Small business owners are the proverbial ‘Jack of all trades’ forced to become skilled in all aspects of business from recruiting to compensation, marketing to public relations, budgeting to financial analysis, sales generation to sales management, and all aspects of administering a business every day. Unfortunately, there are no easy answers or quick solutions for this ‘jack of all trades’ when it comes to making decisions about financing the business or investing in various tools and resources to help increase revenue and grow the business. But with a dedicated focus and some basic planning and measurement tools, the small business owner can develop the appropriate solutions, aligned with their business direction and goals.

‘Coaching for Action’ is a framework for small and medium-sized business owners to make the appropriate decisions regarding their expense decisions. This framework lays out the key components of a sound business decision-making model that is easy to apply, if the owner is prepared to do their homework. Application of this framework will result in a good, solid understanding of the business, the marketplace, competitors and customers. Once the owner completes this research and confirmed where it is they want to take their business, they will be much better positioned to figure out which resources they need to continue to grow their business, where they need to invest, and what revenue they should target to realize their business dreams.

‘Coaching for Action’ is a four-step process integrating a number of components necessary to decision-making associated with business growth.

Step One: Assessment: This step requires the most effort as most business owners generally do not make the time or expend the effort to conduct an assessment of their current business – how it is delivering on the goals the owner wants to achieve. This step requires reflection, which requires setting aside time away from the business to review what is working, what is not working, and, ultimately, what needs to change to achieve the next level of performance.

Too many business people are caught up in the daily grind, taking action, without a definitive direction or plan. They have not conducted the appropriate research and find they are working more and more hours but their lifestyle doesn’t seem to be improving. Taking a good look at their current lifestyle- and how it has changed or not over the past few years is a strong indicator of whether or not, their business is actually growing. As part of this step, business owners should ask themselves the following questions, document their answers, and reflect on what they discover.

Are you working the hours you want to work? Are you working more hours for the same revenue? How is your personal and social life? Are you achieving balance between business and personal sides of your daily life?

Is your business wearing you down? What aspects are keeping you awake at night?

Why did you start this business initially? What were your goals? Are you still achieving them? If not, why not?

Being able to visualize their preferred lifestyle will help them to focus more clearly on the direction their business needs to go. Clarity around what they want for themselves, their family and, their employees will go a long way to helping them create the business environment they want.

Step Two: Strategy: There must be clarity about where the owner wants to take their business, what they want it to look like over the next few years. The strategy does not need to be complicated, but it should be clear. Something as simple as “To grow my revenue each year by 10%” provides you with a general target against which they can set annual, quarterly and monthly targets. Running a business is a journey with a destination. The destination may change but the journey has to be planned. Without a strategy, business owners won’t improve or change their lifestyle.

Step Three: Action: Just taking action for action’s sake will not get the owner very far. Actions should be based in the targets set for the month, quarter and year. Actions should be taken in consideration of associated costs, resources required and expended, time periods expected, and market segments to be exploited.

Business owners should think about setting actions that allow them to contribute to the broader community without being monetarily compensated. They may want to offer their expertise as a mentor or a coach for young entrepreneurs, be a speaker to school groups to help them prepare for the workforce of the future, conduct presentations to business groups or not for profit groups seeking expert help. This contribution component should be part of their business plan to enhance their network and influence in the communities or market segments in which they market products and services.

Step Four: Review: Taking a measure of actions taken versus targets will tell owners what works and what doesn’t work. Implementation may not yield desired results but, without detailed review of actions implemented to drive target achievement, one will continue to try the ‘same old thing’ rather than seek out creative solutions. Without review, they also take the risk of not capturing the reasons for success. When success is experienced, it makes sense to figure out why and then create more actions to repeat this success.

Business ownership can be extremely rewarding as well as profitable but it requires significant investment of time and effort as well as clarity of focus and direction. The ‘Coaching For Action’ process can be used as an effective tool to help you establish that clarity of direction and move your business to the next level of performance.

Angel investment is on the rise,and your small business startup needs to capitalize on all the opportunities at hand. Venture capitalists are on the hunt for business startups to invest in that are currently at the cutting edge of technology and taking risks with these advancements trends. You find that investors are eager to sink their investment dollars in these technologies so that they can reap the future returns. While the payoff might be big for an angel investor, these tech trends will also help your business startup to attract those funding dollars.

Artificial Intelligence

AI is not new to the scene, but for 2018, it is making a significant headway. By allowing companies to do more with less, AI will turn out to be a fundamental change in the way a company does business today and tomorrow. Startups that integrate AI into the fold will experience a shift in how they are able to perform routine tasks, freeing them up to focus on their customers. Angel investors see this as a win-win as they are able to invest in an advancing technology as well as a startup that is leading the way with its use. Your business startup will do well by having AI as a part of your repertoire and see more funding interest come your way in 2018.

Social Media

The uses of social media to enhance your consumer game is a boon for investors looking to find business startups that are succeeding in their customer engagement. While social media isn’t a newcomer technology, those that have a strong endgame will win big in terms of revenue sales. Social media is proving to be the technology platform that links us all together and gives business startups the recognition they need early on. Venture capitalists are enamored with its use by business startup as they see the power it offers and the benefits a business startup can take advantage of. Using social media to boost your business in 2018 will be key to gaining funding from an investor as they recognize the strengths it offers to your consumers.

Blockchain

Blockchain is another technology on the fringe waiting to bust on to the scene in a fury in 2018. It’s ability to provide a real-time ledger of transactions can give your business startup the transparency it needs to garner the nod of a venture capitalist waiting in the wings. Your business startup will benefit from Blockchain’s ability provide stable and error-free operations while angel investors gain by investing in a technology that has proven its worth. You’ll see funding offers from a series of investors if your business startup utilizes Blockchain to its full advantage within your organization.

Internet of Things

The Internet of Things is advancing at a steady clip for the New Year, and you’ll see IoT virtually everywhere you look. With consumers becoming more connected than ever, IoT offers an opportunity for new products and services that enhance IoT’s capabilities in the home, business, and community. Angel investors are savvy to the draw of IoT and how it is changing the way consumers interact and live their lives. They want to get in with business startups that are using this technology to move their business forward, engage with consumers, and improve their business operations. Count on IoT as a way to entice venture capitalists and secure funding in 2018.

Big Data

Data is everywhere these days, and it will only get bigger this coming year. Business startups such as yours will be able to use big data to understand every aspect, detail, and nuance of your customers, so you can create products and services they desire. With big data changing the way that business startups engage with their clients and provide unique customer experiences, it means plenty of evolution is on the horizon. Angel investors are keen on the possibilities all this available data can provide and know that companies that take advantage of the information can lead their industry in leaps and bounds. Use big data to enhance your business startup operations and stay tuned for venture capitalists to come calling with much interest and fanfare about your company this year.

Cyber-Security

While 2017 was a year that many will remember for its security breaches, this year provides a turn of events as business startup integrate or offer cybersecurity services to better protect their customer data. This cybersecurity will change how companies in all sectors operate and provide the level of security that is needed to protect that confidential information from getting into the wrong hands. Business startups that use cyber-security to protect their company or create products and services for others that help them secure their information will do well in the following year. Angel investors will show interest in these endeavors as the need for secure data protocol is growing without hesitation.

Virtual Reality

Also, on the fringe in 2018 is VR. This technology gives you the ability to engage with your customers in a new and exciting way. Through a more desirable customer experience, VR can help your business to increase its customer numbers as well as its revenue as VR improves workflow and access to customers all over your niche. Angel investors want in on AR as an investment opportunity, and your business startup will attract their attention now and into future with this technology at your helm.

Integrating any of these technologies in your business startup shows a strong sense of understanding and initiative to increase your customer base and profits this year and the coming year. Angel investors want to be able to get their hands wet with these new technologies so that they can be where the growth is with these trends. Think about how these technologies can help your business startup succeed in 2018 and secure the funding you need to get off the ground. You’ll be surprised at how much attention you receive by taking the first step with any of these technology trends and reap the rewards of investment into your company by an investor.