Ask a Business Expert

A: First, good for you for asking the question 'how can I take my business to the next level?' Too many small business owners let the joy of self–employment be their only reward. You and all entrepreneurs deserve to have a business that is highly profitable and delivers the lifestyle you deserve.

Here are some more questions to ask. The answers will help streamline your business.

1. Do you have a plan? It is shocking how many businesses are operating without a business plan. Not necessarily the extensive plan you need to get a bank loan, but a plan of what your objectives are for your business, including how much profit you want to generate and how you plan to get there. You also need an operations plan that discusses how you deliver products or services and a sales and marketing plan that outlines all the ways you are going to attract and retain your clients. Small business owners are often so caught up in the day–to–day challenges that they never stop and ask themselves what is the best way to do business today—and into the future.
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3. What would make your business more profitable? Often this basic question is never asked. Is there some new technology that can help you streamline your production or reduce your marketing expenses? Is there an additional product or service you are providing? Are there other businesses you can partner with in purchasing or delivery of services that would give you leverage? Ask these questions every month and take action on the answers you come up with.
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5. Where can you use some help? Too many small business owners make the mistake of doing everything themselves. Get support for some aspects of your business that are not your core business. Hire a bookkeeper, an administrative assistant, a graphic designer, a webmaster, a delivery service or whatever will free you up as a business owner to focus on those aspects of your business that are best handled by you. You might say "I do not have the money to pay for ___ service." I say you have to consider the time/dollar ratio of your business. If you are an interior decorator who charges $75 an hour, and you spend one or two days a month making deliveries that someone else could do for $10–$25 an hour, and 2 days a month on bookkeeping and paying bills that a great bookkeeper could do for $25–$40 an hour, you are losing money. Even if all those hours are not billable, that time could be spent on more crucial business functions—and you could even enjoy a little down time which would give you more vitality for your business.

There are many other ways to be more profitable in your business. Start with these and I am sure your revenue will soar.