How do you compare with other small businesses?

I recently surveyed a population of small business owners to learn more about how they run their companies. Here is what I found.

Very few have figured out how to utilize social media in their business and those that do, did not have a focused approach or measurement of success. They value promotional products but feel they can no longer afford them.

Only a handful had a personal relationship with their banker, fixed their own computers when broken, or called their “brother-in-law. They are not expecting to add staff this year and have no plans for renovation.

Everyone’s desire was to generate new business but few had created a formalized plan to do so.

Sound like you?

If so, you are typical of most small business owners. If any of these companies hired me as their business coach, I would recommend the following:

1. Every company needs social media. But it should be customized to the business needs. Research, talk to people or hire a specialist to make sure you are moving in the right direction. And, remember, it takes time! Overnight successes are far and few between.

2. Establish a relationship with your local banker. Even if you don’t have high transactional banking needs you will be surprised how many people your banker knows that may be a great customer or vendor for your company.

3. Look for a computer support resource. The time you spend on repairs, restoration or disaster recovery could be spent generating sales. Outsource to a professional who understands the value of “down time”.

4. Focus your business efforts. Whether you create a 10 page business plan or jot it down on legal pad, keep it focused on measureable results. Marketing efforts like: networking, direct mail and emails are more effective when they have an end goal in mind.

Make sure you keep it simple when running your business. Establish a revenue goal within a specific timeline, identify the most efficient way to reach it and then as Nike suggests “Just do it”.