Post-Recession Success: 7 Actions for Small Business Owners to Take Now

Feb 18, 2011 -

Have you heard? We're slowly moving out of the worst financial crisis many of us have ever experienced toward an optimistic time of recovery and eventual growth.


As a small business owner, this is the time you've been waiting for. Now it's time to position you and your business for post-recession success by doing these seven things:


1. Invest in education

Without spending too much, invest now in any education you need to make your post-recession business a success. Attend seminars online and in person, read books and trade magazines, and make sure you're reading what's on the cutting edge in your industry.


2. Pay off debt

If you can pay off any debt, now is the time to do it. Taking on debt during a recession is common; however, now that the recession is lifting, don't add to it. Pay cash for everything you need. Put your credit cards in the freezer.


3. Go "Zen" on extras

Now that money may be flowing a little more, resist the urge to splurge on extras you don't need. Think before you add all the bells and whistles to your business or cell phone. Think before you buy new technology. Do you really need that Starbucks' latte twice a day?


4. Follow the market

Read the papers or watch the news. Know what is happening and stay on top of it.


5. Renew contracts

Have your new clients sign a long-term contract and your current clients renew or extend their contracts with you.

6. Hang on to your property

While it may seem like a good time to sell your home or business property, don't. At this moment in time, you won't get top dollar and may still end up losing money. Instead, begin projects that will improve the quality (and eventual selling price) of your home or office
 
7. Don't cut prices

Right after a recession, it is common for small business owners to think that cutting prices will help them attract more clients and customers. Don't do it. Keep your prices steady, while offering your customers a coupon or a rewards program, to reward them for sticking with you during tough times.


These are exciting times we live in. Finally, we're seeing evidence that the U.S. economy is starting to recover. Now is the time for small business owners to jump to action. Don't wait.

Susan L. Reid

Small Business Expert and Business Catalyst
 
Susan Reid brings the gift of inner vision and insight to spiritually conscious businesswomen ready to run their business confidently, effectively, and fully aligned with their deepest inner principles.

Twice award-winning author of "Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success, Dr. Susan revolutionizes the way women do business in the world through the transformational process called discovering your Inner Samurai.

Source:  http://www.openforum.com/idea-hub/topics/managing/article/post-recession-success-7-actions-for-small-business-owners-to-take-now-susan-l-reid

5 Steps to Start a Business and Make it Work

Jan 10, 2011 -

I am often asked if I have found a secret -- or at least a consistent answer -- to successfully building businesses over my career. I've spent some time thinking about what characterizes so many of Virgin's successful ventures and, importantly, what went wrong when we did not get it right.


Reflecting across 40 years I have come up with five "secrets."


1. Enjoy what you're doing.

Because starting a business is a huge amount of hard work and requires a great deal of time, you better enjoy what you're doing. When I started Virgin from a basement flat in West London, I did not set out to build a business empire. I set out to create something I enjoyed that would pay the bills.


There was no great plan or strategy. The name itself was thought up on the hoof. One night some friends and I were chatting over a few drinks and decided to call our group Virgin, as we were all new to business. The name stuck and had a certain ring to it.


For me, building a business is all about doing something to be proud of, bringing talented people together and creating something that's going to make a real difference to other people's lives.


A businesswoman or a businessman is not unlike an artist. What you have when you start a company is a blank canvas; you have to fill it. Just as a good artist has to get every single detail right on that canvas, a businessman or businesswoman has to get every single little thing right when first setting up in business in order to succeed. However, unlike a work of art, the business is never finished. It constantly evolves.


If a businessperson sets out to make a real difference to other people's lives, and achieves that, he or she will be able to pay the bills and have a successful business to boot.


2. Create something that stands out.

Whether you have a product, service or a brand, it is not easy to start a company and survive and thrive in the modern world. In fact, you've got to do something radically different to make a mark today.


Look at the most successful businesses of the past 20 years. Microsoft, Google and Apple, for example, shook up a sector by doing something that had never been done and continually innovating. They are now among the dominant forces.


3. Create something that your employees can be proud of.

The people on your team are your biggest assets.


4. Be a good leader.

As a leader, you have to be a really good listener. You need to know your own mind but there is no point in imposing your views on others without some debate. No one has a monopoly on good ideas or advice.


Get out there, listen, draw people out and learn from them. As a leader you've also got to be extremely good at praising people. Never openly criticize people or lose your temper, and always lavish praise on your colleagues for a job well done.


People flourish if they're praised. Usually they don't need to be told when they've done wrong because most of the time they know it. If somebody is not working out, don't automatically throw him or her out of the company. A company should genuinely be a family. So see if there's another job within the company that suits them better. On most occasions you'll find something for every single kind of personality.


5. Be visible.

A good leader does not get stuck behind a desk. I've never worked in an office -- I've always worked from home -- but I get out and about and meet people. It seems like I'm always traveling, but I always have a notebook in my back pocket to jot down questions, concerns or good ideas that occur along the way.


If I'm on a Virgin Atlantic plane, I make sure to get out and meet all the staff and many of the passengers. If you meet a group of Virgin Atlantic crew members, you are going to have at least 10 suggestions or ideas. If I don't write them down, I may remember only one the next day. Get out and shake hands with all the passengers on the plane, and again, see if anyone has a problem or suggestion. Write it down, make sure that you get their names, get their e-mail addresses, and make sure the next day that you respond to them.


Of course, I try to make sure that we appoint managing directors who have the same philosophy. That way we can run a large group of companies in the same way a small business owner runs a family business -- keeping it responsive and friendly.


When you're building a business from scratch, the key word for many years is "survival." It's tough to survive. In the beginning you haven't got the time or energy to worry about saving the world. You've just got to fight to make sure you can look after your bank manager and be able to pay the bills. Literally, your full concentration has to be on surviving.


Obviously, if you don't survive, just remember that most businesses fail and the best lessons are usually learned from failure. You must not get too dispirited. Just get back up and try again!




Richard Branson is the founder of the Virgin Group and companies such as Virgin Atlantic, Virgin America, Virgin Mobile and Virgin Active. He maintains a blog at www.virgin.com/richard-branson/blog. You can follow him on Twitter at twitter.com/richardbranson. To learn more about the Virgin Group www.virgin.com.

Source:  http://www.openforum.com/idea-hub/topics/managing/article/5-steps-to-start-a-business-and-make-it-work-richard-branson