Every year, millions of small businesses open their doors and set their sights on making it big. Yet only a handful of them make it through to survive the following year.
Especially now after the last year and half, it is more important than ever for small businesses to have the proper resources to manage their business effectively to weather the storms ahead.
Lori Greiner, from ABC’s Shark Tank, says that “Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week.” As a small business owner you want to take charge of your future and will do what it takes to get there.
Marcus Lemonis, CEO of Camping World and star of CNBC’s primetime reality series The Profit, knows all about determining the success or failure of a business. Lemonis says, “Business success is about the three P’s: People, Process, and Product.” Here are tips that make a small business successful.
Success is best shared with others, and it is only possible through teamwork. Having the right team at your side makes all the difference for small businesses. Having aces in their places and the right people will keep your business run efficiently, even when you can’t tend to it 24/7.
Any business no matter the size needs a plan and goals for the future. While it may sound daunting, it doesn’t require a 100 page dissertation to get there. Small businesses have the luxury of starting small and setting milestone goals and plans for short and long term success. As your business grows, so should the plan.
A great example of a small business plan is having targets for your sales goals, how you expect to grow and what your objective is in the next year and beyond.
How your business operates is important. Establishing systems and processes streamlines your day to day operations. It also helps your team know what to do and what can be done in your absence, to keep your business thriving.
For restaurants, that can be maintaining a tight inventory control, serving correct portion sizes to ensure a proper flow of food supplies. For retail and service businesses, it would be as easy as defining how to work with customers and clients to get the sale.
Are you making money? That’s the whole point of running a business in the first place. Knowing how to run your business from a financial perspective puts you ahead of the curve. A proficiency in accounting, budgeting and cash flow are a must in today’s small business world.