Many clients ask me how they can make sure their business survives hard times.
I tell clients that top earning small businesses see hard times as an opportunity.
Because many of their competitors are stuck, these top earning owners gain market share. They do it by taking customers away from other businesses.
To get unstuck and survive hard times, the typical business owner needs to:
– Incorporate growth thinking into every aspect of the business.
– Measure, monitor, compare, and quantify results.
– Develop a detailed, strategic marketing plan with specific performance growth expectations.
– Set appropriate, specific goals.
In other words, the business owner needs to do the same things that the top earning owner does.
— What Do The Top Earning Small Businesses Do Differently?
Top earning businesses earn consistently $365,000 net or more per year and they do three things differently.
First, they apply the model described in the E-myth series of books. The owner works on his business, not in his business.
Second, the owner applies the 80-20 rule. 80% of profits come from 20% of customers. The top earning owner focuses on this profitable 20%.
Third, the top earning owner makes sure he has access every day to accurate financial numbers. This owner knows that what you measure, you can manage, what you can manage you can improve.
To become a top earner, the first step is to free up time so you can work on your business.
For most small businesses, paperwork chaos and bookkeeping hassles are huge time wasters.
But with advances in technology, you can inexpensively go paperless in your office in 24 hours. You can easily outsource bookkeeping and accounting also!
You free up huge chunks of time so you can start working on your business. And you get the accurate financial information you need to make profitable business decisions.
You get at the roots of your business problems!
— Bottom Line
You’ve probably seen the UPS commercials about logistics.
UPS argues that small and mid-sized businesses don’t need a large warehouse, distribution center, or global network to access the new logistics. They just need UPS. UPS has already built the systems.
By tapping into those systems, you can operate your business with the heft of a big guy, no matter how big you actually are.
UPS is right!
Exactly the same logic applies to paperless office systems and to outsourced bookkeeping and accounting. The systems exist. And they are easily and inexpensively available to small and mid-sized businesses.
By outsourcing your bookkeeping and accounting, you get the accurate numbers you need to manage your business.
By going paperless and outsourcing your bookkeeping, you free up huge chunks of time.
You can spend that time growing your business!
You can start working on your business, not in your business.
Your small business achieves big leverage.
And you’ll have the accurate financial numbers you need to decide what’s working and what’s not.
This is the best way to make sure your business survives hard times.