Frightening are the statistics in terms of small business failures and these are 3 in 5 small businesses closing down within two years of start up. Is there a magic ingredient that the remaining two has? A poor business model, poor products, bad sales staff are what those 3 businesses that closed down may have but every day we hear about small businesses surviving and thriving in the economic downturn. Maybe there's a secret to success. There may well be.
One thing that most successful small businesses have is a passionate owner or owners. These people love what they do, are passionate about it, and they believe in the product and service they produce.
But there are passionate people who have had failed businesses and this means passion alone isn't enough. In order for small businesses to thrive, their owners should have a clear sense of direction, a goal they want to accomplish, and a strategy that would help them accomplish it. With small business owners, they need to know where they're going and how they're going to get there.
Having a sense of how to run a business is also something small business owners need. Often a small business owner has worked for a company for most of their life. They may not know how to run a business even though they're passionate about their new venture and know where they're headed. To keep your small business on track, you may need the help of a good lawyer, a good accountant, and a business-oriented partner.
If a small business is happy to stay small, then it's often more successful as it doesn't overreach its capabilities or financially over extend itself. You can keep your business going longer if you find a niche market that's lucrative unlike a small business who invested all their capital in more machinery to handle big orders which they couldn't manage to clinch. When it comes to many small business' longevity, slow and steady growth is the key.
Also helping you is playing to the strengths of a small business. The benefits of dealing with small companies are what many larger companies appreciate and these include personal service, the care they take over quality, and the investments the owners have in keeping their customers happy are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. Professionals are what they use to market their business, perform tasks that are need to run the business well, and do their books. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. This leads to poor performance in areas that are vital to the business - and consequent failure.
Do you know the secret to success? What most successful small business owners would tell you is that success is a combination of common sense, hard work, and passion.
One thing that most successful small businesses have is a passionate owner or owners. These people love what they do, are passionate about it, and they believe in the product and service they produce.
But there are passionate people who have had failed businesses and this means passion alone isn't enough. In order for small businesses to thrive, their owners should have a clear sense of direction, a goal they want to accomplish, and a strategy that would help them accomplish it. With small business owners, they need to know where they're going and how they're going to get there.
Having a sense of how to run a business is also something small business owners need. Often a small business owner has worked for a company for most of their life. They may not know how to run a business even though they're passionate about their new venture and know where they're headed. To keep your small business on track, you may need the help of a good lawyer, a good accountant, and a business-oriented partner.
If a small business is happy to stay small, then it's often more successful as it doesn't overreach its capabilities or financially over extend itself. You can keep your business going longer if you find a niche market that's lucrative unlike a small business who invested all their capital in more machinery to handle big orders which they couldn't manage to clinch. When it comes to many small business' longevity, slow and steady growth is the key.
Also helping you is playing to the strengths of a small business. The benefits of dealing with small companies are what many larger companies appreciate and these include personal service, the care they take over quality, and the investments the owners have in keeping their customers happy are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. Professionals are what they use to market their business, perform tasks that are need to run the business well, and do their books. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. This leads to poor performance in areas that are vital to the business - and consequent failure.
Do you know the secret to success? What most successful small business owners would tell you is that success is a combination of common sense, hard work, and passion.
No comments:
Post a Comment