Entrepreneurs, Entrepreneurship, Business, Small Business, etc. All these words are deeply related to improvement. The primary task of each entrepreneur or manager is to improve their business. There are always some possibilities for business improvement and better business results. Which are those essential elements that can and should we start improving today?
The process of improvement can be related to all business aspects, and it is not a limited space. Any improvement could lead to a butterfly effect on the overall company.
The following elements we as entrepreneurs can start improving today:
1. Improve Yourself as an Entrepreneur to Improve Your Business Results
An entrepreneur is a central figure in each company. Even today you can begin to improve yourself. We as entrepreneurs with each passing day gain new experience, new knowledge, new skills, and new habits, which lead to our better behavior for tomorrow. You just really want to absorb all this new knowledge and experiences and to apply them in everyday work. If you don’t use the new experience, new knowledge, new skills, and new habits you cannot improve your business results. Remember that you want to build the business, not the product.
2. Through Better Marketing to Better Business Results
Marketing is one of the most critical activities in every company. Maybe you are not aware of how you can improve your marketing activities with just simply monitoring the results of each activity. With the change in marketing, we will get changes in the business results. If any marketing activity improves little, it will bring a vast percentage will improve business results. Also, check these 100 marketing ideas for your small business. Here are some tips:
- Make market research.
- Start with building and improving your credibility.
- Drop all marketing activities that give poor or don’t give any results.
- Use the 80/20 rule.
- Try different marketing media.
- Transfer a huge part of marketing activities on the Internet.
- Measure the results of each activity and make a needed change.
- Check different ads and copywriting and continue with those which provide the greatest conversation rate.
If you take a look only at these things today and begin to apply the change from tomorrow, the improved business results are guaranteed.
3. Your Strategy is Important for Your Business Results
As the third element that can be improved today is a strategy. I chose a strategy because it is easiest to change and improve. Changing the strategy is the easiest and the most powerful way to change business results. The strategy simply is something that shows us the roadmap for the movement of our company in the future. Wikipedia defines a strategy as:
a plan of action designed to achieve a particular goal. Strategy deals with the how part rather than the what.
Here are some tips to start improving the strategy today:
- Consider the whole business objectives start using business experiments.
- Do you practice a strategy and implement action steps that will lead to the achievement of those objectives?
- Try to find other pathways that lead to the accomplishment of the same or higher objectives.
- Be decisive about changing all that you believe is right. If you fail in this don’t panic, you will improve the first element – you, the entrepreneur.
4. Your Business Model Define Your Future Results
Possibilities for improving the business model of a company are unlimited. First, it is quite simple, it is fully under the control of entrepreneurs and improvement can bring excellent business results. The business model simply is the way of doing business. Each company has its own business model.
Here are some tips:
- Make a graphical presentation of the business model of your company (you can use the tool Gliffy)
- Look at the graphics and note possible ideas for improvement. Don’t think about the importance or priority at this stage. Only record everything you think that will need to be improved.
- Prioritize your business model improvement ideas and start working on one to three most important for your small business.
- Make a new business model with noted possibilities for improvements.
- Tomorrow It shall be the official new business model.
5. Improve All Three Business Capitals if You Want Better Business Results
When it comes to your business capital, I don’t think only of financial capital, but also of the human and intellectual capital of your company. I believe that financial capital is clear and we all understand it because it refers to how much money and how much financial power our company has. However, financial capital does not mean the success of the company automatically without the next two – human and intellectual capital.
One of the major mistakes that make entrepreneurs is when they are focusing on the improvement of their financial capital without the other capitals because it is easier to analyze, and they already have tools like cash flow analysis, profit and loss analysis, financial statements, etc.
Human capital relies on the people who work in the company and their accumulated knowledge and skills to accomplish business tasks. Here we talk about their competence to do their job and improve your business operations on an everyday level. It is important for you to define clear steps as a part of your human resource management and positive work environment.
Intellectual capital is the intellectual property of the company such as rules, procedures, behavior, organizational culture, etc. This capital refers to the question of how we utilize human and financial capital. This means how we use the knowledge, experience, and skills of people and money to develop our company.
- Some advice for improvements in this area:
- Think about the current state of financial, human, and intellectual capital.
- Note all the strengths and weaknesses.
- Create a strategy to overcome the weaknesses and reinforce the strengths.
- Tomorrow start implementing the improvement.
These are only five business elements that you really can improve today and tomorrow to have a business that really would be improved and will enable the achievement of more significant results.