Tuesday, June 7, 2011

Five Keys To Small Business Success

http://myfivebest.com/five-keys-to-small-business-success/


Posted by Jimm On May - 16 - 2011
 
myfivebest -1A FOCUS
What is it that you want to accomplish? Can you describe it in one or two sentences?  If you cannot, then you don’t have a focus. You have to be clear on what your business is and how you are going to accomplish what you set out to do.  As an old boss of mine would say, “We’re here to make money.” That’s not focus.  That’s the happy result of doing something you love.  Good businesses have a plan written out that are highly focused. A general idea is a good plan for failure.  The more specific your goal, the better the plan.  You cannot be all things to all people.  Your plan should consist of: WHY you are going into business, WHO your ideal customer will be, HOW you intend on reaching your customer,  WHERE you will conduct your business (i.e. a storefront or online), WHEN will be the right time to start your business, and WHAT products or services you will provide.  Know these things and you are on your road to success.

myfivebest - 2PROPER SKILL SET
I am going to assume that you are good at the primary skills of your business.  For example, if it is cake baking, then you know how to bake and decorate cakes.  If it is auto mechanics, you know how to fix all sorts of cars.  If you do not know these skills, you might want to seek another business.  Ironically, the main purpose of your business is not your most important skill.  To succeed in a business, you have to excel in the skills you don’t think about when starting out.  These would be: Customer Service, Accounting, Advertising/Marketing and Web Maintenance.  If there are parts of these things that you do not know, it will help you to either learn them or hire someone who does know them.  I am not saying you can’t own a company without being able to track your taxes. I am saying you can’t have a successful company without keeping track of your accounts and receivables.

myfivebest - 3BEING A PROBLEM SOLVER
It is important if you are the business owner that you are also a great problem solver.  You have to use your ability to focus on the solutions rather than the problems.  A successful business person if faced with problems every day.  These problems will bog down many people.  To be successful, you have to fight through these and come up with a solution.  Goals that you haven’t completed are just problems you haven’t solved.  Passing the blame onto someone else or living in past problems will get you no where.  I think this is my favorite part of owning a business.  Everything you encounter is a puzzle to be solved.  It is a challenge to be conquered.  The more you solve, the better you do and you advance onto the next dilemma.

myfivebest - 4ORGANIZATION AND CONCENTRATION
While problem solving is my favorite aspect of running a business, the organization and concentration are my biggest hurdle.  Whether you are working from home (like I do) or driving into a brick-and-mortar location, it is key that you create structure in your life.  You need to start work at a set time, create a defined schedule, and quit at a set time.  I have found that if I set aside some time each night to make a list of tasks to do the next day I get more accomplished.  I’ll write the list out on paper (for some reason doing a computer list doesn’t work for me) and then put a number from one to five in front of each item.  A #1 makes the item a top priority.  A #5 means that the item is less important.  If someone calls you during the day – and this will happen – you have to resist the urge to drop everything and put this to the top of your list.  Should you fall into this trap, you will never get anything accomplished.  While you want to have good customer service, you cannot make everything a priority.

myfivebest - 5BECOME AN ENTREPRENEURIAL JUGGERNAUT
One of the best keys to becoming a successful business person is to be constantly in motion.  This means that you are concentrating on growing your business, deciphering which are wise opportunities and using them, networking, and joining organizations that put you in contact with people that will further your business.  A successful entrepreneur continues to try, adapts to failure, and never stops.  Persistence and the willingness to try new things.  A good thing to remember is that the successful entrepreneur never actually reaches “success”.  It is fluid and always out of your grasp.  If you obtain success you stagnate and fall.  An old boss (not the one in business for just the money) once told me that he literally tried dozens of different paths to success before he was able to find one that paid off.  Note: he still didn’t consider himself “successful” even though he had a business that was making nearly $20 million.  He was still reaching for that next goal. I hope he does reach it and continues on to the next level of his success.






1 comment:

Working Capital Finance said...

Thanks For Sharing.....
Nice Small Business Ideas and Tips Shared by you...............
Working Capital Finance