Thu 12 Mar 2009
1. Have a Plan
It seems unbelievable that some entrepreneurs still think that a business plan is not necessary. Well, it is!
Ask any successful entrepreneur and they will tell you that a well thought out business plan is an important key to the success of any small business. If you need help developing your business plan, check out our sample business plans.
2. Keep Pushing
For entrepreneur success do not give up at the first sign that things are getting tough. Remember that obstacles are not a good reason to quit.
If you planned on turning a profit in a set period of time and did not, don't quit. If it is at all possible for you to keep trying, then evaluate what may have gone wrong, make a few adjustments and try again.
3. Budget Wisely
Bad budgeting decisions are one of the saddest reasons for the failure of a potentially great small business.
Some small business owners have blown thousands of dollars on office furniture, brand new office equipment and the best office space that money could buy. When it came to marketing efforts, however, they suddenly found their inner miser and spent very little.
It is understandable that some businesses require a very polished professional look. Even those businesses can find used office furniture that looks brand new. When developing your budget, do not skimp in the areas that will directly contribute to an increase in revenue. Nice fixtures can come later.
4. Hire Someone
Don't try to do it all yourself. The fact is, in most cases, it is just not possible to handle every aspect of running a business yourself. At least, hire someone to help with the small busy-work type of tasks.
This will not only give your business a professional appearance, but it will free up your time to concentrate on running your business and turning a profit.
5. Be the Best
Sure it might sound cliché, but the power to be the best really IS in your hands. You might not be able to offer the lowest price, but you absolutely can provide the best customer service possible.
That doesn't mean jumping to unreasonable demands of unreasonable customers, but it does mean giving 100% effort to do everything you said you would do and to fix any problems ASAP.