Keys To Success For Small Business Owners

When starting a business you need to be aware that it’s going to take some time to start playing with the big ones. Unfortunately, that huge glass corner office will have to wait for a little while. Don’t get discouraged, though. The fact you are a small business doesn’t mean you are not meant for greatness. In fact, each and every of the big companies you’ve got pinned on your radar used to be a small business first and with proper thinking, management and the right moves got to where it is now. The same will happen with your firm.

Still, you need to realize that nothing happens overnight. You need to invest a lot of hard work and patience into all of your projects and adopt proper elements that will keep you going. No doubt – to succeed you need to start with sufficient working capital.

To understand how grasping success works, you first need to understand the basic success factors. These would be:

Double E – Education and Experience

Ideally, education and experience go hand in hand. Yet, many highly successful business owners haven’t had any (or have had a little) education while some highly educated people have turned out to be the biggest failures and disappointments. So, answering the question of what is more important of these two isn’t something anyone can actually give the answer to. The best possible option would be BOTH education and experience.

Still, being a former small business owner myself (and employer!) I’d always choose someone with 10 years experience and no degree over someone with a PhD. D and not an hour of experience. Not to be absolutely harsh about this, we’ve had people come to us with no experience yet we recognized talent and made them members of our team. It is always wonderful to see people intellectually grow within your establishment.

Choose Wisely: Know what you want

When deciding to dedicate your life to a certain field of work, you need to be sure this is the right choice for YOU. It doesn’t really matter whether it’s a popular thing to do or that everybody seems to be doing it – what counts is your passion and willingness to be the best at what you do.

Apart from choosing something that inspires you and pushes you forward, you need to be smart about the choice you are making. After all, for any business to be successful is of utmost importance to pick something that will remain vital for as long as you can reasonably foresee.

People you work with

Having a good team around you is one of the key factors in any business advancement. If you like, you could go my personal definition (and division) of what I understand as people I work with.

Internal team are all the key people in the company. They are the founders, co-founders and those employees the company just wouldn’t function.

When determining who your internal team is going to be, you need to think wise: know that today finding a good worker is rare, even precious. Even if you are the founder of the company, don’t give in to pride and think there is nobody better than you. There probably is – they just didn’t have enough money to start their own business. And, if you are lucky enough to have hired these people, learn how to keep and motivate them. Success on the long run is usually a product of mutual respect, loyalty, honor, courage and spirit among workers and their superiors. Keep these intangibles in balance and success will follow.

External team are the paid professionals. Even though you are a small business, you simply must have them. A critical element in success is choosing this team properly.

Network/connections are a sidekick to any business, yet a really valuable one. This is easily your community of marketplace friends.

Management Creativity

Here’s what it is: to have your small business succeed you need the steady hand of a manager and the creative influence of an entrepreneur. HOWEVER – be aware of the fact that some excellent managers aren’t creative while some entrepreneurs are not good managers. Heartbreaking, I know.

The best policy here is to be honest about the whole thing. Namely, be honest with yourself, what you can do and what you are capable of. If you are an amazing entrepreneur, sell what you create. But, know that it’s also fine to hire a manager who would run what you have created. As long as they’re in synchrony there will be success.

Records

To run a successful business ship, you need to be mindful of all business records and information collected: sales performance, financial statements, service levels, customer records, and many other categories.

To handle records properly, you need to have educated people among your staff. People that have actually had experience in dealing with these kinds of things; marketplace experience in the person handling records is crucial if you wish for your small business to succeed any time soon!

Damian Wolf is a writer and marketing associate at Gasweld. His mission is to create and monitor all marketing campaigns under company. When he’s not working, Damian loves to barbecue with friends and travel with family.