I have just read an e-book from Microsoft where five small-business owners share their success secrets. It is probably what we all know but in our busy work life balance do we take time out of our busy schedule to read, educate, reflect and act?
Every large business was once a small business, and every small business begins the same way. One or two people have an inspiring idea. That idea becomes a dream. And then passion and hard work transform the dream into reality—and a thriving company. Although each small business has a unique story, all entrepreneurs face many of the same challenges on the road to success.
In summary the tips this book provides include the following :-
1-Delegation and adaptability.
First, embrace your core competencies, which include everything that goes into creating a positive experience for our clients. We’re willing to learn other aspects of the business, but for us, it makes the most sense to spend our time on what we do best. Beyond that leave it to other professionals. Second, come to realize how quickly the market can change and new competitors can come into play.
And when the landscape changes … change along with it. That’s tough to do while staying true to who you are and the traditions you want to share with your clients. Do not underestimate the importance of trying to anticipate trends by analysing your clients’ needs, developing relationships with other small businesses, and staying aware of new trends in your industry segment.
2-Be realistic about how much work it takes.
There’s something romantic about working for yourself at a business you believe in, but it’s also stressful and demands a tremendous amount of sacrifice. You need to be healthy and have a clear mind so you can think rationally for the sake of the business. You have to find ways to work smarter, not harder, which is a definite challenge.
3-Cultivate great team chemistry.
There’s no set formula for running a successful business, but there’s no doubt that people are an essential element. The wrong employees can be caustic and waste valuable resources; the right ones can contribute ideas and create innovations you never imagined possible.
4-Work on your business not in your business
Once you get to this position you are free to explore new avenues for opportunity. If you don’t take the time to look ahead, the business will stagnate.
5-Build positive relationships-inside and outside of your business
Hiring people who can help you create a successful business is obviously important, but it is equally important to build positive relationships with your employees, relationships based on mutual trust and respect. The same is true for your relationships with customers, suppliers and partners—anyone who contributes to the ultimate success of your business.
6-Believe in what you do and give it your all… Every Day
If the scope of a client’s request puts you in a position of compromising my firm’s standards, walk away. It’s not easy for an entrepreneur to turn away work, but sometimes it’s necessary.
7-Don’t play musical chairs.
Making sure your business has the right structure and that all of your employees are in the right roles is a key component of success.
8-Value your employees from the very beginning.
Even though you may have little money to start with, we treated our employees as family. This creates an immediate and loyal bond with the team, which fostered passion, creativity and dedication. As a result, they were our strongest advocates. They spread the word to our target market and played a crucial role in our early success.
9-Trust your data
Good data analysis is like having an intimate conversation with your company—one in which your business tells you exactly what you can do to help it thrive. New business intelligence tools put data to work for you, transforming information into valuable insights that help you make faster, more strategic decisions.
10-Weed out deep-rooted issues
Unspoken issues are like weeds for a growing company. At first, they’re virtually invisible as the seed gets planted below the surface. But over time, if left to form roots, they can take hold and choke out productivity and growth.