How to Transform Your Business Through Knowledge

What's keeping you up at night in thinking about your business? Are you concerned about growing your business and attracting new customers? Or fully engaging your team so you can pursue new business?  I've been hearing these concerns a lot and received many comments from my post about Lessons on Creating Learning Organizations.  The common denominator was that business owners are working "IN" the business rather than "ON" the business.  It is critical to the success of the business that we examine vision and strategy of the firm, in addition to day to day activities.

The National Small Business Advocate published its Mid Year Economic Report in July 2010. 400 small businesses in different industries and states participated in the study. The goal of the survey is to provide a snapshot of how small businesses perceive the current economy.  It was surprising to learn that 59% of the respondents expect the economy to remain flat over the next 12 months. Small business owners do not have a lot of confidence currently.  According to the survey, the #1 challenge facing business owners is economic uncertainty (73%).  Other factors listed in the survey included: declining consumer spending, cost of health insurance benefits, federal taxes, and lack of available capital.

How are businesses addressing these concerns?
According to the survey, 37% are implementing new advertising and marketing strategies, 34% are expanding internet and e-commerce capabilities, and 30% are forming strategic alliances.

In reviewing this study, it appears that business owners are feeling a lack of control over the business environment. Business owners can increase their sense of control through the following initiatives:

1. Review/Revise or Develop your Business Plan. Pull your business plan out of the drawer and review it. Does it reflect your current business, or does it need to be updated? If you do not have one, now is the time to develop one.  It's time to think strategically about your business.

2. Refine or Develop your Marketing Plan. Given today's competitive marketplace, you need to have a marketing plan that effectively addresses your market, competition, market segmentation approach, marketing strategies, and metrics for measuring your success.  All of your marketing activities should work in concert to drive business for your company.

3. Develop relationships with your banking, accounting and finance professionals now. This will help position your firm so you have the relationships in place when you need to secure financing for your business. 

4. Develop a plan for retaining and engaging your employees.  It is important that you take good care of your employees and focus on creating a positive work environment to retain top talent.  The Cincinnati Enquirer recently conducted a survey of top workplaces in Greater Cincinnati.  The common denominator among top ranked firms included fostering cultures of trust, values, ethics and open communication.  Does your culture reflect these types of values? 

One key to growing and sustaining your business is working smarter and leveraging knowledge. As we say in our house, we all need to get better every day. Please feel free to drop me a line at chrissann@blacklabventures.com if you would like to share additional ideas.