Lately, it seems that news affecting the business climate comes out of Washington or from overseas on an almost daily basis — which makes it difficult for business owners to plan for the future. No matter what the politicians decide to do, however, there are certain strategies that can help you navigate the ever-changing business landscape, says Chris Hurn, CEO of Mercantile Capital Corp. and author of The Entrepreneur’s Secret to Creating Wealth: How the Smartest Business Owners Build Their Fortunes.
“With some merit, analysts are always reviewing contingencies that may change investments by businesses; most recently, the ‘fiscal cliff.’ But there are many ways to invest in your own business regardless of the economic climate,” says Hurn, who sets forth five things you can do to transform your business.
1. Own your own facility. Once your business has three to six years of stability, it may be time to consider commercial property ownership. This natural step forward can bring further stability as well as wealth, especially if you can take advantage of Small Business Administration’s program to offer below-market fixed-rate loans.
2. Nurture yourself. Just because you are successful doesn’t mean there’s nothing left to learn. Identify areas in which you can expand your knowledge and find the business books to help you do that. Set up a reading schedule and stick to it.
3. Improve the culture. Your company’s culture can greatly impact your success and the success of your employees. Find ways to improve that culture. Perhaps there are policies you can implement to improve your employees’ health. A healthy employee is a productive employee.
4. Renew your marketing. Introduce new marketing ideas and update them on a regular basis. Start small and build upon your successes. Consistency and reliability are important for marketing efforts to succeed.
5. Become an expert. Pitch yourself to industry publications and show them you are a source they can rely on. Make yourself available, and media outlets will repeatedly turn to you for expert opinion. This is a great way to get your name out there.
Things can change rapidly in today’s fast-paced business world. But if you can find ways to give your business the shot in the arm it needs, you’ll have the best shot at success.
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