Each year, many small businesses start and many of them fail. Among those that survive, some will lose money and others won’t make their owners anything like a living wage. How can you set yourself apart and increase your chances of success? With the right frame of mind, planning, tools and people, you’ll be better positioned to stick around.
Have the Right Attitude
There’s no single factor that can predict the success or failure of your small business, but a big part of it will be down to you and your attitude. Do you see problems as a challenge and an opportunity or are you quick to give up? Are you prepared to work hard? Do you take responsibility for issues that arise and start figuring out how to solve them instead of casting about for someone to blame? If you fall short in some of these areas, work on how you respond to adversity so that you can rise to the occasion when you need to.
Have the Right Plan
At the root of failure for many businesses is a lack of planning. The problem is that these companies often do not realize that they have failed to plan. In these situations, they have often focused on certain areas and neglected others. The strength of a business plan, even if you are not going to use it to get a business loan or entice investors, is that it forces you to consider aspects of your company that you might have overlooked, like marketing or what you will do if there is a cash flow issue. Taking the time to write out this plan can mean the difference in success and failure.
Have the Right Tools
There are so many different types of business tools, so it’s worth your time to take a look at what’s out there and what would truly enhance the work you do. For example, project management software can be great if you have teams that need to stay on the same page, but if there are just a few of you working on something relatively simple, this might be overkill. A good question to ask yourself if you are considering a certain tool is what problem it would solve. For example, if fleet management is an element of your business, there may be strict regulations that you need your drivers to conform to, such as making sure they do not commit out of service violations. With an ELD compliance solution, vehicles transmit live data that can help you monitor your drivers and avoid this and other violations. Therefore, this might be a great tool for that particular type of business.
Have the Right People
In your personal and professional life, you need to surround yourself with the right people. Personally, this means who will support what you are trying to do. Professionally, this means people who value excellence and have the skills you need. Find employees that you do not have to micromanage, who share your vision for the company. There are some prime benefits of employee engagement so be sure to check in with your team often and asses their level of job satisfaction. Seek out the best professionals to help you with legal, financial, and other issues instead of trying to muddle through yourself.