When you own your own business, it doesn’t take long to realize that there is a lot to learn. Many business owners ask me how a small business owner can improve their business. You may want to know the best ways to grow your business, how to hire and retain employees, how to be more profitable, or how to work less hours. There are many options available to you as a business owner.
Use Some of These Approaches to Grow Your Profits by up to 1,500%
Over the years I’ve had the opportunity to lead a number of business mentoring approaches to pursue the improvement of my own businesses and my client’s businesses. Here are ten ways a small business owner can improve their businesses. Some of these options have grown my client’s businesses by more than 400% and their profits by more than 1,500%!
- One-on-one business coaching. In this scenario you are working with a professional business coach who will meet with you on a regular basis to review your business performance, help you set goals, and hold you accountable to your objectives.
- One-on-one small business consulting. A consultant is usually focused on a narrow area of your business for a short period of time. For example, let’s say that you need help with developing operational software to streamline your processes. You would hire the consultant to complete the job and then you’re done with them.
- Business coaching program. A program is a series of activities with an end goal in mind. In this context the business coach develops a series of lessons for the client that directs you to improve your business in a certain area. For example, let’s say that you are interested in learning about marketing your business so that you can grow. The coach would teach you how to market.
- Business coaching packages. Packages are a variety of services or products that are included in a “bundle.” In our case we have packages that include coaching you in 21 areas of business in the categories of time, team and money. These are especially helpful to you as a small business owner as your business grows and develops through various stages towards business freedom.
- Custom business coaching. Custom business coaching is the ability to create a unique coaching solution for the varied needs you may have as a business owner. Some business coaches with little experience may be strong in a certain area of business, but quickly run out of helpful advice when they encounter a new type of business or a unique problem. The ability to customize coaching services is a helpful advantage to you as a client.
- Group business coaching. Some business owners may not be able to afford a one-on-one business coach. Additionally, many issues that business owners face are common. Group business coaching can be a good solution for you. Your coach meets weekly online or monthly face-to-face with 5 to 10 non-competing business owners and takes your group through teaching modules. Business owners can share their experiences with others in this format.
- Mastermind business groups. With a mastermind group the focus is on the sharing of knowledge from other business owners and the coach in the group. Usually the coach will include a one-on-one monthly session for you and the group members.
- Business referral groups. These are groups that meet on a regular basis for the purpose of giving and getting referrals. The largest, most well-known referral group is BNI. Sometimes an educational component is also included in these groups, especially in the area of networking.
- Peer-to-Peer mentoring. Improving your business does not necessarily need to be in a formal setting. If you are on a tight budget, you can simply meet with another business owner to share and receive knowledge and to hold one another accountable.
- Self-Development. Last but not least is forming the habit of developing yourself through books, videos, seminars, webinars, workshops and audio books. You can select offerings on any area of business you choose.
As you can see, there are many options available to small business owners who want to improve their businesses. Each of these options work, some better than others. But all can give you a return on investment. What has worked well for you? What has not worked? Let us know your thoughts and experiences in our comments area below.