Tips to grow your small business, real estate or otherwise

Small businesses are the engines and drivers of job creation in the times in which we live. Their value and the role they play in our economy is sometimes underestimated because, they are in fact, small. But the truth is there’s nothing small about the impact they have on our economy.

Sometimes it might be hard to envision your small, budding business that you currently struggle with, taking on mammoth size proportions. However, this reality is not out of reach. If the work is put in, when you think about the running of your business critically, and put in the structures and conditions necessary for growth, the blossoming of your business is a given.

First off, if you run a small business, you have to realize that you are the business. Your business starts with you. You are the propelling force for all the action in your business. You then have to take the time really, to carve out the “why”. Literally, put this to paper, and stick it to heart and carry it with you always by setting it out in paper, your why. Why did you start the small business, who did you start it for, who benefits the most from your business, what value is offered through your business? Most people really don’t take the time to think through this and do this, but it’s absolutely vital. It’s not enough to think, “I retail farm produce and I’m going to sell it on Instagram, people definitely need to eat”, that in itself won’t cut it. Who is the customer that you’re really going after? How exactly are you going to market to them, cater to their needs, engage them at their price points, and cater to their concerns and their seasonalities?

It’s then very key to afterwards look at your customer service ideals. Given that loyal customers are much easier to sell to, make good customer service a priority. Examine your current customer service and make the changes that need to be made to ensure that your small business is providing service superior to that of your competitors, whether it be investing in staff training, revamping or making basic improvements such as responding promptly to voice mail or email from customers.

Use word of mouth and the power of referrals to then build your business. As watered down as some try to make this feel, the power of word of mouth and referrals are two combustible combos that can make for favourable explosions for your business. People believe and buy into people, not brands or businesses. There’s something humane about an external, unaffiliated person being the advocate of your business, this resonates with other humans and make them want to identify with your business. So, tap into this combustible power.

Whether you operate your business in a small community or in a large urban centre, word of mouth is more important than ever for business. Most consumers turn to the net to search for reviews of businesses before deciding where to shop, so building a good reputation is vital to the success of your business. How do you get positive word of mouth? By providing good, professional service, as well as building and monitoring your local (and online) reputation. Also, no one can hype and will be passionate about your business as much as you. So be your own hype-man and amplifier by word of mouth reach, which is still amazingly potent.

It’s always vital to understand how leverage works and use the power of people. Being too small is not honourable anymore. There’s no working around it that money has to be spent, use the money that you’re making on some clients to invest back and hire other smart people to work with you so that you can do more business by means of this delegation. Too many people take too much money off the table too early, and they worry too much about profitability to start. For the first couple of years, do not set high expectations for returns. You would have to keep re-investing in the business, build and grow, and you do that by using other people.

When it comes to time utilization, asides leveraging people, you also have to leverage technology to be successful today because there are so many other businesses, so much competition. There’s so much going on at all times, including a 24-hour news cycle, so you need to work smarter and not harder. Engage tech that helps you perform more efficiently, staying on top of things.

It’s also vital to protect and never overlook your overall health. No one goes to the grave wishing they had spent more time in the office. Too many business owners sacrifice their mental and physical health, family relationships, and friends in pursuit of their business goals. Don’t be one of them – find an acceptable level of work-life balance. Getting enough sleep, taking time for family and friends, and getting regular exercise will help you stay healthy and allow you and your business to prosper over the long term.

Success for small business is not a given. If you want your small business to be more successful this year, you need to make the necessary changes to bring that about. That work may be as simple as investing in a new tool or as difficult as changing your thinking about some of your business processes. But you haven’t brought your business this far to just let it stagnate, else it would have all been for nothing.