|
Keys To
Small Business Success
William A. Ward once
said, "Four steps to achievement: Plan purposefully. Prepare prayerfully.
Proceed positively. Pursue persistently". Use Ward's advice while pursuing
the following tips for small business success.
1. Stay current. Join an industry
association related to your product or offering. Subscribe to all the
magazines that cover your business. (They
are tax deductible!) Look at joining an organization like NASE
( National Association of Self employed).
They have great sources of advice and information as well as great
discounts on insurance, rental cars, and other business expenses. Read and
constantly be researching topics about your business. It's easy on the
internet!
2. Make sure you have a financial plan.
Also a budget and a measurement process to keep track of how you are doing
monthly. If you don't know where you stand financially and have no short
term and long term financial goals, then you are just letting fate dictate
your success and we know those odds aren't too good. Control your own
destiny!
3. Cash forecasting. It sounds boring
and difficult, but it's not. Keep it simple. Look at your next 3 months
projected income or revenue, then just lay next to it all the expenditures
you need to keep the business running. The difference is your cash flow.
You must do this to avoid surprises. Most businesses hit the brick wall
because they fail to understand their cash flow.
4. Get an advisory board or a mentor.
Sounds crazy for a small operation? It's not! The board can be family
members that you trust, or friends. Ask them to be your board of directors
and review your business plans and results with them. Having someone to
bounce ideas off and get an objective opinion is critical. Or, hire a
Business Coach.
5. Maintain a balance between work, play
and family. This is critical for long term success. We all put in
crazy hours on a short term basis to get a hot project done or the product
out the door, but if you do this on a long term, regular basis it is a
dangerous sign that you are losing perspective. You need to be able to
step away on a regular basis and get your batteries re-charged. And also
have time for family because if they suffer it is almost a sure bet your
business will suffer too.
6. Network. It's easy to get isolated
in a home business or your own small business operation. Force yourself to
get out and meet with others that can provide a business support structure
for you. One of the benefits of a corporation is the workings of teams and
the on going support structure it provides. You need to create that for
yourself. Don't think you can do it all by yourself; By talking to others
in business you will find out great ideas and it will help motivate you.
7. Discipline/Motivation. One of the
hardest aspects of a small business or home based business is creating the
discipline or motivation to work each day. It is so easy to get distracted
and put off the essential tasks that need to get done. Keep your work
place and hours separate from the rest of your responsibilities. Develop a
to-do list EVERYDAY. Set goals for the week. Review how you are doing
against them. We all struggle with this and it is one of the key elements
of success.
8. Don't rest on your laurels. Be
prepared to always change. Force change. Look for things to do more
efficiently or how to improve your offering or product. Constantly
evaluate your competition and benchmark yourself against them.
9. Do something you love. If you are
in a business that you hate, then it is a good bet you won't be
successful. Find where your true talents and skills are and get in a
business that exploits them. The saying, " if you do what you love and the
money will follow" is so true. Remember success is more attitude than
aptitude and never forget that failure is only the opportunity to begin
again more intelligently.
10. Don't Give up. Some of the most
successful entrepreneurs failed several times before doing extremely well.
So, if you're failing, fail. And fail fast. And learn. And try again, with
this new wisdom. Do NOT give up. Yet, do not suffer, either.
|
