New business owners are especially prone to delaying taking action on their business, because the unknown outcome can be quite intimidating. However, even seasoned entrepreneurs will put off action, simply due to the fact that they lack the free time to juggle another endeavor.
So what do you do when you know that taking action would benefit your business, but you can’t seem to implement the much-needed change? Ask yourself these questions:
1. Do I want to increase my income (grow my business)?
2. Do I want to grow my customer base?
3. Do I want to create more free time?
If you answered yes to at least one of those questions, acting now is the best thing you can do for yourself and your business. For a moment, let’s go back to the reasons why you became an entrepreneur. Although there can be many reasons, they are all likely related to the following benefits:
- More free time
- Work from home
- The freedom to earn money doing what you love
- Independence, flexibility and freedom with schedule
- Unlimited earning potential
- I didn’t want to work for anyone
Sounds familiar?
Entrepreneurs have many reasons to start a business for themselves, but most of the reasons are directly related to flexibility, freedom, and income. The key to creating a business that stays flexible, provides freedom, and grows constantly (increasing revenue) is exchange. Taking action allows your business to grow with the changing market and demand. Every time you delay taking action, regardless of the reason, you are stalling your business and your success.
Let’s take a look at some of the 5 benefits of taking action, now.
1. Increase revenue
This should always be the first priority of your business, because when you increase sales, you increase revenue, and that creates more leverage. The more leverage you have, the easier it is to create a business that fits your lifestyle. Taking action is vital to increasing sales, so don’t delay, don’t wait, act now. Whatever ideas you have for increasing revenue, implement that new service or product and get the word out.
2. Attract new customers
When you create or improve new products and / or services, you have the opportunity to attract new customers. It is important to add or improve at least one product or service each year to keep your business current and in view of your customers. Use a product or service launch to gain “buzz” by emailing existing customers. Offer a “loyalty” discount to existing customers and their friends. You must also publish the product or service on your website; link your social media accounts (LinkedIn, Facebook, etc.) to that page and offer a “pre-launch” discount.
3. Improve the reputation and brand of the company
What businesses do consumers most often think of? Companies that are constantly in your attention. Customers must be able to see and hear you. Keep up the “buzz”, whether it’s through an email campaign; phone call tracking; special announcements; mailers; advertising; etc. Being an “expert” is not the most important factor; the key is to act. The only thing you need to worry about is delivering the results you say you can deliver. When clients need help, they will come to you, because you are at the forefront of their minds. That in itself conveys the perception of a company with a highly respected brand and reputation.
4. Get ahead of the competition
Every time you take action, you take a step ahead of the competition. As an entrepreneur, you are aware that there are other companies that offer the same product or service as you. So how do you stand out from the crowd? Make yourself heard. When you have an idea, take action. It only takes one idea to catapult your success, just one, but it takes consistent actions to stay ahead of the competition. Preparing to prepare or waiting until something is perfect does not serve you well. Stop getting ready to get ready and jump.
5. Gain enthusiasm, avoid boredom
Are you bored of the same old thing? You have a choice: make your business a routine or break a routine. When you take action on a new idea, not only do you have the opportunity to reap the benefits of the four benefits mentioned above, but you also have the opportunity to gain enthusiasm. Boredom is one of the most damaging aspects of running your own business. When you get bored, you delay taking action and that causes many other things to happen: lost sales and revenue, stalled business growth, lack of motivation, all of which are deadly to your success.
Whether you are new to business or an experienced entrepreneur, it is important to think outside the box. Acting from a new perspective not only fosters your success, but also the success of your business.