14 Keys to Success for Small Business

14 Keys to Success for Small Business

The success rate for new small businesses is relatively small, so making the most out of your opportunity is imperative.

From starting up your company to hiring employees to keeping an eye on expenses and creating a website to reach customers around the world. Finding the keys to success will make the difference in your efforts.

Here are 14 effective tips for you to make your business successful:

1. Plan

Planning is always important. Although this may sound just like a cliché it is nevertheless an actuality.

Often times planning is perceived as an obligatory stage of the business starting process and therefore, it is rarely liked by young entrepreneurs. However, if you try to understand a planning process deeper and try to view it from a slightly different angle you will discover an amazingly effective tool for your business.

Good and honest planning often reveals your future challenges in a safe “training mode”, so you can address them proactively.

Do not plan just for the sake of planning, just because it is important. Plan to be equipped and strong.

Do not plan just because it is important. Plan to be equipped and strong. Click To Tweet

Planning is a very first test that your new business initiative shall pass (e.g. new business idea). It will always display the critical points that you definitely must address in order to run a sustainable business.

2. Find an Experienced Mentor

Arguably one of the most important aspects in being a successful small business owner is emulating the efforts of a mentor who has also been down this road.

A mentor provides valuable insight into running your small business so that you can maximize your efforts at being successful and avoid many of the pitfalls that so many companies encounter. Try to find an experienced mentor and ask him to share his valuable business experience with you.

3. Build a Network

Connections matter. The good news is that you can join social media sites such as LinkedIn and Facebook to meet with other small business owners. The camaraderie is invaluable in helping you find the motivation to succeed. In addition, you’ll gain valuable insights into new trends so your business can really take off.

4. Have a Strong Website

An online presence is crucial in today’s world with so many potential customers searching online for the products and services you offer.

You’ll need the proper hosting and right domain name that is easy to remember and very accessible to help with your marketing efforts.

Building a strong website is a must. Today you do not need to have a huge budget for a stunning website. You may consider using online website builders to save time and minimize costs. They are fast, cost-effective and easy to use. No need to spend hundreds of dollars for hiring web designers. With an online builder your website will go live literally in hours.

As soon as your website is ready and published go to optimize it. Work on Search Engine Optimization (SEO) and try out Cost Per Click (CPC) advertisement. Add compelling content and continuously improve your design. Make your website as strong as possible. Your online presence is your key asset.

5. Benefit From Technology

Implement a present-day approach to your business and benefit from the amazing power of technology.

There are hundreds of awesome online solutions for your business out there. Leverage their power to make your business more efficient.

Turn your email into a fax machine with Fax Thru Email, increase traffic and get more customers with automated SEO, run Email Marketing campaigns, collaborate online with the team and more!

These online tools usually do not cost much, many of them have monthly and yearly packages and even free subscriptions and trials. So, just try them out and see what makes your life easier. I am sure you will discover a bunch of good online tools that will bring your business to the next level.

Here are some of the absolutely genius stuff:

Podio – Project management

Buffer – Social Media

Salesforce – CRM

For more online solutions check Mill Online Products.

6. Limit Needless Expenses

Many small businesses fail to succeed because they do not keep a cap on unnecessary expenses.

If you don’t need it, then do not pay for it with company funds. The most successful companies manage to keep their expenses to a minimum well after they start making profits and so should your business as it is one of the most common causes business not making their necessary payments.

7. Perfect Your Sales Pitch

You will need to find the perfect sales pitch and know what method works best in delivering it. Whether that means traditional advertising, online marketing, cold calling, or other sales techniques, you will arguably spend a great deal of time perfecting the sales pitch of the company to reach the widest possible audience.

8. Keep focused and be consistent

Keep focused consistently and push your business goals forward until you achieve them. It is common when you enthusiastically set goals and prepare perfect actions plan and then fail at execution.

Remember once you’ve set your goals do not stop until you accomplish them. Learn how to avoid procrastination, constantly increase your productivity level and never lose your focus. Recurring loss of focus is what often makes a business fail.

Set staying focused as your top priority.

9. Make your business name work for you

Business names work. So make sure your business name is effective and actually works for you. If it does not, then do not hesitate to change it. It is easier if you identify an ineffective business name and change it at the earlier stages.

Many companies successfully changed their names after realizing that their business names either are not forceful enough or do not match their image, geographical area, spirit etc. Google, Sony, Nike and eBay are good examples.

Read our article on How To Choose a Great Name For Your Business. Then reconsider your business name to make sure it is powerful.

10. Do you really need the office?

Awesome office space is nice yet not decisive for most businesses. Office spaces are expensive and you’ll have to pay your rent no matter how successful was your month.

Rethink your attitude.

Do you really need an office? If you run an online business or any other type of business where not having an office won’t harm your reputation, then you may easily cut your costs by refusing to have it.

Avoid renting an office space until you can reasonably afford it. Did you know that HP and Amazon were started in a garage? Your office won’t stop you from being great even if it is your garage.

Think of setting up a tiny office in your home for the beginning. As soon as you gain ground you may move into shared work spaces in your town and get an opportunity to network with the folks therein.

Alternatively, you may consider having a virtual office. This will come with an affordable price and some extra benefits. Check Regus and Servcorp for options.

11. Embrace Failure

It may seem counter-intuitive, but the most successful businesses have had periods of failure that has taught the owners valuable lessons first-hand.

Remember, Thomas Edison created over 10,000 light bulbs that failed before he finally made one that worked. As long as you view failure as a learning lesson and not a stopping point, then you will greatly increase your chances of success.

12. Never give up

No matter what never give up.

Another cliché which seems to be not working. However, it all depends on your attitude. Do not take it literally. Never give up does not mean that you do not admit the failure and go on even when it is clear that everything is over.

Not giving up is more about transforming, changing and adapting. You try again and again, but do things differently. Follow that well-known wisdom attributed to Albert Einstein: “Insanity: doing the same thing over and over again and expecting different results.”. So, follow the advice – try to do things differently when they seem to go wrong.

Not giving up is about transforming, changing and adapting. Click To Tweet

Keep on experimenting and you’ll axiomatically find the way.

Failure happens. Take a short break and gather your strengths for the comeback. Be creative and persistent and you’ll make it.

Be creative and persistent and you’ll make it. Click To Tweet

13. Hard work = Success principle

One of the most important things to always bear in mind is the principle of hard work and its reward. If you work hard, you’ll be successful. Keep this in mind and do not waste your time. What goes around comes around. You need to sow something to get the harvest and the essential part of seeds you sow is your work.

Work wholeheartedly until you are there. This rule works and has no exceptions. Just like an another axiom.

14. Bonus Tip

In the end, your company needs to emphasize building up your customer base through effective traditional and online methods of advertising. Buying the right domain name and having the best hosting company by your side is also crucial towards having a website that really draws in the customers.

By benefiting from the above-mentioned tips, focusing on how you sell your company and keeping expenses to a minimum, you can reap the rewards of being a successful small business owner.

Good luck! 🙂

Further Reading: 55 Remarkably Simple And Crazy Powerful Quick Business Tips

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