HOW TO RUN A SUCCESSFUL SMALL BUSINESS

THIS IS THE FIRST PART ON HOW TO RUN A SUCCESSFUL SMALL BUSINESS

Virtually every hardworking individual dreams of establishing a profitable and successful business, either as a part time venture or as a full time enterprise. Such companies characteristically have unique adverse features such as lack of a functional professional team, restricted budget, stressful financial and capital constraints as well as ineffective and inefficient organisation.

However, being the sole manager of your business ensures you focus on more critical business strategies, enhance your ability to multi-task, juggle, prioritise and balance critical aspects of the company, maintain a balance between excellence, efficiency and improving productivity and cost-effective resourcefulness while reducing the cost of labour, time and human error.

SMALL BUSINESS: SKILL REQUIRED

The main concept in the establishment of a business is the provision of a skill or a set of skills which solve a problem in the general populace. However, acquiring efficiency in that skill does not guarantee the success of that business.
Other qualities required are

1. SELF- MOTIVATION
   The ability to provide an efficient and effective skill will ensure happy satisfied and happy clients who will repeatedly utilise your services. Thus, unless you are motivated to deliver your best at all times, the quality of your services will be sub-par and will have reduced patronage.

2. DISCIPLINE
   Being the sole owner of the business, owners of small companies can very quickly under-appreciate the value of the services they provide. Running a successful business requires a strong willpower to overcome obstacles that may occur.

3. POSITIVE ATTITUDE
   As a successful business owner will tell you, there are more downs than ups in the day to day running of a business. Difficulties and setbacks will occur, mistakes are bound to happen, and only your attitude in tackling such eventualities will determine the success of your business.

4. SELF-IMPROVEMENT
   Change is the only constant thing in life. In the current fast-paced world, successful businesses are those that can keep up with the current trend. The ability to achieve success requires constant re-evaluations, improving already established skills and enhancing various aspects of the business. This will put your business one step ahead of other competitors.

SMALL BUSINESSES: NETWORKING

Apart from having the appropriate skills to run a business, you must have the sufficient number of satisfied clients who patronise your services. Such clients turn into contacts and network partners who will advertise and act as a network to refer other potential clients to your business. Connections are priceless; their referrals and leads are the cruces of small business networking and success.
Not all satisfied clients will become long term, steady clients or become a potential networking member. However, do not under-appreciate the value of networking and acquiring a bunch of quality leads and referral sources.