When you’re deep in the day-to-day of your own business, you might be surprised to find that most B2B service businesses follow the same “lifecycle.” Including yours! Recognizing this is the first step toward reaching your next level of success. Because it means you can follow a blueprint of what other business owners before you have done to find their fortune. It begins with pinpointing exactly where your business is currently in the lifecycle of a business. In other words, what stage of growth your business is in. What are the stages of growth? There are four stages of growth that every business falls into: 1. Startup Phase 2. Growth Phase 3. Stabilization Phase … [Read more...]
Small Business Articles on Performance Measures
Read small business articles from the Anchor Advisors team for best practices on building and improving your organization's performance measures. Go back to all Articles »
“Is this your best work?”
I recently read a story about an editor who worked on a book manuscript. She finished editing it and turned it in to the publisher, who paid her the agreed-upon fee. Later she found out that the publisher chose not to publish the book and she was crestfallen. “All that work for nothing,” she said. But of course it wasn’t for nothing; she got paid her normal fee. So why was she so disappointed? I bet this very situation plays itself out in your business, too. Maybe you don’t publish books, but I’ll bet your team members write reports, develop presentations or proposals and turn them into you only to have you rewrite them, edit over them or not even use them. Yes, they get paid for that … [Read more...]
Why is my business growth stuck? Natural barriers to growth in the business lifecycle.
Just like children, businesses grow through predictable phases. We start life as baby startups, then progress to raging growth companies, before settling into a more stable “adult” phase. But as we cross each of those growth stages things change -- and if we don't change with them our growth can get stuck. Here’s my version of this story (based mainly on the growth of B2B service businesses). Baby startup Once upon a time, you had an idea. It wasn’t your first idea, you’ve had many business ideas, but this one came at a time when you were feeling particularly frustrated (or desperate) and needed a change. So you started working on your idea, and before you knew it, you were in business … [Read more...]
The key to organic business growth: Don’t let your business get stagnant
"What is the difference between a living thing and a dead thing? In the medical world, a clinical definition of death is a body that does not change. Change is life. Stagnation is death. If you don't change, you die. It's that simple. It's that scary." - Leonard Sweet Let's face it. The last four or five years have not been boom years for small business. If your business is growing; well done. You are beating the averages. But for most businesses with 20 or fewer employees, while we are back to pre-recession levels, growth has been elusive. There are loads of reasons for this, many of which are beyond our control. But one of the strengths of being a small business is that we actually … [Read more...]
Top 5 Predictions for Small Business in 2015 (and how to prepare)
Based on the broad economic indicators 2015 is shaping up to be a terrific year for the US economy. The question is, for most business owners, "What will that mean for mybusiness?" A robust economy generally means that our customers have more money to spend, so our sales pipelines might start to really move again. But all that demand can also drive up our costs; and that can mean that we end up working harder to make the same money. While I don't have a crystal ball, I do have an opportunity to see inside a number of real businesses. Working from that angle, I've drawn some conclusions about where I see businesses going in 2015. Here they are: My 5 Bold Predictions for 2015: 1. More … [Read more...]
How do I know it’s time to hire?
One of the most agonizing decisions that a business owner has to make is deciding when to hire a new employee. It's a huge risk! You're bringing on additional salary, you have the cost and distraction of the search, there's training the new person... And what if they don't work out? It's a difficult process On the other hand, if you have work coming in and paying clients, that have given you their money, but you don't have enough people to service them, you have a different problem. You're risking disappointing customers, losing out on referrals and you end up spending your nights and weekends digging yourself out of that hole. So how do you know if it's time to hire a new employee … [Read more...]
Reality Check: What Is Social Media Doing For You?
When social marketing was first introduced, we all jumped onboard just because it was thing to do. We were told it would do great things for our businesses - but we didn't really know. It was giant experiment that brought about one of two results: Some businesses cashed in big time. Some businesses saw no or little return. If your businesses has seen a return - as in, you figured out a way to convert online relationships into actual business - kudos! Seriously, that is awesome! But if you haven't seen a return, it's time to regroup. Is your social strategy sound? Are you engaging in best practices? If so, and you aren't seeing a return, it's time to move on - apply those … [Read more...]
Bring in the firing squad?
You're excited about the promise of a new year and what it will hold for you and your business. But then you get back to reality and realize ... "It's hard to soar like an eagle when you are surrounded by a bunch of turkeys!" Well, it's not really the whole crew, it's just that one. It's so infuriating; he's well liked, loyal, mostly dependable, sometimes competent but certainly not always ... Now, I'm going to assume you are a strong leader and that you hire properly, so that's not the issue. But even with the strongest leadership and best hiring practices, sometimes employees don't work out. And when one or more people aren't working out for whatever reason, you have to take action. … [Read more...]
10 surefire ways to destroy your business
Building and growing a business is hard work! You have to build a strong team, nurture client relationships, be strategic, turn a profit ... the list goes on. You know what's easier? Tearing your whole business apart. So, if you'd rather go that route, here are 10 ways you can destroy your business in no time at all. 1. Hire friends and relatives. It's not just that they aren't really qualified, but the whole relationship is set up to fail from the start. You won't be able to hold them accountable and the rest of the organization will assume they aren't competent and that they receive special privileges. 2. Don't keep any sort of customer/prospect database. Why would you want any … [Read more...]
Website: Show Me The Money
Ten years ago, our goal was to have an "Internet presence." Why? Just because. So we put up our drab-looking, copy-heavy, hard-to-find websites with a goal of being nothing more than "present." And we were good with that. But today, just being"present" doesn't cut it. The Internet has evolved and so has what we expect - or should expect - from it. These days, we aim for our websites not to merely exist ... but to work hard for us and make us money. Now you may be thinking, "Oh, you must be talking about companies that sell products. That's not me. I run a service business." You know what? I am talking to you! No matter what kind of business or organization you operate, your website … [Read more...]