Guest Column: How Small Businesses Can Thrive in 2012

By Michael C. Bush

Whether you’re a restaurateur, jeweler, or consultant, transitioning from survival mode in 2011 to rebuilding in 2012 can be intimidating to say the least.

Those of you who have weathered the economic downturn or utilized it to introduce a new service that proved profitable most likely are inclined to safely tiptoe into the new year. However, along with the new year is an opportunity to think creatively about ways to grow and sustain your small business for a prosperous future.

With the holidays officially behind us, now is the perfect time to focus and strategically look ahead. First, and most importantly, you need to practice daily reflection. This will help to elevate yourself above the trees to see the forest review all the factors crucial to your business, and forecast “tomorrow’s problems.”

Additional strategies that can set your business up to thrive in 2012:

• Go the extra mile to keep talent. For those who cannot afford to give raises or bonuses to keep talented employees, many may find that caring can be just as or even more valuable. Personalized gifts such as salon certificates, movie tickets, restaurant gift cards, sports tickets and treats can go a long way when it comes to keeping your staff happy. It is important to pay attention and find out what each individual employee values so the gifts are received with true enthusiasm; Becky might not like the salon certificate but love tickets to a Warrior’s game. Not all things stop at the buck.
• Push the “cost can” down the road. Whenever possible, you’ll want to lease your property, enter shorter contracts, and barter for services. Holding off on as many fixed expenses as you can will provide cushion and flexibility during the year.
• Conduct anecdotal research. Ask your customer what they value! Whether in the business of food trucks or fashion, trend-wagoners especially need to strategize looking ahead based on what it is their customers value most. Although honest feedback is difficult to come by, it can prove to be incredibly valuable for tailoring your services to your market. You will be able to identify missed opportunities, make necessary adjustments, leverage your strengths and market the uniqueness of your service more efficiently.
• Love the one you’re with. Give thanks and appreciate your existing customers. Think beyond the gift card and gift and utilize your insight to find out what they need and want. Unexpected services that exceed expectations will differentiate you and it’s more efficient than the time and energy spent on generating new customers.

Now that you have a good grasp on managing overhead from efforts in years past to cut back costs, these simple strategies can be the building blocks for staying on top of your game moving forward. By fine tuning relationships and investing in people in creative ways, you can improve and stabilize your businesses for the new year.

Michael C. Bush is president and founder of 8 Factors, an action-oriented framework that has been taught over a decade and utilized by thousands of successful entrepreneurs. Bush has more than 30 years of experience as an entrepreneur, educator and business turn-around consultant, and has taught the curriculum to over 2,000 entrepreneurs including Berkeley-based Guerilla Café, Oaklandish and San Francisco’s Blue Bottle Coffee.

Upcoming event: Join Michael C. Bush, along with actor and activist, Danny Glover and Berkeley Mayor Tom Bates, at the 8 Factors Network launch on Jan. 12 with the first workshop of a series, “,” at the David Brower Center.