Running your own small to medium sized business is not easy, especially in Thailand. Whilst it’s the dream of many of us to run our own business the reality can be very different from our hopes and aspirations. Sometimes the objective feedback from a different angle might be what you need to help you succeed.
Making consistent improvements to enhance your business is critical toward its success and sustainability. Things like monitoring cash flow consistently, utilizing social media for marketing and recognizing your strengths while asking for help in areas that are less so, can help you focus on improving areas of your business that offer the biggest gain.
Keep Financial Score
Few small businesses have an accurate idea of the daily, weekly, and monthly numbers and financial trends taking place within the organization. It’s vital that you spend the necessary time keeping current on cash flow. If you lack the financial skills, hire an accountant, but still stay very much in the loop.
Set Goals
Similar to keeping score, setting goals and objectives is an essential part of your business success. Use the goals you set as an ongoing planning tool to ensure that you continue to move forward in your small business. For instance, try to increase traffic by a certain amount on your business website or blog. More web traffic can translate into added sales or customer loyalty.
Use High-Impact Marketing
Wasting money on ineffective marketing is easy. Seek out low-budget, high-impact marketing strategies to improve your small business. Test one or two new tactics and see which perform best before adding them to your marketing mix.
Master Business Presentations
A powerful business presentation can help improve your small business’ performance. Start by learning the essentials of a memorable business presentation. These can include delivering an unexpected little pearl of wisdom to captivate your audience. That said, don’t overload your presentation with information. Keep everything relevant.
Monitor Trends
No business operates in a vacuum. Events and changes in the global landscape have an effect on your business. Stay current on trends and issues happening in your industry and local community.
Sharpen Your Selling Skills
A high-return area for business improvement is the sales function. Whether you’re a one-person operation or managing a sales team, you must focus on sales improvement. To start, clarify your business mission. When you determine areas where you excel and who needs what you do, you will have a greater sense of vision and purpose.
Find Best Practices
Keeping everything transparent is an important underpinning. That means breaking down silos, communicating effectively, testing, and monitoring and approving your processes in order to keep everything running smoothly. Another example is documenting your processes to avoid any miscommunication.
Motivate Staff
Talented and motivated staff members can bring on big improvements in business. Learn what motivates your employees to higher levels of performance.
Know Your Limits
Successful business owners have a clear idea of their limitations. By knowing your entrepreneurial personality type, you can manage your resources and find help in areas of weakness. This is a key driver to success.
Take a Break
Running a small business is hard work. Sometimes the best way to improve your business and reignite your passion is to take a vacation. Don’t underestimate the potential value of spending some time away from your work.
Having run businesses in Thailand stretching back 25+ years and management experience with large international companies for even longer than that our input can help your business.
Aimed at the smaller business, perhaps our feedback won’t be what you want hear, but may be that’s a good reason to listen.
If you would like to discuss ways in which your business can be helped feel free to drop a no obligation email to me at [email protected]
