Frightening are the statistics in terms of small business failures and these are 3 in 5 small businesses closing down within two years of start up. Is there a magic ingredient that the remaining two has? Those 3 businesses that shut down may well have had a poor business model, poor products, bad sales staff, but we hear every day about small businesses not only surviving, but thriving in the economic downturn. Maybe there's a secret to success. It may be.
A passionate owner or owners is one thing that most successful small businesses have. These people love what they do, are passionate about it, and they believe in the product and service they produce.
But there are passionate people who have had failed businesses and this means passion alone isn't enough. When their owner has a clear sense of direction, a goal they want to achieve, as well as a strategy to make them achieve it, then small businesses can thrive. With small business owners, they need to know where they're going and how they're going to get there.
Having a sense of how to run a business is also something small business owners need. Often a small business owner has worked for a company for most of their life. Although they may be passionate about their new venture and know where they are headed - they may not know how to run a business. To keep your small business on track, you may need the help of a good lawyer, a good accountant, and a business-oriented partner.
A small business is often more successful when it is happy to stay small - not overreach its capabilities or over-extend itself financially. Unlike a small business who invested all their capital in more machinery to handle big orders they never managed to clinch, your small business can keep on going if you find a niche market that's lucrative. The key to many small businesses' longevity is slow and steady growth.
Also helping you is playing to the strengths of a small business. There are many larger companies that appreciate the benefits of dealing with small companies - the personal service, the investment the owners have in keeping their customers happy and the care they take over quality are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. They use professionals to market their business, do their books, and perform the tasks that are needed to run the business well. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. What this leads to is poor performance in vital areas to the business and even consequent failure.
Do you know the secret to success? Most successful small business owners would say it's a combination of hard work, common sense and passion.
A passionate owner or owners is one thing that most successful small businesses have. These people love what they do, are passionate about it, and they believe in the product and service they produce.
But there are passionate people who have had failed businesses and this means passion alone isn't enough. When their owner has a clear sense of direction, a goal they want to achieve, as well as a strategy to make them achieve it, then small businesses can thrive. With small business owners, they need to know where they're going and how they're going to get there.
Having a sense of how to run a business is also something small business owners need. Often a small business owner has worked for a company for most of their life. Although they may be passionate about their new venture and know where they are headed - they may not know how to run a business. To keep your small business on track, you may need the help of a good lawyer, a good accountant, and a business-oriented partner.
A small business is often more successful when it is happy to stay small - not overreach its capabilities or over-extend itself financially. Unlike a small business who invested all their capital in more machinery to handle big orders they never managed to clinch, your small business can keep on going if you find a niche market that's lucrative. The key to many small businesses' longevity is slow and steady growth.
Also helping you is playing to the strengths of a small business. There are many larger companies that appreciate the benefits of dealing with small companies - the personal service, the investment the owners have in keeping their customers happy and the care they take over quality are advantages that small businesses should push.
Small businesses that are successful has another factor and that's sticking to their knitting. They use professionals to market their business, do their books, and perform the tasks that are needed to run the business well. Even if their expertise lies elsewhere, a lot of small businesses try to do it themselves. What this leads to is poor performance in vital areas to the business and even consequent failure.
Do you know the secret to success? Most successful small business owners would say it's a combination of hard work, common sense and passion.
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