Although the economy has been improving and business startup and growth rates having been rising, businesses will never be the same. Entrepreneurs, whether new ones or seasoned veterans, need to do things differently to stay in the game. Change is fundamental—especially for small business owners.
The following are some strategies to ensure business success:
Have a written plan, but be flexible
Writing down your plan is an important step in helping you to define your business model and the market. In addition, having a plan in writing will help also you iron things out and encourage you to think of strategies that you may not have thought of before.
Adjust, confront and conquer. Don’t be stubborn about your plan—this document should change frequently. Be flexible to change as per circumstance.
Keep your ego in check and listen to others
Business requires commitment, facing challenges and owning up to mistakes. Don’t take things personally or let your ego take control.
Keep track of everything, and manage by the numbers
Make a practice to use data in electronic forms. You will be more organized, and data can be retrieved easily and efficiently. Determine how much cash you have in hand, make a budget and stick to it (as best as you can).
Delegate to employees and avoid micromanaging
Entrepreneurs and small business owners sometimes have a tough time delegating work. It’s important to delegate tasks or outsource certain items, so that you can spend time on more strategic aspects of your business. It may be a good idea to have a responsibility sheet and an orientation plan so that contractors and/or employees are aware of their duties. Have an incentive based reward system and maintain a no problem attitude for problems that crop up.
Use the internet
It might take some time getting used to, but the internet has so many free or inexpensive marketing tools like social media, blogging and many other platforms for becoming a leader in your industry. Don’t shy away by postponing it because your competitors may not be using it (or are already using it).
Reinvent your business
You should be bothered about net profit and not gross revenue. Create a new competitive advantage, not by discounting, but by creating a niche or being known for excellent service.
Above all, have fun because you have chosen to be entrepreneur—you will make it work. It’s a difficult economy, but it is not impossible. There are people out there who are successful—you just have to have the right ideas, people and market.
For more information, you can visit: http://www.entrepreneur.com/article/223390
Thanks for reading, and until next time… stay WISE!