What is it that an individual can do to achieve lasting success in their small business? Here are a few ideas to improve your chances of gaining small business success using time tested secrets I personally use in my own business.
1. Research. You can either market the product you have now in the hope of it being acceptable to the market place or you can research the market for the best product to sell. At any rate market research has to happen first and once done, marketing is a continual through the life of your business.
2. Cash Flow. Lack of cash flow is a major reason for business failure. Its OK to gain sales and make money but if you dont or cant collect it you are destined to go broke. The rule to keep in mind is to make sure you invoice as soon as possible and you pay as late as possible. This is a simple plan that works. So sit down, and take the time to create a cash flow plan now.
3. Technology. Technology will save you thousands of dollars and halve your work time. Buy as much as you can afford. Remember, the hours spent in your business are worth money and plenty of it so be smart and embrace technology. Technology can automate every part of your business including communicating with customers.
4. Passion. There is nothing worse than going to work and becoming a clock watcher because you are unhappy. Find something you are passionate about and do that. The day wont be long enough then to do all you want to accomplish. Why? Your passion creates enthusiasm and that will carry you through any tough spells. Itll motivate you when your business hits bad times.
5. Marketing. The prime function for you as a business person is not to sell product but to become a marketing Guru. Marketing is one of the areas where many business owners fall down and that has a bearing on whether or not a business will be successful. You love your business and you want it to be successful. Do research and find out how are you will convince prospects to buy what you have?
6. Advice. You may think you are pretty smart. You may have specific knowledge about your specialty which is great, but you will come unstuck if you havent run a successful business before. You must still seek advice from experts when building your business. The reason is business is not about what you know in your field. Its controlled by legislation, consumer rights and marketing. Get advice from solicitors and learn about customer service from experts. Being prudent in this area will help eliminate any start-up mistakes and set you ahead of your competition.
7. Delegation. When you own a small business you have to wear many hats. You are the CEO, GM, admin manager, customer service manager, research and development person, sales and marketing manager and everything else. Its not practical to manage your business this way and hope to grow at the same time. Delegating responsibilities and tasks is an important component of running an efficient and successful business. As the business owner your time should be spent growing the business, working on the business, not in it.
8. Internet. I am not talking about using the Internet to sell your product or service [even though it is often used for this] but rather use it for research, communication
, making payments to save time. Use the internet to gain more for your business to save time and money for business building tools and the latest resources.
Your partner in business success
Dan