Frightening are the statistics in terms of small business failures and these are 3 in 5 small businesses closing down within two years of start up. Is there a magic ingredient that the remaining two has? A poor business model, poor products, bad sales staff are what those 3 businesses that closed down may have but every day we hear about small businesses surviving and thriving in the economic downturn. Maybe there's a secret to success. There may well be.
A passionate owner or owners is one thing that most successful small businesses have. People who are absolutely passionate about what they do, love doing it, and believe in whatever product or service it is that they produce.
Passion is not enough though - how many passionate people have had failed businesses? Small businesses thrive when their owner has a clear sense of direction, a goal that they want to achieve, and a strategy to make them achieve it. Knowing where they're going is what small business owners need as well as how they intend to get there.
Another thing small business owner would need is a sense of how to run a business. An owner of a small business has usually worked for a company most of their life. Although they may be passionate about their new venture and know where they are headed - they may not know how to run a business. Helping you keep your small business on track is a business-oriented partner, a good accountant, and a good lawyer.
A small business that doesn't overreach its capabilities or over extend itself financially is often more successful and this means it's happy to stay small. Unlike a small business who invested all their capital in more machinery to handle big orders they never managed to clinch, your small business can keep on going if you find a niche market that's lucrative. The key to many small businesses' longevity is slow and steady growth.
Playing to the strengths of a small business will help you too. There are many larger companies that appreciate the benefits of dealing with small companies - the personal service, the investment the owners have in keeping their customers happy and the care they take over quality are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. Professionals are what they use to market their business, perform tasks that are need to run the business well, and do their books. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. This leads to poor performance in areas that are vital to the business - and consequent failure.
Do you know the secret to success? What most successful small business owners would tell you is that success is a combination of common sense, hard work, and passion.
A passionate owner or owners is one thing that most successful small businesses have. People who are absolutely passionate about what they do, love doing it, and believe in whatever product or service it is that they produce.
Passion is not enough though - how many passionate people have had failed businesses? Small businesses thrive when their owner has a clear sense of direction, a goal that they want to achieve, and a strategy to make them achieve it. Knowing where they're going is what small business owners need as well as how they intend to get there.
Another thing small business owner would need is a sense of how to run a business. An owner of a small business has usually worked for a company most of their life. Although they may be passionate about their new venture and know where they are headed - they may not know how to run a business. Helping you keep your small business on track is a business-oriented partner, a good accountant, and a good lawyer.
A small business that doesn't overreach its capabilities or over extend itself financially is often more successful and this means it's happy to stay small. Unlike a small business who invested all their capital in more machinery to handle big orders they never managed to clinch, your small business can keep on going if you find a niche market that's lucrative. The key to many small businesses' longevity is slow and steady growth.
Playing to the strengths of a small business will help you too. There are many larger companies that appreciate the benefits of dealing with small companies - the personal service, the investment the owners have in keeping their customers happy and the care they take over quality are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. Professionals are what they use to market their business, perform tasks that are need to run the business well, and do their books. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. This leads to poor performance in areas that are vital to the business - and consequent failure.
Do you know the secret to success? What most successful small business owners would tell you is that success is a combination of common sense, hard work, and passion.
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