Small Business Success: What Every Small Business Owner Must Know
Over 70% of small businesses fail in their first few years
. This is because of a fundamental lack of understanding [ on the part of the business owners ] of how a business should be run.These core concepts are essential for small business success:
1. Vision
You must have a clear goal. What is your business going to ultimately look like? Think big and bold. Where will you be based? What is your business model? How much do your want to be paid? How much day-to-day involvement do you want? How many employees will you have?
Write down you answers.
2. Strategy
Now you've got your goals. The next part is to take a frank and honest look at where you are now. If you're just starting...it's fairly easy to work out. If you've been in business a while, it may take a little time to make a brutally honest appraisal.
This will give you your direction for your successful small business.
Given where you are now, decide how you're going to get to where you want to be.
Have intermediate goals. Time Lines. Determine what will constitute successfully reaching your goals.
3. Plan out your strategy
Create a detailed blueprint of how step-by-step you will achieve you goals.
Critical details to include:
Marketing
What front end products will your use to attract new customers? How will you convert them into customers? What are the exact steps to your marketing funnel?
Fulfillment
Product development, research, and reporting. Product delivery.
Operations
Customer Service. Finances...reporting and cash flow. Systems creation. Human resources.
4. Mindset
Every business will have problems and crises. To deal with these requires determination for small business success...never give up.
It is important to have an eye for detail. Little mistakes compound themselves. Have great systems in place so that your employees simply follow your systems.
A curiosity and hunger for knowledge is essential. Always be on the lookout to see what successful companies are doing in other industries...adapt it to your own. Constantly strive to improve your skills and business know-how.
5. The role of the successful small business owner
Provide the vision and the direction for your business. Then measure the performance. What are you doing right? What needs to be improved? Seek to make constant improvement in all that your business does...but none more so that in your metrics.
You must know the answer to the following questions or it is only a matter of time before disaster strikes.
How much does it cost you to acquire a new customer? What is the average lifetime value of one of your customers?
These two questions tell you how much you can spend to get a new customer. All things being equal...whoever can spend the most to acquire a new customer becomes dominant in their niche/market.
6. Productivity... for personal and business success
Guard your time. Have a ruthless gatekeeper. Plan everyday, week and month for the next year. Concentrate on the top 3 activities that produce the most profits for your company.
Automate as many processes as possible using software and machinery.
Focus on your role as the business owner and delegate or outsource all non-essential time consuming tasks.
Hire great talent. Be quick to fire those that are not producing. And remember to hire slow and fire fast.
If you haven't already, go back through this list and make notes. Jot down ideas as they come to you. Then...use them in your business straight away, or block out a time in your calendar to do it.
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