Has your business been floundering a bit?
Every entrepreneur runs into rough patches and even gets a little burned out. But as we move into a new year, it’s a good time to consider how you can jump start your business.
Here are seven ideas that can help you re-energize your business — and yourself.
1. Figure Out What’s Most Important
Too often, we get bogged down in the little things. It’s easy to focus on the current annoyance or problem. However, the things you’re spending your time on might not offer the best returns.
Take a step back and apply the Pareto principle to your business. Consider that 20% of your actions yield 80% of your results. Figure out what’s most important to your business growth and focus on those items. You might be surprised at how that can jump start your business in the coming year.
2. Outsource the Mundane
When you’ve been bootstrapping for so long, it’s easy to think that you have to do everything. After all, the best way to save money for your business is to DIY.
Unfortunately, that can lead to becoming overwhelmed by all the day-to-day tasks involved in running a business. On top of that, you might be doing things you’re not great at, reducing your overall efficiency.
Review all the things you’ve got on your plate. Are there some things that can be outsourced or delegated to someone who will do them better? Once you get those other things off your plate, you’ll feel new energy. Plus, you’ll end up with more time to focus on big-picture things that will jump start your business.
3. Fire Problem Clients or Customers
It’s hard to say goodbye to money. But are you working too hard to please clients or customers that are un-pleasable?
There are some clients that just take up a lot of time and energy — and they’re never satisfied. Evaluate how much you’re making from these clients, and compare it to the cost of working with them. You might be surprised to discover that these clients are costing you more than they’re worth.
Get rid of the biggest problems and focus on the relationships that are mutually beneficial. Plus, when you get rid of the most problematic clients or customers, you free up more space for new clients that can help you jump start your business.
4. Streamline Your Meetings
Nothing can momentum like a boring, unnecessary meeting. Review your company’s meeting culture. Are there ways to reduce the number of meetings held? Can you make them more efficient by tweaking the agenda and having mechanisms in place to keep people on task?
Too often meetings are designed to help people feel busy, rather than actually get anything done. Consider using tools like Slack and Asana to manage projects and communicate, rather than fixating on time-consuming meetings.
5. Implement Systems in Your Business
Setting up a system can take time at first, but in the long run, it can lead to solid benefits and help you jump start your business.
Good systems can help your employees handle problems and work more efficiently. Additionally, there are a lot of tools available today that can allow you to automatic some of your business functions.
Review your business structure and how you make decisions. Think about ways you could implement new systems to help you boost efficiency. Good systems help you follow a workflow and take the guesswork out of what’s next.
6. Find Your Specialty
Look at your situation and identify a specialty. Is there something you could offer that niches down?
If you try to offer too much, you wind up providing products or services that might be mediocre or that you can’t price very high. On the other hand, our society places a premium on specialty.
Figure out what you can offer that stands out and that focuses on a niche. You might end up with a smaller base, but at the same time, you could actually increase profits because your offerings will be perceived as being more valuable.
Consider this balance, and niche down. You’ll free up your energy to focus on more profitability and quality.
7. Take Care of Yourself
If you really want to jump start your business this year, make sure you engage in self-care. Burning yourself out will only slow you down — and you’ll lose your enthusiasm for what you’re doing. You want to maintain the traits that make you a great entrepreneur.
Revisit your “why” and take a short break to re-align your business with your values. Then, take steps to provide yourself with regular self-care so you can feel refreshed each day.
As you care for yourself and look for ways to tweak your business this year, you’ll experience new enthusiasm and be ready to take your business to the next level.