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How to Grow Your Small Business in Any Economy, Part 2

How to Grow Your Small Business in Any Economy, Part 2

    Worried about growing your business during the recession? You don’t have to be. Make a few smart tweaks and your business will do more than just survive.

    The media attention placed on the recession could make almost anyone doubt a decision to enter the world of small-business ownership. But the fact is, if you focus your attention on the right things, your business can actually grow, even in challenging economic times.

    In “How to Grow Your Small Business in Any Economy, Part 1,” I focused on the mindset piece — getting your head in the right place for success. This week, I turn to more “nuts and bolts” subject matter to show you how you can increase your business stability and get your business growing.

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    Smart Strategies for Small Business

    Leverage all the profit centers in your business:

    Your business — every business — has hidden profit centers. You’ve probably got former clients who can be reactivated, points of impact where you can improve, processes that can be optimized, advertising that can be improved, passive streams of income that are literally waiting to be discovered. Leverage those profit centers and you could see an increase in profit that’s virtually unlimited!

    Protect Yourself:

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    A lot of small-business owners skip crucial elements to business success. I can’t tell you how many clients have come to me, a few years into their businesses, without having set up their companies with the Secretary of State, the IRS, or having met with an attorney to help them set up their operating agreements. These are things that could get you in a lot of trouble if you don’t do them the right way.

    Don’t Miss Critical Elements:

    There are other steps that won’t necessarily get you into legal trouble, but may cause headaches. Branding is an excellent example of one of the most missed steps in small business and can make or break your company. And, if you’re marketing to the wrong crowd, you’ll waste time and money. Get it right from the start, and you’ll achieve success faster.

    Do Your Research:

    Market research can save you a lot of time and heartache. Before you head into any business startup, you want to know your target market inside out. The questions you want to answer are:

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    • Who is my target market?
    • What keeps them up at night?
    • What can I deliver that solves their problems?
    • If I deliver what they want, will they buy it?

    Leverage Low-Cost, High-Impact Marketing Methods:

    A lot of new entrepreneurs develop complicated, expensive marketing campaigns without knowing what will really bring the biggest bang for their buck. There are countless inexpensive, high-impact marketing methods, and with the power of the Internet literally at our fingertips, it’s easier now than ever to build awareness for your brand.

    Plus, you really want to focus only on the strategies that will bring in the most business, and optimize them as much as possible to increase their effectiveness.

    Grow the Right Way:

    Adopt a “leap-frogging” approach to growing your business. Start your business using a low-risk business model and build from there, using the income to fund expansion and growth. This approach almost always allows my clients to start their own businesses without seeking any type of funding from lending institutions, venture capitalists or other investors.

    Get the Right Help:

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    Whatever stage you’re in with your business, choose to work with professionals who bring value to your business. The ideal business consultant is someone who understands different business models and can help you figure out the model that suits you best, help you uncover all the potential profit centers in your business, and show you how to increase your overall profitability. Work one-on-one with them to develop a sound business model and a strong brand with a viable, long-term marketing strategy and ask them to connect you to other professionals you need.


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    Susan Baroncini-Moe

    Susan Baroncini-Moe is an executive coach and business leader with over sixteen years’ experience.

    How to Find Your Entrepreneurial Passion and Purpose How to Hire A Web Design Firm Are You Having A Scarcity Conversation? 5 Topics To Address When Talking With Your Partner About Starting A Business How to Stay Motivated and On-Track When You’re Struggling

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    Last Updated on October 13, 2020

    How to Get Promoted When You Feel Stuck in Your Current Position

    How to Get Promoted When You Feel Stuck in Your Current Position

    Have you been stuck in the same position for too long and don’t really know how to get promoted and advance your career?

    Feeling stuck could be caused by a variety of things:

    • Taking a job for the money
    • Staying with an employer that no longer aligns with your values
    • Realizing that you landed yourself in the wrong career
    • Not feeling valued or feeling underutilized
    • Taking a position without a full understanding of the role

    There are many other reasons why you may be feeling this way, but let’s focus instead on learning what to do now in order to get unstuck and get promoted

    One of the best ways to get promoted is by showing how you add value to your organization. Did you make money, save money, improve a process, or do some other amazing thing? How else might you demonstrate added value?

    Let’s dive right in to how to get promoted when you feel stuck in your current position.

    1. Be a Mentor

    When I supervised students, I used to warm them — tongue in cheek, of course — about getting really good at their job.

    “Be careful not to get too good at this, or you’ll never get to do anything else.”

    This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some truth in doing something so well that your manager doesn’t trust anyone else to do it.

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    This can get you stuck.

    Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:

    “Think back to a time when you really enjoyed your current role…You became known for doing your job so well that you built up some strong ‘personal brand’ equity, and people know you as the go-to-person for this particular job. That’s what we call ‘a good problem to have’: you did a really good job of building a positive perception about your suitability for the role, but you may have done ‘too’ good of a job!”[1]

    With this in mind, how do you prove to your employer that you can add value by being promoted?

    From Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

    Consider leveraging your strengths and skills.

    Let’s say that the project you do so well is hiring and training new entry-level employees. You have to post the job listing, read and review resumes, schedule interviews, make hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

    Are there any team members who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

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    1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
    2. As a mentor to a supervisee or colleague, you empower them to increase their job skills.
    3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job and creating team players.

    Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

    2. Work on Your Mindset

    Another reason you may feel stuck in a position is explained through this quote:

    “If you feel stuck at a job you used to love, it’s normally you—not the job—who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”[2]

    In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings to help you learn how to get promoted. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

    Don’t express frustration. Express a desire for more.

    Present your case and show your boss or supervisor that you want to be challenged, and you want to move up. You want more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and the positive mindset you’ve cultivated.

    3. Improve Your Soft Skills

    When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills[3].

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    Use soft skills when learning how to get promoted.

      According to research, improving soft skills can boost productivity and retention 12 percent and deliver a 250 percent return on investment based on higher productivity and retention[4]. Those are only some of the benefits for both you and your employer when you want to learn how to get promoted.

      You can hone these skills and increase your chances of promotion into a leadership role by taking courses or seminars.

      Furthermore, you don’t necessarily need to request funding from your supervisor. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

      Another way to improve your soft skills is by connecting with an employee at your organization who has a position similar to the one you want.

      Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of their meetings. Offer to take that individual out for coffee and ask what their secret is! Take copious notes, and then immerse yourself in the learning.

      The key here is not to copy your new mentor. Rather, you want to observe, learn, and then adapt according to your strengths.

      4. Develop Your Strategy

      Do you even know specifically why you want to learn how to get promoted? Do you see a future at this company? Do you have a one-year, five-year, or ten-year plan for your career path? How often do you consider your “why” and insure that it aligns with your “what”?

      Sit down and make an old-fashioned pro and con list.

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      Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

      Look at your lists and choose the most exciting pros and the most frustrating cons. Do those two pros make the cons worth it? If you can’t answer that question with a “yes,” then getting promoted at your current organization may not be what you really want[5].

      The two most important days in your life are the day you are born and the day you find out why. —Mark Twain

      Here are some questions to ask yourself:

      • Why do you do what you do?
      • What thrills you about your current job role or career?
      • What does a great day look like?
      • What does success look and feel like beyond the paycheck?
      • How do you want to feel about your impact on the world when you retire?

      Define success to get promoted

        These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your work friends over coffee.

        Final Thoughts

        After considering all of these points and doing your best to learn how to get promoted, what you might find is that being stuck is your choice. Then, you can set yourself on the path of moving up where you are, or moving on to something different.

        Because sometimes the real promotion is finding your life’s purpose.

        More Tips on How to Get Promoted

        Featured photo credit: Razvan Chisu via unsplash.com

        Reference

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