 OPTIMUM BUSINESS RELATIONS
- Improving Your Business
By Debi Hambo, owner of Quail Oaks Enterprises
To be in business, large or small, you MUST be an Optimizer! Being an optimizer means
you’re in the driver’s seat - comfortable and confident in knowing how to run
your business. You’ve also must learn the secrets to balancing a home life and a
business life.
What sets an Optimizer apart from other business owners is a strong
commitment to growing your business - with a focus on profits more than on revenue. You
need to love what you do and must always be looking for new ways to improve your business.
A business plan is essential; although it will change frequently due to new technology,
economic growth or recession, change in customer needs or wants and because of the
industry as a whole. Growth must be foremost on your mind and knowing what it takes to
make money. You must know how to prioritize and get the job done. Understanding or hiring
a resource team to help with financial matters, technology and efficiency are essential
keys to a successful business.
More than other business owners, Optimizers are strongly committed to
growth, never want to work for someone else; are least pressured by the business, report
the highest technological know-how, are in control of their finances.
The most successful Optimizers use the Internet for all aspects of
business, are more likely to have a line of credit and equipment leased, use more
freelance, contract and temporary workers.
How Optimizers Can Improve Their Businesses:
•Get the Most from Your Employees - keep
your employees informed of new directions and growth patterns so they can understand where
the company is going in order for them to be part of the team and growth rather than an
obstacle to change.
Develop someone to help you manage your business when you are not
around. This frees up your time so you can become more innovative and productive with your
entrepreneurial thoughts.
Spend extra time and money to keep your employees on the leading edge
of technology and customer service. Training in this fast-paced world is very important,
especially with globalization.
•Leverage Your Relationships - develop
an Advisory Board of Suppliers to help you improve your business, thus create a win-win
situation. Don’t be afraid to ask your suppliers for advice.
Develop a strong relationship with your banker. Remember that the best
time to borrow money is when you don’t need it. Develop a line of credit before you
actually need to borrow. Keep your banker informed of your activities, don’t just go
to see him when you need money.
It is very important to be a member of a strong association that
represents your industry. Keep yourself informed of the political activities that affect
your business. More and more small and medium sized businesses are being forced out of
business by costly government regulations.
•Connect to the Web - develop a strong
e-mail presence that allows you to communicate quickly and efficiently to your customers
and employees. This will save advertising expenses, labor, paper and printing costs, etc.
•Plan for the Future - make sure all
your business plans are customer focused and your business missions and objectives instill
integrity and responsibility. Anyone can make a sale once, but a truly successful business
lives on repeat customers.
Develop or improve an effective information system so that you can
respond to customers more efficiently, become more flexible and innovative, but more
importantly, speed up the introduction of new products and services.
Develop contingency planning so that you can meet growth demands
without losing time. What is your Plan A, Plan B, Plan C, etc.? What would you do if a key
employee left, if an essential supplier couldn’t deliver? Contingency planning
requires preparing now for what might happen in the future.
These practical suggestions have been used by business owners the world
over. However, running a business is complex, and only you have the information to
determine what is right for your business. Accordingly, these suggestions should not be
seen as a substitute for your exercise of sound business judgment.
Debi Hambo, EA, CFP, is the editor & business owner of
Quail Oaks Enterprises. She has 25 years experience as a small business consultant. She
can be reached at 254.386.5766 or at mailto:hostmaster@quailoaks.com
or http://quailoaks.com |
