At RLB, we’re passionate about client success. We go beyond traditional accounting services and offer our clients experienced business advisory services. In honour of Small Business Month, some of RLB’s business experts have shared with us their personal secrets for growing your small business.
I offer the following for consideration:
- Define what is most important to you and the other stakeholders in your business;
- You must be able to explain the business to a layperson in an elevator pitch or no more than one minute. Technical jargon can happen behind the scenes;
- Seek advice from trusted advisors. Listening is key; and
- Be curious and be open to the challenges that will inevitably come your way. The next-door neighbour to challenge is opportunity
Focus on what you do best. In construction, my main area of focus, growth in the bottom line comes from tracking all costs by job to see the profitability by job. Then, when possible, taking on more jobs that are generally more profitable for your company while steering clear of lower profit jobs meant to just keep your staff busy during slower periods.
Figure out your strengths and focus on doing and improving there. Doing what you do well will help your business succeed and help you to keep fueling your passion. Your weaknesses shouldn’t be ignored but are good areas for finding help. Friends, family, outside advisors, mentors can provide support and expertise to assist with the important things your business needs beyond where you can best contribute
One piece of advice I would give is regarding building your team and leveraging your resources. Many times, business owners try to do everything themselves without asking for help. Sometimes they are spending their time on items that could be easily delegated to others to ensure they are focusing on the right things. From a resource perspective, there are many people out there that are willing to help and have been through it before. I would encourage business owners to discuss with friends and family that have businesses, connections from business networking, and business professionals to get their advice and insights.
Interested in receiving advisory services for your unique business situation? Connect with one of our experts today to learn more.