Running a small business is tough. To get success, you as an entrepreneur, have to wear several hats simultaneously. You make decisions about marketing, budget, products, customer service, and everything else that may come up on a daily basis. These tips can help you to manage and grow in business.
According to a survey in year 2020, around 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. If you want to be among that 25%, rigorous attention to these 11 tips is the smart way to get there.
1. Focus on your Goal
When an entrepreneur sets goals, he or she makes its priorities clear for everyone involved in the business. The purpose of goal setting is to show the owner and all associates what they need to focus in present and the future, which then helps them to be able to prioritize their tasks on daily basis. Try to break your big long-term goals into short term goals and make everyone understand the mean of it clearly and repeatedly.
I have seen one Automobile Garage owner in Panipat doing this and noticing their progress day by day. He gathers everyone in the unit every morning and remind them what is their part of goal to achieve. It seems little awkward but works wonderfully.
Unfortunately, many small businesses just don’t make it.
Goals Keep Everyone Motivated
Goals Promote Teamwork
Goals Increase Morale
Goals Help You Measure Success
Goals Keep the team on the Track
Goals save you from distractions
2. Be Patient
Remember, businesses don’t build in days. It takes time. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.
3. Prepare Yourself for Sacrifices
Business always demands a lot before the success comes. It’s universal fact and the entrepreneurs should remember this. If you want to grow and get success then be ready to sacrifice in the almost same ratio. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.
4. Provide Customers Your Best
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.
5. Get & Remain Organized
To achieve success, you need to be organized.
You require to save your energy, resources and money to waste, pilferage or drain in unnecessary tasks. It will help your complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.
6. Record the Things and Keep Records
Record the things and keep records. You cannot remember a lot of things and forgetting can create losses for your business. By recording, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
7. Be Creative
Always look for the ways to improve and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.
8. Analyze Your Competition
Competition wants the best. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
9. Be Consistent
Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.
10. Risks Elimination
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
11. Rewards & Motivation
Whether you’re running a small business or a large one, you couldn’t do it without people. But when you’re a small business, keeping your people or associates engaged and productive is even more important than at a large firm.
Giving rewards can be even more of a challenge for small business owners but it works like magic for your growth. Remember, rewards don’t always have to take the form of expensive bonuses. You can use less tangible, incentives, like flexibility, a fun workplace culture, and something as simple as the occasional pat on the back or appreciating words like ‘Shabash Beta’. Such practices will keep your associates motivated, without destroying your bottom line.
Keep doing, all the best.