So we are familar with doing valuations for properties and knowing what things are worth. However, if you are a small buisness person, what is your value? Not just the items in the business place, but your overall worth? When was the last time you did an assessment of your skill set to determine where your true value lies? Well, success coach, Kerrie Ann Richards has built a business helping persons determine where their value lie. And so we reached out to Richards to understand how 2018 can become a better than ever New Year.
After many years at the Branson Entreprenuership Centre, Richards notes that there are typically three New Year’s resolutions for small businesses: (1) I will charge what I’m worth (2) I will make business strategizing a weekly event (3) I will drop what’s not working and move on.
I will charge what I’m worth
“As a small business there is a notion that in order to remain competitive you need to charge below industry rates,” Richards explains. She states that it is a false notion. “If you know that you are providing services and products that can stand shoulder to shoulder with comparables on the international market then why charge less?” Richards notes that in this digital age the competitive landscape is much smaller than before. “If you are finding it hard to make ends meet at the prices you know you are worth then reevaluate your target market and strategy to reach them. Remember that more often than not your social circle will not have enough buyers to sustain your business and many will be looking for a discount.” Richards adds, “On a personal note: I no longer offer discounts in my business, I offer additional value. I don’t want people to get used to getting discounts because when they dont get it they will go to a competitor. They will then see the value of what I offer is far greater than the costs they were initially complaining about.”
I will make business strategizing a weekly event
“Life is easier with a playbook,” Richards explains. “As a small business owner you will have set out annual goals and broken those down into objectives and then strategies and tasks. The strategies and tasks are the real work and if you are making sure that the real work is being done then Quarterly and Annual Reviews will be more rewarding. Your team will also feel a great sense of ownership when they are a part of the weekly strategy meeting.” Therefore, Richards offers these ways of making accountability easier to manage:
- Agree on a day and time for these meetings
- In the digital age your team may be remote so set up a recurring web conference link
- Agree on the simple agenda. Measure the real value of every item on the agenda.
- Keep the meeting short and more decision oriented. Reserve updates for emails or even better a Tracker that all team member feed into.
I will drop what’s not working and move on
Richards notes, “As a small business time and money are scarce and whilst it is good to learn lessons and move quickly it is also important to identify when a direction/product/idea is not working. If you have been doing your weekly strategy sessions, by the first quarterly review all the parts that are not working will become evident. If the activity doesn’t contribute to a time or money saving or increase customer base or revenue then it may be a waste of resources. As a small business owner you sometimes have to be brutal, you simply do not have the resources to waste.” That said, for small businesses, Richards notes that quarterly accountability coaching circles are a trend that helps small businesses to grow. And it is a service that Richards offers to her clients. She adds, “As a small business owner there are enough challenges facing you, this is the time to whip your business into shape. Charge what you are worth, keep a close eye on your daily operations and make sure they match the annual and quarterly strategy and discard what no longer serves you.”