What"s The Key To A Successful Small Business?
Have you ever wondered why some small businesses go from strength to strength while the vast majority just seem to struggle to survive or barely tick over? I've run several businesses and met many small business owners in my time.
I was quite surprised how many where struggling to survive, barely making ends meet and not reaching the level of success and lifestyle they had envisioned when they had started their small business.
Sadly, there where those businesses who never got of the ground and failed completely.
Yet there where a few extremely successful businesses who where making high 6 figure income every year.
They were not working any harder than most, in fact probably working less hours.
What they where offering was not vastly different from their competitors or where they entrepreneur masterminds.
So why where they successful and others were not? In a nut shell, marketing and good accounts! Of course there are many other factors that effect the success of a business, for example the quality of the product and service, market trends, economic factors, new innovations etc, but if the business is to be successful it must have good marketing to attract new customers and good accounts to keep financial control over the business.
A lot of businesses focus on offering a great product and/or service to their customers, yet still struggle to get the customers that they want and need.
This is due to having a marketing problem.
Successful businesses realise that their primary objective is to build their customer base.
In the words of Micheal Gerber they " work ON their businesses, not IN their businesses".
In other words, to be successful you must make time to work on your business in terms of developing the marketing for your product and/or service, rather than just focusing on dealing with customers, producing/delivering, and general running of the business.
They look at ways they can market their business to many, rather than just one to one.
They also spend a lot of time networking, for example the Chamber of Commerce in the UK organises meetings for businesses to talk to each other about what they have to offer and to create contacts and potential customers.
They learn how to market their business and create a marketing system that keeps a steady stream of customers knocking at their door, without taking up all their time.
The other key factor in a successful business is to have good accounts.
Most small businesses use accounting software packages, like sage accounts, to keep control of their finances.
The great aspect of these packages is the information and reports they produce.
At a glance you will know your sales, who are your customers, have they any outstanding debts or exceeded their credit.
Your list of suppliers and purchases,any outstanding invoices, calculate VAT for you.
Stock control and even forecast your cash flow.
With this information small business owners can make those vital decisions in controlling their business weekly or even daily, without waiting for their quarterly or half yearly accounts.
To run a successful business is to keep tight control on your expenditure and capitalising on sales, and to have the information at hand is vital.
With strong marketing and tight financial control will lead struggling small businesses to successful ones!
I was quite surprised how many where struggling to survive, barely making ends meet and not reaching the level of success and lifestyle they had envisioned when they had started their small business.
Sadly, there where those businesses who never got of the ground and failed completely.
Yet there where a few extremely successful businesses who where making high 6 figure income every year.
They were not working any harder than most, in fact probably working less hours.
What they where offering was not vastly different from their competitors or where they entrepreneur masterminds.
So why where they successful and others were not? In a nut shell, marketing and good accounts! Of course there are many other factors that effect the success of a business, for example the quality of the product and service, market trends, economic factors, new innovations etc, but if the business is to be successful it must have good marketing to attract new customers and good accounts to keep financial control over the business.
A lot of businesses focus on offering a great product and/or service to their customers, yet still struggle to get the customers that they want and need.
This is due to having a marketing problem.
Successful businesses realise that their primary objective is to build their customer base.
In the words of Micheal Gerber they " work ON their businesses, not IN their businesses".
In other words, to be successful you must make time to work on your business in terms of developing the marketing for your product and/or service, rather than just focusing on dealing with customers, producing/delivering, and general running of the business.
They look at ways they can market their business to many, rather than just one to one.
They also spend a lot of time networking, for example the Chamber of Commerce in the UK organises meetings for businesses to talk to each other about what they have to offer and to create contacts and potential customers.
They learn how to market their business and create a marketing system that keeps a steady stream of customers knocking at their door, without taking up all their time.
The other key factor in a successful business is to have good accounts.
Most small businesses use accounting software packages, like sage accounts, to keep control of their finances.
The great aspect of these packages is the information and reports they produce.
At a glance you will know your sales, who are your customers, have they any outstanding debts or exceeded their credit.
Your list of suppliers and purchases,any outstanding invoices, calculate VAT for you.
Stock control and even forecast your cash flow.
With this information small business owners can make those vital decisions in controlling their business weekly or even daily, without waiting for their quarterly or half yearly accounts.
To run a successful business is to keep tight control on your expenditure and capitalising on sales, and to have the information at hand is vital.
With strong marketing and tight financial control will lead struggling small businesses to successful ones!
