Striking out on your won in the world of business can be difficult but that’s to be expected. One difficulty many small business owners don’t expect is a lack of information. There’s a wealth of advice out there – advice geared toward CEOs and MBA graduates. But as a boutique owner, you don’t really need to read the latest Medium post on how to scale-up your 200-strong start-up. What you do need are smart business concepts tailored specifically to small businesses like yours.
In this post, we will give you honest advice on the pitfalls and possibilities for small businesses.

– Firstly, replace your business plan with a business map. A business map looks at your business in terms of roles, responsibilities and standards. It’s not just a way to get from point A to point B or to achieve certain goals – it’s an in-depth look at what’s working or not working in your business and a path to make changes or improvements that will achieve greater success. A business map allows for a top-down view of how your business works. It does more than just identify where you want company growth to be in two years or how hiring a sales team will lead to greater profits.

– Your most valuable asset is likely to be your intellectual property. Over the past few years, thousands of physical storefronts have struggled to keep their doors open. And as more businesses navigate the impacts of the coronavirus, many of the challenges brands have been facing are only exacerbated. As a result, we cannot ignore that your most valuable property might well be far more nebulous, amorphous and intangible than the often cited and quite literal “brick and mortar.”

What is intellectual property? According to Wikepedia intellectual property is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognise more than others. The most well-known types are copyrights, patents, trademarks, and trade secrets.

– Storytelling is more powerful than salesmanship. When we listen to a standard presentation or boring lecture, the Broca’s area of the brain is stimulated. This area deals with language and logic. In contrast, when we are told a story with rich meaning and visual cues, things change dramatically. Both the right and left sides are activated. The right side (creative side) is engaged and stimulated. Stories grip us and help us experience emotions.

Keep your narrative clear, and the story of your small business will almost certainly have a happy ending.