consider staffing alternatives.  Getting the job done does not necessarily mean hiring regular full-time employees. Independent contractors, virtual assistants, temporary agencies and interns may give you the flexibility and cost-effectiveness you need to manage your growth.
• Invite these potential resources to a networking meeting.  Several things often happen when you identify resources and get to know them before you need them:
  • You’re in a better bargaining position because you’re not pressured to hire right away leaving you time to make a better choice.
  • You discover that you can use their services for just a couple of hours a week which would help you make your growth plan a reality and keep your budget balanced.
  • They will give you ideas about growing your business you have not considered because they have a specialized area of expertise.
  • Because you have already identified the areas in your business and the resources you need and when you need them, you have a good idea of how you would utilize their services efficiently.
  • Through the process, you will also be growing your network.

By following these simple strategies, you will grow your business with less effort and achieve that big plan for your small business.

 

As we start the new calendar year, remember to reflect on what worked, what didn’t, and what’s next.  In my own strategic planning and with my clients, I use four simple but effective filters borrowed from B/Coach, a world leader in business coach certification.  If you haven’t done so yet, envision the results you would like to see for your life and your business by the end of the year.  Use these four filters to create your plan:

External

The first filter is the External Filter.  In looking through an external filter, examine the trends external to your business.  For example, review how things are changing in the marketplace and how your business may influence or be affected by those trends.  Whether it is social media marketing or the latest mobile marketing plug ins, you’ll want to pay attention to these external influences because they will impact how you get your message out in the marketplace and how people are receiving those messages.

Is the Baby Boomer generation in your target market?  If so, it’s a good idea to take a look at their preferences and trends impacting their buying decisions, especially if you provide services and products for that market. 

Internal

The second filter is Internal.  When using the internal filter, look at how the inside of your business is working.  Remember, however, that external trends can have a dramatic influence on the internal operations of your small business.  Many years ago, healthcare systems were caught off guard because nationally, nursing professionals were reaching the age of retirement, leaving many healthcare companies without a depth of knowledge on their bench.  Savvy business leaders realized they needed to create strategic plans that retained their experienced workforce, focused on succession planning, and redesigned patient care delivery especially if they wanted to continue to be in business.

That wasn’t the only external change that affected internal operations.  The advent of electronic plug ins and systems makes it easier than ever to automate your internal operations freeing you and your staff to focus on other revenue-generating and client-centric activities.  Keeping yourself informed of external trends often yields solutions to your internal operations.

Financial

The third filter is Financial.  While reviewing your financials is an integral step in any year end review, it shouldn’t be done in isolation from the other filters mentioned because they intertwine.  For example, let’s say you want to double your income over the next year.  How are you going to do that?  What are some of the external trends affecting your target market?  What internal marketing systems will you need to develop to reach your audience?  How will you budget for those expenses? These filters can help you develop a thought-out plan to take you from concept to reality.

Developmental

The fourth filter is Developmental.  When you look at your business through the developmental filter, it could be a standalone filter or integrated with the others.  For example, what types of things or systems need to be developed internally, externally and financially for you to operate more effectively?  Once you’ve identified those areas, develop an action plan so they are acted upon throughout the year.

Remember to review your own personal development, too.  As an entrepreneur, if you’re not purposefully investing in your own development, you’re missing out on an important component of building a sustainable business.  Every time I invest in my own personal development, I’ve gotten more than 20 times what I invested.  Instead of your development being an afterthought, identify areas you need to develop and enroll in programs that will help you excel further.

These amazingly simple four filters can be used in every day decision making, applied in your year-end scorecard review, and plan for the year.  They can make the difference between living with the status quo or discovering opportunities and proactively putting your goals on the fast track.