Remember all the planning and research that went into starting your small business? Hopefully, that effort has paid off with results that are, at the very least, meeting your expectations. Now, you need to maintain your short-term success well into the future.

Revisit Your Business Plan
Your business plan doesn’t go up on the shelf just because your start-up phase is over. Refer to it often to make estimates accurately reflect today’s realities. Even subtle changes in the marketplace may require you to alter existing contingencies and develop new ones.

Watch Those Numbers
Your financial statements provide insights into the health of your business. Project cash flow ahead several months based on reasonable expectations for sales and income, demand for your product and services, regular payments (e.g. loan payments and rent) and other factors. By comparing actual cash flow to projections, you can spot changes that will help improve performance.

Develop Relationships
Though your business may be gaining a reputation for solid work, it may be premature to bring on additional resources. Stretch your capabilities by building partnerships with other businesses in your field and with specialty consultants. They will also call on you when they need help perhaps at a time when you could use the work.

Delegate Time-consuming Tasks
A growing business is sure to demand more of your time. That’s why it’s important to identify employees who can take on those routine and managerial responsibilities. They’ll relish the opportunity to grow personally and professionally and you’ll be free to focus on the road ahead.

Watch the Big Picture
What issues or trends affect your business? They may be as far-reaching as a change in the nation’s foreign policy, or as seemingly minor as a new stoplight near your store. Stay current with your community, study your sales records and communicate with customers, suppliers and colleagues. This awareness will make you less susceptible to surprises and better prepared to capitalize on and even anticipate changes.

Keep Learning
You’re sure to gain knowledge and instincts as your business experience grows. But even veteran entrepreneurs can benefit from the perspectives of others. That’s what makes services like JBDC so valuable. Experienced advisors will serve as sounding boards for new ideas, and provide advice on issues both routine and unexpected. It’s available in person at JBDC office, or via email

To Grow or Not to Grow

In a new business, there will too soon come a time when you will need help with your business; or you will need new machinery, or you will be offered a very large contract and have a decision to make about the future of your business. Should you take the job? What effect will it have on the future of your company? Can you handle it alone?

Two growth areas usually become apparent fairly early on... equipment and personnel.

As to personnel, I have, of course, hired permanent staff members. The first was an office assistant to take care of the details of everyday office life. Then there were project managers hired over the years. Some worked for me as consultants and were then hired and others were either referred to me by associates or found through classified ads.

The main body of staff, however, has been consultants expert in their respective fields that I could hire and use as needed to beef up my staff for either large projects or to handle many projects at the same time. This method both saved my business money on taxes and benefits and made it easier to bill clients.

As for equipment, there have been times when I had to decide what to buy or what to lease. If you know that a certain piece of machinery will be used for many jobs then of course it would be wise to look into purchasing it. Sometimes though your plans would not call for using the same machinery over and over so leasing would be the better option.

Always keep in mind the direction the purchase will take your business. Sometimes there are considerations other than money. If you have a family and want to spend time with them, or have something else that is important to you, and were to take a contract that you know will take away from this time with your family, is it something you would want to do? Quality of life issues are more important today than they were in the past and are very personal decisions.

I have a fully stocked shop downstairs from my office that has been used for making prototypes and performing experiments; however, when I worked on ultrasonic packaging issues I didn't buy a machine that would have cost me thousands of dollars. Instead I leased one that I could use for the duration of the job. The same was true when I needed medical equipment that I knew I would not need again.

Computer equipment is another story. It usually is wise to buy better equipment than you need because technology is moving ahead so fast that what you buy today probably will be outdated tomorrow. If you are just starting out there are lease programs available through major retailers and office supply companies.

Each time an issue arises you must think the solution through based on the direction you want your business to go. This is where true entrepreneurs excel!