Small Business Academy

20 Jun

6/21/2012

9 Tips for Growing a Successful Business

Female OPEN busines owner

 

This week I have taken some excerpts from my new book Main Street Millionaire that I have found to be just some of the key elements to the success and growth of a small business. They also happen to be a few of the topics I receive questions on the most. To succeed in business today, you need to be flexible, innovative, have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money only to find that becoming a successful entrepreneur requires business savvy and skill. You can easily learn the key elements of success and begin to create and grow the business of your dreams by applying these few tips to your business practices.

1. Get Organized

There is no such thing as a disorganized success. To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you haven’t forgetting anything and you’re completing all the tasks each day that are essential to the success of your business. Remember; The most successful people in the world all have one thing in common. They are avid list makers and followers.

2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where your business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business. Remember; Knowing how much is in your accounts at the end of each day is one of the keys to business success.

3. Create, Don’t Compete

To be successful, you can’t be afraid to study and learn from others in your industry. After all, they may be doing something right that you can implement in your own business. Remember; If some else in the same business as you, in the same community as you, are successful in their business and you are not, the problem is not in the business you are in, but in the way you are doing business on a daily basis.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business. Remember; Only take risks that will have a minimum impact if they don’t work out and a maximum impact if they do. If the risk you are considering does not meet these criteria…. pass.

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business. When it comes to business change is a good thing. You always need to keep things fresh to keep your customer base interested and coming back to see what’s new. Remember; If you are not continually moving forward, you are moving backwards.

6. Stay Focused

The old saying, “Build it and they will come”, does not apply here. Just because you open a business doesn’t mean that you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals, develop promotional partnership, use your local media to advertise your business’s participation in community events. Remember; The most effective types of advertising are usually free.

7. Prepare to change Your Priorities

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. The key is to try to create a balance between the time you spend at your business and your personal life. Be prepared to offload some of the responsibilities you used to have in both parts of your life onto someone else’s shoulders. Remember; You can not do it all and expect to do it all well.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come back to you the next time they are in need of something instead of going to your competition. Remember; Superb customer service is one of the single most valuable tools that a small business owner can use to become a lasting success.

9. Be Consistent

Consistency is a key component to making money in business. You have to consistently offer great value with the highest level of customer service you are capable of and then continually try to do it even better. This will create long-term positive relationship that will help you make money over the long term. Remember; Repeat customers are the Holy Grail of small business success.

Wishing you continued success and a very successful 2012! Please feel free to post any comments or questions you may have regarding starting or growing your business. I read everyone and it helps me create better targeted information and tools to help you succeed!

https://www.facebook.com/AlexzandraD

http://www.linkedin.com/pub/alexzandra-de-la-iglesia/15/422/69a

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