Successfully owning and operating a small business is more than just having a product or service ready to go. Before sales start rolling in, you’ll need to roll up your sleeves and take a few extra steps to make sure you stand out in the chosen field.
Some of the ways small businesses develop into big business are trade secrets. But across the board, there are a few key elements that you should develop to get your business off the ground — regardless of your payroll — and keep your business thriving for years to come. This year will be a turning point for small businesses to emerge and succeed.
Here are five common sense tips that set small businesses up for long-term success:
1. Responsiveness: Be present, be aware, be alert
As a small business owner, being responsive will make the difference between winning a new client or missing out entirely. Modern technology puts a higher expectation on companies to be present, address problems quickly and provide goods or service at unrivaled speeds.
Entrepreneurs who are unable to meet the fast-paced demands of new clients may not last as long as the on-the-spot responders. So making sure you’ve created a culture within yourself and your team that provides both service and speed is at the top of the list when it comes to key startup survival skills.
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2. Reliability: Your clients depend on you
Being reliable may seem simple, but many struggle to keep up. Sure, there are hang-ups in all business ventures, but being a reliable resource will set you apart from other startups in your field. Make sure that you or your product or service delivers on time and as promised. Take immediate action to deliver on your promises. And never promise more than you can commit.
Those who don’t deliver, or fail to keep their promises or under-deliver, will find themselves spending more time apologizing and less time building a healthy business. Successful entrepreneurs get more clout when they understand how to under-promise and over-deliver.
3. Resourcefulness: Making do or doing without
Every startup has roots in bootstrap economics. Learning how to do as much as you can with limited resources will set you up with less debt, greater profits and more financial security in the long run. Those apt to take on debt for elaborate equipment, offices or otherwise, may find themselves working toward debt rather than working toward a greater goal.
Keeping resourcefulness in mind is key as small businesses grow. It helps to fuel improvements in processes, keep spending in check and maintain a clear vision on the end goal: success.
4. Responsibility: Size doesn’t matter with business plans
Small business owners shoulder the responsibility for everything that massive companies must also consider: taxes and business planning, benefits and employees, profits and losses, shipping and receiving. Even social responsibility can be at stake if reputations are put to the test. But the importance isn’t lost on the scale. Regardless of the size of a company, it is critical to maintaining a responsible front rooted in ethics and proper planning. Garth Vickers, financial coach, mentor and founder of the Wealth & Freedom Accelerator, says that a businessman needs a plan, no matter big or small . We always need plans for daily or family routines, so why should we act differently with business?
Garth’s experience as a founder and CEO of Vickers Financial Group, has spent years fine-tuning small businesses. He suggests that keeping a solid business plan and good records are vital to every entrepreneur’s success. Poor planning will reflect poorly and drives many startups into the ground. Maintaining a responsible persona as an entrepreneur and as a business will set good businesses apart from undesirable counterparts.
5. Resilience: Keeping up with change is the only constant you’ll face
Constant changes can drive great success or great failure. When things don’t go according to plan you’ll need to persevere. It’s up to every successful entrepreneur to re-evaluate on a regular basis. Changes to the market, the customer needs, the competition and the projections must be recognized and addressed in haste.
Maintaining a consistent re-evaluation and written plan will help to drive success, hedge failures and predict ways to improve along the way. If something disrupts your processes or products, learn to adapt and perform at your best, despite the challenge. Your character as a company may very well be defined by it in due time.
