It’s almost here: “Small Business Saturday.” The day has to be BIG if I’m writing about it; I tend to stay away from Big Business topics because I believe small business can outperform the rest. But is it something your business should focus on more? Or are there more profitable ways to ensure business success? We tell all.
Small Business Saturday in a Nutshell
So, who came up with Small Business Saturday? The credit card giant American Express coined this day in 2010 to help brick and mortar stores increase sales. 10 years later the small business community has adopted the Saturday after Thanksgiving as ‘their’ Saturday.
But experience showed me it’s just as important to focus on the rest of the year as it is to improve your marketing or extend your hours on Small Business Saturday. If you’re wondering how to build your business during the other 11 months of the year, why not speak to one of our advisors?
But is there anything you can learn from this day?
What’s to Learn from Amex?
I must say Amex impresses with a strategy, commitment, focusing on what matters and their consistency. And their commitment benefited them. Imagine how much is charged to Amex cards on this one day compared to the rest of the year?
Numbers prove what works.
I believe all things are possible when you’re consistent. But instead of taking a page out of Amex’s book, many businesses don’t last more than five years. Why? They don’t have strategies or they consistently focus on the wrong things.
So, what works?
Small Business Ideas List: Tips to Grow
The privilege of being entrepreneurs is we solve problems daily. Yes, it’s a challenge to pursue your small business ideas, but without the challenge would it be worth it? Just remember business is not about one thing, so you have to focus everywhere. There are many factors that determine if you’re going to achieve small business success:
- Amex wouldn’t have an effective strategy if they didn’t know their customers.
- Amex has laser focus and picked this day to focus on their target.
- To grow your business you must know what stage your business is in. The US Census Bureau provides valuable information for small business owners to base their decisions on.
Maintaining Your Focus in Each Stage of Your Business
Once you know which stage your business is in, what is the next step? We’ll summarize:
- Existence: Here your focus must be on acquiring new customers.
- Survival: Attend to factors like pricing so you know you can make a profit.
- Success: Now plan the type of growth you want; a new business or building the current one
- Take-off: Enjoy rapid growth and move away from being a small business; start functioning as the big companies do
- Maturity: Decide if you want to diversify
Is Saturday Part of Your Plan?
It’s clear that the growth process can’t be successful by only focusing on customers one day a year. Smart business owners don’t bank on one day, one customer or one employee.
Create the goal of what your business is going after. Then find creative small business ideas to move toward that goal.
And it must be about what you love. How many small business owners are working on Saturdays because they choose to? Or is it because of lack of income and not wanting the extra expense of employing someone that day?
If you love working on Saturdays, go for it. Me? I never enjoyed working on weekends. That’s why I told a traditional public accounting firm ‘I quit!’ I wanted to experience life on my terms and that’s possible when I keep focus all 12 months of the year; without working a Saturday in November or any other part of the year.
Want to make sure you get the small business basics right and grow THROUGHOUT 2020?
Our advisors can help you strategize so you can grow your business with us.
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