Which President Would Have the Biggest Impact on Your Business?

I know.  This is pretty heady stuff for a guy like me.  I figured if Honey Boo Boo and Lindsey Lohan could throw their opinion into the hat, so could I.  

   My answer should not be surprising.  The answer is, the president of your company, or in simpler terms, you.  

   Yes, taxes, regulations, healthcare, and the economy have asignificant impact on your business; however, they pale in comparison to the impact you have.

   Let’s take a look at each area of your business and what you bring to the table as the Commander-In-Chief:

Marketing

(Do at least 1-3 things every day)

   Use a calendar, your smart phone, or a string on your finger, if necessary, to remember to do one to three things every day, to promote your business.

·         Knock on doors, call, email, or send direct mail to prospective customers.

·          Attend at least two networking events per week.

·          Call existing clients and ask for more work or referrals.

·          Partner with another business, in a different industry that has similar customers, and send each other referrals.

·          Offer to do any type of speech or seminar on a specific topic (not a sales pitch) for free.

Management

(Get organized and more efficient)

   We lose a lot of time and productivity putting out fires.  Look for some ways to minimize your chaos.

·         Create Clear Responsibilities - Real business management means knowing who is responsible for what.

·         Delegate and/or Outsource - Delegating and outsourcing cannot only improve your business’ management, but also improve your revenue.  

·         Make Business Planning Priority #1 - “I’m so busy I don’t have time to plan.” If this is your M.O., take another look at your work style. Successful small business owners spend time every day on business planning.

 

Review the Bottom Line

(Trim more fat)

·         Vendor discounts – Most vendors will offer a 1% - 5% discount for paying within a certain period of time.

·         Lower your inventory levels - Getting a large number of products in one shipment might seem like a good deal, but small businesses can’t afford to tie up too much of their working capital in inventory.

·         Reduce personal use of business funds – I know it’s not that much.  Really it’s not.  But, it is more than you think.

   Now let me be clear, the President of the United States matters very much to your life, liberty, and your pursuit of happiness.  They also matter very much to your business; just not as much as you matter to your business.  Now with that being said, you should cast your ballot on November 6th, and plan for your business’ success today.