This month I am writing a series of posts on Your Next Best Three Steps for 2011 – or a quick guide to help you put the systems or “habits” in place to support your business growth goals. Click here to read Step 1, last week’s post on creating growth goals.
Resources are the fuels that drive your business forward. Depending on the nature of your business and whether you need to launch new products, marketing budgets are typically 10-15% of sales. While cash and inventory come first to mind, other critical resources are your talent (yours and your employees/contractors), your reputation, your brand, your partners and your clients.
For entrepreneurs, your most important resource is your time as the CEO. A recent study conducted by SunTrust Bank extracted the best practices of successful small businesses (those with growth at greater than 20% per year). In these companies, the CEO dedicated at least 20% of his or her time to growth activities.
So, your best New Year action is to block out either one-day per week or two hours per day on your calendar to sales and marketing activities:
And don’t forget to dedicate time to gaining additional resource fuel either via hiring sales people (or commission based reps), offloading administrative tasks to free up your time for sales/marketing, partnering with other companies on co-marketing with other non-competing businesses selling to the same target market.
Next Week: Step 3 Generating Meaningful Metrics