It’s time your dreams come true. Finally your business can get up and running in accordance with your dreams. You no longer have to be watched by the boss, because you are the boss. You work your business plan. You find your way to financial freedom. You know your target market and you find new clients. You have positive feedback on your products and services. You are developing new technology. You are looking for additional funds. You have finally found the right team to work with. You have the right workspace. You can feel the exciting energy when you walk into your business every morning.
Although there are obstacles to success, but you must learn and must continue to move through it. Every day is long and brings surprising new challenges, but you gain momentum together with new customers and increased revenue. You learn to balance the ups and downs of market and business challenges. You learn to pace yourself. But as time goes by and you analyze the growth of your business, you see that the trend line doesn’t move up, it decreases. Your plan does not work as you expect. At this rate, you are not sure how long you can continue to operate. You realize that as passionate as you are about business, the problems that plague you. Your dream turns into a nightmare.
Why do small businesses fail?
Maybe your business leads to one of the ten reasons why a business fails.
- Owners who cannot go out of their own way.
- Operational inefficiencies.
- Dysfunctional management.
- Lack of a succession plan.
- Mathematics that doesn’t work well.
- Out of control of growth.
- The lack of accounting knowledge.
- Lack of funds.
- Mediocre operations.
- A declining market.
Specifically, the first four reasons are related to how you develop your business and structure. Small business owners who seek expert advice in running their business have a better chance of overcoming this trap. To overcome this, here are eight tips for successful small business development that is an important component for you as a small business owner.
1. Be a Leader
Be around leading destinations and design your company for success. If you think you know everything that is needed to succeed, and close your mind to new and different ideas, you and your business will stop growing. Instead, find business mentors, seek customer feedback, attend workshops, read books, stay biased to learn and set an example for your team to learn.
2. Manage Your Passions
Don’t let your passion manage you. Just because you like shoes, doesn’t mean you have to open a shoe store. Make sure you have identified a vacancy in the market that your business can fill; or needs that you satisfy. Make sure you know your target market, and understand what they pay and do for your product or service. Most importantly, assess your financial resources. There are too many stories from entrepreneurs who have what seems to be a good idea, but have it over their heads into debt, and fall into bankruptcy.
3. Increase Business Value
Your greatest business value is in the people, processes, products / services, technology and relationships with your customers. It’s important to understand the right combination and how you best give it to others. Then preserve and enhance it. For example, the fact that you guarantee same-day service, and a thorough clean by your service technician can be your greatest value. But to provide that, you must have a sufficient number of trained technicians on call at all times; and a reliable 24/7 contact and communication process.
4. Build Your Culture
this is the DNA of your business. Every time clients come in contact with your business, whether face-to-face, by telephone, email, or social media, they get a feel and impression that determines whether they want to continue to engage with you again. Set the tone by treating your employees the way you want them to treat your customers. Make customer service a priority. Creating a friendly and comfortable environment. Make sure that the style or decoration will appeal to your target market, and effectively represent your product or service.
5. Your Family Position
Do you have a family business or family business? Does your business exist as a place to hire a family or a place to serve your clients? Extraordinary family members who help you get started may need to evolve to different supporting roles as the business grows, to ensure that you have the most qualified people in positions where they can do well.
6. Develop your successor
Your role in setting up your business is important, but none of us is irreplaceable. Continually develop others to learn business, and make leadership decisions based on who and what will add value to the business. When a business has greater value for your clients, you will benefit from it.
7. Understanding the Role of Business
Roles and responsibilities must shift as the business grows and / or the market shifts. Flexible, clarify responsibilities, and hold the right people accountable.
8. Business Document Process
Continuously review and update the operating process to ensure maximum efficiency. Involve employees who actually do the work, and find ways to eliminate waste, repeat and scrap because they all produce lost money.
