The Michael Giannulis Mantra for SME Owners for Making Their Businesses Flourish
Every business owner wants to make his business successful and on a high growth path. However, they often tend to get overwhelmed by the need to take care of multiple things at the same time, get bogged down in operational details, and lose sight of the big picture. A few useful tips for sustaining the business and making it grow fast:
Get Yourself Organized
Even though business owners often fail to acknowledge it, the failure to organize their priorities is why they cannot get things done on time. You should try and spend some time every day jotting down things to be done and preparing a schedule. Keep on refreshing this list as and when you remember new things to be done or situations come up. At the end of each day, you can strike off all the things you have done and carry forward the items that are not complete. In case any tasks need to be delegated, this list will help you to become better organized.
Do Not Ignore Bookkeeping, Cautions Michael Giannulis
One of the biggest reasons for business failure is that their owners cannot manage their finances properly. It is because they have no clue as to what the business is earning and spending. On top of that, the generation of invoices gets delayed, which results in an inadvertent extension of the credit period. Failing to pay supplier bills on time can create dissatisfaction, while late payment of credit card dues can waste a lot of money in charges and high rates of interest. Setting up an automated accounting system will help you to stay on top of your finances, and you will be able to balance your cash flow better.
Monitor Your Competition
It is important to keep in mind that every sale that your competitors make is one less sale for you, says Mike Giannulis. By finding out what your competitors are doing better than you in terms of technology, product features, performance, operations, sales and marketing, advertising, etc., you can learn to improve yourself and regain market share. However, you should know that everything your competitors are doing right may not be suitable for a business of your size, and you should use your judgment to make the right decisions.
Properly Evaluate Risks and Rewards
Making your business successful is all about taking a series of risks; however, everything you do doesn’t need to be successful. Therefore, it is vital that you also evaluate the risks associated with any decision so that you can take a proper view on whether you should go ahead or not. It is a good idea not to be overly optimistic and take into account the worst-case scenario when looking at the downside. When you are taking calculated risks, you have a better chance of success; of course, your decisions should not be colored by bias or emotion.
Business owners need to be able to be dispassionate and not let their love for their business get in the way of taking tough decisions. You should always be on the lookout for improving your business and making the best out of every opportunity.