Action Points for SME Owners

Applying the following action points to your business can start your business of on the right footing in 2010.

Delegate or outsource some of your work.

Busy, busy, busy there are always things to do when running a small business and never enough time to do it in. Even though there are a lot of tasks to be completed, there is nothing in the rule book that says the business owner or manager needs to do it all themselves. Give clear instructions about the tasks that need to be done, the desired outcomes and then delegate or outsource the task. Outsourcing or delegating tasks can bring in new expertise into your business.

Conduct a weekly review of your business.

Reviewing your business at regular intervals is vital if you want to develop a healthy, growing business. A regular review enables you take stock of what has worked well and what adjustments will be required in the coming week. Taking small steps and plotting a new direction on a weekly basis often results in significant goals being achieved. Setting aside time each week to review, adjust, and plan will help to keep your business focused and avoid costly mistakes.

Set realistic goals.

Setting and measuring goals for your business is a valuable habit to cultivate and maintain. Achieving goals increases confidence and helps to chart the direction your business. It is important to set achievable goals that challenge as well as add value to your business. If your goals are too simple you will lose interest and if they are too difficult you may feel defeated if they are not achieved.

Take the time to analyse what does or does not work for your business.

Not all of your products or services are going to be super sellers. Some of your sales strategies are going to be more successful than other methods. Not all business opportunities are going to be suitable for your business, nor is your business going to require all the services or products that it is offered. Slowly but surely you will need to phase out whatever it is in your business that is not working.

Making a success of your business in 2010 will be a lot easier if you take the time to apply the aforementioned action points to your business. Working on your business strategically is just as important as working on your business practically. 2010 should be the year of working smart not working harder.