Take Your Small Business to the Next Level

You seized the opportunity to start a new venture, dedicated yourself to making it work, and now you're the owner of a successful, small business. But how do you break through that glass ceiling? Here are some suggestions which will help propel your small business to the next level.

Reassess Business Plans
Take a closer look at your business plan. Are you dealing with products or services that require expansion or diversification? It is not unusual to become somewhat complacent once your business is running smoothly and profitably. Checking-in with current customers regarding your products or distribution channel can often provide a fresh perspective and insight into changes that may be required. Perhaps you may need to expand your customer base or introduce new products or services. New offerings frequently add value and promote increased sales.

Leverage Customer Input
Survey your customers regarding quality of services or simply ask for their feedback. This is an excellent way of tapping into changing market dynamics, as well. When you connect with your customers, you discover more about their changing needs and gain publicity that is more valuable than that gained from conventional promotional and advertising efforts. Additionally, customer input can assist you in determining whether or not your business is equipped to manage increased demand in products or services.

Modify your operations
Depending on how much you wish to grow; you may want to expand your operations. If you have a small core team, consider hiring additional resources or investing in technology that will allow you to manage increased business. If you determine that you need a specific, significant function, you may want to outsource it entirely. Outsourcing often provides a cost effective solution to managing non-core functions so that you can focus on areas that require your attention, such as strategy development, marketing plans or budgeting.

Incorporate emerging technologies
Leverage the Internet for promotion and advertising, instead of relying on conventional print and electronic media. Evaluate your target audience and the mediums they most likely use. Consider using social media platforms such as Facebook, Linked In, and blogs. Keep your communication messages targeted and make certain your content is relevant to your audience, as well as the social media platform you are using. If you're addressing a younger audience, craft your content accordingly.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.

Heads Above the Rest - Are You a Good Leader?

This month we celebrate the President’s Day Holiday, a holiday which recognizes the birthdays of two of our country’s great Presidents. However, it is also a reminder about the historical leadership from which this country has benefited. So, what defines a leader and what leadership skills can small business owners practice to help their company achieve success?

1. Establish a Clear Vision and Goals- In today’s rapidly changing business climate, it is easy to become easily distracted by the “next best thing” or new way of thinking. Having an established vision for your company as well as predetermined goals helps small business owners and presidents remain focused on where they are going. For example, an established revenue goal provides the barometer for you to evaluate if performing a certain function is in line with accomplishing that pre-established goal.

2. Take Holistic View of Your Company- Recognize that corporate success is not determined by a single business aspect. Revenue and profitability figures alone do not tell the complete story of whether a company is on the right track. View financial metrics in conjunction with other cross departmental metrics, key product offerings and customer satisfaction.

3. Build Strong Teams- Successful leaders have the support of strong teams. They recognize their own strengths and weaknesses and build complementary teams of individuals who can provide specific areas of expertise to help move their business forward. A small business owner may possess creativity for developing new product ideas but may need to surround themselves with colleagues that have financial expertise to execute those business plans or market those products.

4. Empower Your Employees- Empathize with your employees (and customers!) and put yourself in their shoes. Acknowledge challenges they may face and be open to suggestions on a better way to perform certain functions. You will establish trust within your organization and be able to get the most from your employees, in a positive way. Empowering employees to offer recommendations, suggestions and decisions will create internal buy-in within your organization thereby fostering realization of a single common goal.

5. Recognize and Embrace Change- Today’s business environment is constantly changing. New technologies for enhancing productivity are consistently introduced. Recognize these technological improvements and use them to your advantage to promote productivity in your workplace. Technological improvements do not replace human capital and ideas; rather, they often streamline operations and allow you to better leverage employee resources and intelligence.

As a small business, our team is striving towards implementing these same practices. We are currently offering a free analysis of your business processes and accounting system. If you would like to learn more on how Analytix Solutions can enhance your business processes in 2012, please call me directly at 781.503.9004 or email me at snpatel@aixsol.com

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.