Secrets to Success Deborah Cole Micek and John-Paul Micek

Determine what you really want

Opportunities are lost when you don't know what you're looking for. After all, how can you find something if you don't know exactly what it is?

You can't wait until you need the money to go after it. If you do, you'll sell yourself short, and significantly reduce (or totally miss) the profits you could have maximized. Small-business owners lose more money this way than most care to admit.

This three-part series will highlight the five steps you must take to reap all the profits and benefits you want from your business:

Step 1 » Determine what you really want.

This may seem obvious, but what is it that you really want from your business? You may think the answer is "more clients," but is it really? Maybe the increased overhead to serve all those new clients is the last thing you want.

If it's boosting your net profits that you want, and you have a solid client base, there may be a better way to increase your net profits than getting more clients.

One way is to increase the frequency with which your current clients repurchase. You could create "added" value so that your clients are willing to pay more each time they buy. Or, you could reduce client attrition by providing such customized service that customers would never think of leaving your company to purchase elsewhere.

In the end, you may still need to increase your client base to achieve all that you want, but the point is that you won't know until you really decide. Don't expect this to always be easy.

This is usually one of the biggest hurdles we help small-business owners to overcome in our coaching. Whatever you do, if you want to be living your ideal lifestyle five years from now, don't move ahead until you complete this step.

Step 2 » Pick a specific date to write down exactly what you want.

Once you have identified exactly what you want, write down what you're looking to achieve. Some may call this goal setting. We call it a wise habit. Completing this step goes well beyond providing you with a clear focus. It gives you a reference point.

For example, let's say you want more clients. Unless you know the specific number of clients you want, you'll be missing the guidepost that will equip you to accurately do the following:

» Make objective judgments on what strategies to use to achieve your goals

» Determine whether your target is achievable.

» Decide whether you'd be able to effectively serve and retain those new clients once you get them.

Next week we'll highlight the next two steps in this five part plan.