Achieving success for a small business lies in setting goals that are compatible with both the general implications of running a small business and the context of the particular small business concerned. But generally speaking, there are a number of things small business owners who wish to be successful must bear in mind as well.
Even small businesses need adequate management as well
Several small business owners make the mistake of thinking that all they need to start a successful business is a sufficient amount of technical know-how. Such business owners therefore tend to overlook the importance of acquiring formal training or experience in management practices and principles, or alternatively hiring a professional who is well versed in such areas. Hence, due to the highly erroneous notion that only large businesses require a substantial level of investment in management, many businesses have failed as a result of inadequate management.
The ability to adapt is equally important
Small businesses, more than large ones, can easily be lifted and swept aside by the tide of change and evolution. At the same time however, they can in fact have an edge over large businesses if they take advantage of their relatively smaller networks and less complex structures, and learn to adapt. After all, it is easier to effect monumental change in a smaller structure than in a larger one. Moreover, the owner or manager of a small business must learn to evolve back and forth from a technical expert to a tactical planner; and from a manger of things to a manager of people.
Preparation maps out the road to success; persistence takes you there
Benjamin Franklin once said that “by failing to prepare, you are preparing to fail”. It is very important for managers of small businesses to ensure that adequate preparations are undertaken in every aspect of their business. But at the same time, even with all the plans and preparations an entrepreneur can possibly dream or cook up, not much can be achieved if he/she fails to stay true to the plan. And staying true to one’s plan requires determination and persistence. Persistent individuals and their businesses are very often the ones who make it to the finish line. Whenever you feel like giving up, remember the words of Thomas Edison: “Many of life’s failure are people who did not realize how close they were to success when they gave up.” Nevertheless, as mentioned earlier, there are indeed times when slight deviations from the original plan may be required. The key to success here is, knowing when to stay on track, and when to make needed changes. The road to success might be shaky, but careful planning and perseverance are bound to prevail in the end.
The importance of standing apart from the crowd
As a small business owner, you must always remember that there are countless other small businesses out there, many of whom happen to operate in the same niche as yours. So how can you ensure that you compete favorably in the industry? Simply be unique; make the products or services you offer stand out. You can also set yourself apart by the way you and your operatives relate with your clients or customers. Here are some specific tips on how to make your business more unique:
- Endeavor to consistently highlight the unique solutions your products or services offer.
- Studying your competitors is important; but be careful not to end up copying them.
- Package your products distinctly.
- Be innovative; strive to be a trend-setter and not a trend-follower.
- Try as much as possible to offer personalized services.
Although there are no strict procedures to follow to achieve small business success, a careful combination of the above mentioned factors will edge the business closer to success. Failing in any of the above points sets back the small business a great deal as they are more or less the bedrock on which the growth potential of the business is grounded.
About the author:
Lewis Edward is one of the owners of TheOfficeProviders. He is a real estate investor with many interests in other sectors. Lewis researches and contributes various written features for TheOfficeProviders in areas regarding real estate, including office space for rent and serviced office space , and general business and economy matters. Lewis is experienced in the inner workings of both the traditional and flexible workspace industries and has developed close links with various figures in real estate circles, as well other circles.