• By Mary McCarthy
• in Guest Blog
• April 12, 2011
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• Mary McCarthy website
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Business ownership – doesn’t it sound wonderful? We look at companies such as The Limited, Jeni’s Ice Cream, Cheryl’s Cookies, and Risotti Windows and say, “I can do that. I would love to start a business like they did, make lots of money, and work less.” But, for most of us we work harder than ever before with less financial benefit. So, what do we need to do to be more effective in our business and have the opportunity for greatness? Here are my five suggestions for getting control of your business and moving toward the dream you have for your business.

Plan for victory

If you have not already done this take time now to research your business, competitors and target customer. When researching your competitors try to answer the question, “what do you do better or different from your competitors that you can capitalize on?” In other words, what is the niche you would like to achieve? For Your Management Team, my niche is the micro-business owner with 10 employees or less looking to launch or turn-around their business. Why is this my niche? Because start-up businesses are my passion and expertise. Competing business coaches and consultants usually prefer working with established businesses. An established business owner is often more open to coaching and has cash flow to pay for the consulting service. Start-up or struggling business owners are usually mired in the struggle and not always open to listening and implementing new ideas and do not always have the financial resources to pay for consulting services. So why did I choose this as my niche? Because I love the start-up, taking an idea and turning it into a business, breaking down the parts, and solving problems. In order to succeed with this niche I tailored by programs, services and pricing specifically to reach this target.

Know your numbers

It is sad to say that there are businesses right now that are operating at a loss because they priced their product or service below their cost. They didn’t do it on purpose, and certainly do not want to lose money. However, they did not run the numbers to determine their break-even and profit-margins. Knowing your revenue, cash-flow, and profit-margin are vital to successfully growing, not only your business but your bottom-line.

Accept you are a sales person

I gave a speech not too long ago and asked how many small business owners in the room considered themselves a salesperson for their business. Almost nobody raised their hand. As a small business owner you are the face of your organization. That means whether you realize it or not you are a sales person for your business. In fact, you should be the best salesperson around because you have passion for your product, service, and concept. Passion and belief in yourself shows and excites prospective customers. So, you should not only be excited about what you do, but be willing to share what you do!

Ask for help

The saying, “a small business owner has to wear all the hats,” doesn’t mean you have to do everything yourself. While you are responsible for all aspects of the business and make the final decisions, you should surround yourself with expertise and mentors. Rather than struggling alone with an aspect of your business that is not your strength reach out and utilize others knowledge. It is amazing how much people are willing to help others, all you have to do is ask.

Invest in your success

Most small business owners start their business undercapitalized. That means we do not have the financial resources to spend on everything we want or need for our business, so we must be practical and realistic with our money. Saying that, one area of importance is continuing education. It is worth the time and money to learn how to improve your business – seminars, workshops, small business programs are all excellent sources of continuing education. The more knowledgeable you are the more effective you will be as a business owner.

We are drawn to business ownership for a variety of reasons, a greater work/life balance, more freedom to be your own boss, and greater financial opportunity. While the reasons for starting a business vary the desired outcome is the same, we want to successfully grow our business, cover our financial needs and obligations, care for our families, and plan for our retirement. To do this we must take the time to develop and implement processes and procedures, develop a business plan to know where we are going and how we will get there, and surround ourselves with knowledge and education for continued awareness and support.  Now is a great time to change our mindset of what a small business is and plan for greatness. Who knows, one day your business could be listed along with Cheryl’s Cookies and The Limited.