Keys to Small Business Success

10 KEYS TO SMALL BUSINESS SUCCESS

Unfortunately, there is no clear-cut winning formula to guarantee the success of a small business and

many end up either struggling to succeed or failing all together.

For the ones that do succeed, there are a number of characteristics and best practices that help increase

the chances for becoming successful.

The following 10 keys to success cover some of the main aspects that successful

venture businesses tend to employ.

By adopting some of these simple approaches, a small business can

increase its chances of scaling their business and successfully achieving their

mission.

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In order to be a successful business/entrepreneur, it is vital that you remember the big vision behind the endeavor. Changes and hurdles will be a constant and having a clear direction will help steer your way back to a successful course.

Keep Your Eyes On The Prize

MAKE A PLAN, BUT BE FLEXIBLE

A key factor for businesses is to have a well-mapped out plan in place, but be prepared to recalibrate and regroup as the need arises. Business models can be

ever-changing based on the market demand.

DON’T REINVENT THE WHEELObserve what is already working in other businesses’ models in your industry and emulate those practices

instead of re-creating what has proven to be successful approaches. Mistakes can be costly and

time-consuming.

KEEP THINGS LEANMonitor key metrics for your business.

Keep operations/ overhead/ development costs lean and take a phased approach to expenditures to help mitigate overspending and cash flow problems.

Embrace Your Expertise

Business owners should embrace their areas of

expertise. Focusing on their strengths and hiring out for the areas that require assistance

will avoid costly mistakes from taking place. Don’t be a jack of all trades and a master of none.

While weathering hurdles, business owners should maintain a positive attitude as

operating a business requires good team morale. A stressful environment can be

detrimental to overall productivity.

MAINTAIN A

POSITIVE ATTITUDE

LOCATION, LOCATION, LOCATION

Entrepreneurs tend to attract more entrepreneurs. Small

businesses will cluster around the cities that offer the warmest welcomes: those with like-

minded businesses that understand their services and products specialized for their

needs.And for B2C businesses, choosing the right storefront location is a

key determinant to success.

Maintaining and expanding your network can lead to your business gaining access to more expertise, potential

clients, referrals, key personnel and executives, as well as additional insight into the market demands of your industry.

NEVER STOP NETWORKING

INVEST IN THE RIGHT PEOPLETop of the employee “wish list” for successful

entrepreneurs is the ability to collaborate. People with great attitudes who are fun to work with can

learn and do just about anything.

BE TECH-SAVVY & ONLINE

Perhaps not surprisingly, the best small business owners invest time

and money in their company's website and are likely to rely a

great deal on technology.

GO WHERE YOUR CUSTOMERS ARE….

Successful business go where their customers are. For example, if your customers spend a lot of time on social media, you must join the conversation there.

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