Business Information for Entrepreneurs by an Entrepreneur

Is the battle with the economy becoming wearisome? Do you feel your business may not survive until the recession is fully recovered? If you are a struggling small business owner, then take heed of the advice given by the experts at the recent Tools of Change for Publishing (TOC) conference held in February 2010.

The TOC was a meeting of minds for both big and small players in the publishing industry. Although their discussions were focused on the problems with publishing in a changing industry and a down economy, the lessons are universal. Below is sound advice for any small business owner who wants to survive through change.

Don’t Hold On to the Past

Remember, change is the only constant. You simply cannot hold onto the old and familiar ways of running your business. One of the worst things a business owner can do is fall in love with the way he or she does business because it is sure to change eventually.

Instead, learn to recognize when change is happening, or better yet, predict when change will occur. The earlier you can recognize the opportunities in a changing industry or economy, the better prepared you will be to meet those challenges.

Reinvention is the Key

One sure-fail strategy that many small business owners propagate is taking an existing product and simply repackaging it. You must understand that all products have a life span. You can improve upon the product or invent something completely new, but trying to sell a product past its lifespan is certain death for a business.

Leverage What You Have

When you recognize that change is eminent, you can leverage any and all assets to flow with the changes. Does your business excel at customer service? Keep that emphasized in your reinvention. Are you good at raising capital from investors? Harness that leverage as you make positive changes and grow to your manufacturing model.

It is possible to weather the storms of a changing industry. Just like publishers are now making strategies for e-books and mobile device readers to stay in business, you need to reconfigure your business strategy to stay alive and thriving.

You know what you should do when life hands you lemons. The lemonade you make and serve when the economy slumps or your industry changes will be the key to your small business survival. That’s called innovation, and your job to help your business survive and thrive is to create the perfect lemonade recipe.

In the throes of a tumultuous economy, some businesses are thriving due to their innovative strategies. For instance, as reported by the New York Times, the Scottsdale Convention and Visitors Bureau developed an innovative marketing idea in Chicago to capture increased business. On prominent storefronts, they alternated images of harsh winter and people enjoying recreational activities in the sun. To track how effective their campaign was, they created a contest for a chance to win a trip to Scottsdale, AZ. They received 10,000 entries – and it is likely that many more took the initiative to escape the winter freeze by visiting Scottsdale on their own.

So how does innovation work? There is no set formula, of course. But here are some secrets to help you get innovative with your business strategies in a tough economy.

Associate Ideas and Information

The cliché of thinking outside the box is merely a concept of association. The entrepreneur or small business owner who can associate different ideas and put them together in unique ways is the one who will conquer innovation. Be observant about the climate of your customer base or industry. Learn to combine ideas and find new ways to solve problems.

Stretch Your Creativity

Most people believe creativity is a natural talent. The truth is that it can be developed and improved. Practice brainstorming techniques. Look at a problem and ask questions about it. If you ask questions rather than try to come up with a solution right away, you are likely to find a better solution because your perspective will be enhanced.

Learn to Model

You don’t have to reinvent the wheel. Learn to model creative behaviors from other masters. Anthony Robbins is a good example of someone who thinks and promotes creativity. Peter Drucker literally wrote the book on Innovation and Entrepreneurship. Learn from masters like these, and you’ll have a great model to work toward your own innovation.

Entrepreneurs are usually excited about the prospect of starting a new business. They enjoy the thrill of developing a product, pitching ideas to financers, and seeing an idea become reality. But what many business owners are not prepared for is the role of becoming “boss” when they find they must hire staff to keep their business growing.

Wearing the boss hat is not easy, and many small business owners have a tough time adjusting to the role. Rather than focusing on selling their product or service, much time is spent searching for and interviewing potential staffers, dealing with current employee work issues, and sifting through all the tough human resources issues, such as personality conflicts and even layoffs.

So what is an entrepreneur to do when employees are involved with the business? Here are some tips to help you with the role of “boss.”

Put the Right People in the Right Job

You’ll get the best results from your staff if you hire the right staff. Hire the most qualified candidate, but also the one who fits with your company’s style. If you are not absolutely sure about hiring someone out of a batch of candidates, don’t feel you have to choose. Take the time to obtain another round of resumes in order to fill your staff positions with 100% confidence.

Include Your Team

One important strategy to help your staff feel connected to the company is to include them as much as possible. Tell them your strategies for business success. Share the positive (or negative) financial results of last quarter. It also means including everyone in a celebratory party for a big company success. Employees who feel connected are more productive.

Coach and Lead

Many entrepreneurs don’t realize that when they become bosses, they aren’t just leaders, but they are coaches as well. That means encouraging your employees, teaching them about their job, and providing the tools they need to advance their own career, as well as your business.

Hire an HR Manager

Sometimes the duties of managing employees simply become too great for a single business owner to handle. If that happens, it is time to hire a person who can be in charge of most employee matters. That frees up considerable time for you as the business owner. Don’t hesitate to delegate the roll of boss to an HR manager if you feel overwhelmed. In addition, you enjoy the perk of a human resources manager who is versed with employment law and ensuring that you are hiring, managing, and even firing the right way.