Ken Yancey, CEO of SCORE Association, recently released his top ten secrets for small business this year and I would like to share them with you. Here are his thoughts with links to articles I have posted on the various topics.
“When it comes to getting ahead in business, it’s all about making the right moves at the right time. At SCORE we share secrets for success based on having helped more than 8.5 million entrepreneurs. This year, we’ve come up with our top 10 list to make 2010 a profitable year for America’s small businesses.”
SCORE’s Top 10 Secrets for Small Business Success in 2010
- Grow your customer base. Understand your customer demographics and why they buy your products and services. Win clients over with new and diversified products. Offer multiple price points and create packages or customizable plans, which give your customers greater freedom and flexibility.
- Expand low budget marketing. Promote your business for free on Twitter, and set up a Facebook fan page. Start a blog and comment on other blogs. Take this opportunity to communicate with customers about your business. Go viral.
- Surround yourself with experts. Get feedback from advisors you trust. Entrepreneurs count on SCORE for free and confidential business mentoring. Use a mentor to test ideas, map a sales plan and focus on success. Ask SCORE for advice and meet with a SCORE mentor.
- Add ecommerce through a web site. Your business needs a web site to stay competitive. Secure all variations on your company’s domain name. Use online forms to encourage interaction. Add a shopping cart to sell your products, not just promote the brand.
- Free up time to sharpen your focus. Organize for success. Set a time each week to handle routine tasks. Use a PDA to keep track of phone numbers, dates, appointments and meetings. Take time for planning and reflection. And, be sure you take short breaks to refresh and recharge.
- Create experience events to draw in customers. Host special events like demonstrations, trunk shows and classes. Offer rebate programs to encourage repeat purchases. Rearrange merchandise to make it appear fresh and provide a fresh customer experience.
- Network to build buzz and referrals. Join groups (even “virtual” groups) that represent your clients. If you don’t have the money to join an association, offer to donate your services. Take advantage of social gatherings, committee appointments, membership meetings and networking events. Each meeting is an opportunity for referrals.
- Track your cash flow. The one thing all businesses need is cash. Ensure that you collect receivables within 30 days. Monitor invoices. Pay early when you get a discount. Always keep an eye on your cash. Prepare cash flow reports so you understand your cash needs.
- Plan for financing success. Even if you’re in business, you should have a business plan ready to submit to potential lenders. Know how additional funding will help you grow your business, and demonstrate your ability to re-pay the loan.
- Consider an LLC. As a sole proprietor, you are personally liable for the debts and liabilities of your business. A corporation or limited liability corporation (LLC) protects your personal assets and property. You can register your business as a separate legal entity.
Thank you, Ken. Having owned several small businesses and working in senior management at a couple of Fortune 500 companies, I could not have created a better list myself.
Too often small business owners are so busy doing the work that they don’t have the time to run their company and build continuing growth. Item #5 is very important. Take the time to climb the hill and watch the battle taking place. It looks much different from the hill top than it does in the trenches.
Also, small business owners tend to see things only from their daily environment. As Ken pointed out in item #3, it can be extremely helpful to gain an objective view of your operation through a pair of outside eyes.
Those who enjoyed this article also enjoyed:
Strategic Small Business Plan for 2010
Why Many Small Businesses are Still Struggling
Using Social Networks for Marketing
If you would like to contact me, you can do so by emailing me at mike.clough@bestbizpractices.org or visiting my LinkedIn page.
Posted by: Mike Clough
