There has been a great deal of talk recently about small businesses: how they are formed, how they should be treated in the tax codes, whether they should be required to purchase health insurance for their employees or how they will keep going in the face of a struggling economy. One thing that many so-called “experts” ignore, however, is the fact that small businesses have always existed, in the best of times and the worst. What makes a successful small business keep going day-to-day and what separates a successful business owner from one who folds?
Many people do not realize that a successful small business venture is really a series of small decisions that add up to big results—for the good or the bad! Here are a few examples of how small decisions made every day can impact your small business in a big way and result in ultimate success for you.
- Start where you are. Too many people borrow far too much money to start “at the top” of their small business field, then ultimately end up failing. In everything you do, ask yourself, “How is this going to benefit my business?” Set reasonable, reachable goals and then achieve them before moving on to bigger things.
- Be concrete. Successful business owners know the secret of being concrete in all of their goal setting. They never say, “I want to make more money.” Instead, their statements are more like, “I want to increase revenue this year by 20 percent.” Not only do they make concrete goals, they measure their success periodically by seeing how they have met, exceeded or failed to meet those goals.
- Analyze. Every business has failures. The question is not whether you will make mistakes but whether you will learn from them. If you lose a client, miss a deadline or have some other catastrophe, you must be able to look honestly at yourself and determine why it happened.
These may not be the “fancy” characteristics of business owners, but they are the ones that work!