Creating Opportunities for your Small Business

Are you waiting for your small business to get ‘lucky’? Stop waiting and start creating opportunities. Don’t get hung up on looking for ‘big’ opportunities – making the right small change can produce big results.

“Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas Edison

The following 10 areas are places that you can start to look today for opportunities for your small business.

10 Places to look for new opportunities.

1. Your Customers

Find opportunities through your existing customers.

  • Ask your customers what they like, what they don’t like and what else they would pay for.
  • Sell a […]

What is a Business Strategy?

The phrase ‘Business Strategy’ can sound both impressive and important but it also often sounds vague and detached.

Business Strategy Defined

There is a lot of jargon that surrounds business strategy but put simply:

Business Strategy is the overall, long-term plan of an organisation to fulfil it’s purpose.

A business strategy is not the same as a business plan. A business strategy is based on a longer timescale and may incorporate multiple business plans. For example, a cleaning company may have a one year business plan for it’s domestic business and another one year plan for it’s commercial business whilst it’s 5 year business strategy […]

5 Keys to Small Business Growth

Understanding the barriers to small business growth is important. Often small businesses concentrate on the external factors affecting growth but fail to recognise the important internal factors.

To grow your small business over time you will need to:

  1. Create: a product/service
  2. Manage (or Direct): the business
  3. Delegate: to employees
  4. Co-ordinate: activities
  5. Collaborate: flexibly across teams

Greiner’s organisational growth model (Larry Greiner, 1972) shown below consists of these 5 consecutive phases of business growth – Creativity, Direction (Management), Delegation, Co-ordination and Collaboration.

Within each phase of growth Greiner observed that there is a period of growth through evolution followed by a crisis and then a period of growth through revolution.  To understand the model it is important […]