Businesses have different phases- think of these as children- infant, toddler, child, teenager, adolescent, and adult. Each phase requires its own unique focus and comes with its own unique challenges. However, there are 5 keys to maintaining a successful business in every phase.
1.Learn to give up control of certain aspects of your business.
Your business is your baby. We do not enjoy putting the “raising” of our business in the hands of anyone other than ourselves. However, if you do not delegate tasks that do not REQUIRE your attention, then how will you keep growing? How can treat your toddler business the same as your infant business and it still mature?
It is important to not only learn how to delegate, but how to be okay with it and let certain things be out of your control while still under your supervision. This frees you up to do things that can help your business continue to mature.
2. Don’t give things away because business is slow.
Business is slow, you are worried about how the bills are going to be paid, you haven’t had a new sale or customer in weeks and you are starting to panic so you offer a “great deal” to get new customers in the door. Or maybe you bag up sample packets if you market products and you start offering them for free to anyone who says they want one. The problem with this is it has the opposite effect you are looking for. You end up with bargain hunters and not lifelong customers. You spend your hard-earned money to give someone something at no cost to them, and chances are a good portion of them don’t even use the product… or they have the product already from someone else and are using yours to increase their supply.
3. Create a budget and then use it.
Budgets are not set in stone, but they should be put in writing. They will change, you will go over in some categories and stay under in others, and that is normal. Without a budget though, how do you know if you are spending too much money in a certain area of your business? No matter how big or how small your business is, you should have an annual budget and review it quarterly to make adjustments as you see necessary.
4. Reinvest in you and your business.
As entrepreneurs, sometimes we are so grateful to have any money coming in that we often forget that we need a cushion in our business for those slow times. No entrepreneur should ever take 100% of the profits from their business out of it, but rather should set a percentage that stays in the business to help it continue to grow. This alone causes more business to close their doors than anything else I have ever seen.
What skills do you need to further develop? Is there marketing you can invest in and get a return to your business that will help you grow? Regardless of where you decide to reinvest, make sure you understand the intended outcome you have in mind and talk to the person you are investing with and make sure they are on the same page as to what you get on a return from your investment.
5. Don’t be passive with your revenue.
If you are not actively pursuing new revenue in your online marketing business, things can take an unexpected dive.
When we get comfortable with things are often when things can go wrong. Engage with your audience as much as you can. Check-in with them, always be looking to help them. Always seek new revenue opportunities for your business so it is constantly growing.
If you keep these five key things in mind, you have a better chance of getting out of the child phase with your business and into the adult phase.
I also highly recommend every online marketer who is serious about their business has a professional team. This professional team should consist of a good business lawyer, a business coach, and a tax professional. If you have these three key people to help you throughout the process you are less likely to make costly mistakes and keep more money in your pocket throughout the course of your business.