How to Develop a Successful Small Business

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How to Develop a Successful Small Business

How to Develop a Successful Small Business

When anyone starts a business for the first time, they probably do a lot of research. You seek help from advisors; you may have gotten information from books, blogs, magazines and other readily available sources. You might have invested a lot in terms of money, time and sweat equity-to get your business off the ground. So what now?

Every successful entrepreneur’s career path looks a bit different, there are universal signposts that can help steer everyone with small businesses in the right direction. For those who have survived startup and built successful businesses, they may be wondering what will be the next step and grow business beyond its current condition. There is a huge number of possibilities, few of which we’ll outline here. Choosing the proper one (or ones) for your business will be depending upon the type of business you own, available resources, and how much budget, time and sweat equity you’re willing to invest all over again. If you’re ready to grow, we’re ready to help. Here are few things to keep in mind when you have a small business

Success requires courage

It takes courage to start and persevere in your own business. In some ways, starting a new business is often the most difficult part of the whole journey. Remember that courage is really 50 percent fear. Being courageous means having a goal that you believe in. The more deeply you believe in that goal, the more fear you are willing to overcome.

Your main goal should be more than financial profit. Having your own business is usually a lifelong – project. With the inevitable obstacles and setbacks that will arise, doing something you really believe in is essential to finding the courage to continue.

Find the right mentor

Getting over the fear hump may require a good support group or mentor. It’s a lot easier for another peoples to identify your excessive fear than it is for you. If you are really identified with your rationalizations, even the best mentor can’t help. You will just ignore them, using your rationalizations to prove that the mentor is wrong.

You need to think and be open. You also need to be careful in selecting your advisors. Otherwise, you will just listen to people who collude with your current fears. They will simply feed your procrastination instead of helping you move past procrastination.

This creates an obvious double-bind. How do you trust a mentor you disagree with? That has more to do with you than it has to do with the mentor. You have to be willing to question your viewpoint and listen to other viewpoints, but you don’t blindly listen to those viewpoints. You do, though, give yourself time to reflect on those viewpoints in an attempt to discover what you might be missing. If you spend time with your mentors, you can get a feeling for them and cultivate the ability to sense whether or not they are coming from a place of wisdom

Reflect with your team

The end of every year should really be a time for reflection. If you’re like most small business owners the majority of your day is spent in your own head grinding on making your business thrive. Often times this results in the owners missing out on valuable feedback and time spent with their staff.

As things wind down for the holidays make sure you take the time to reflect with your team. Setup one on one chats as well as a group discussion to gather feedback. Make sure every single person has a chance to provide input. This will make for a stronger more engaged team in the long run.

Upgrade your technology

For better or for worse we’re living in the time of constant innovation. Good news is there’s a ton of new technology every single year that can benefit your business. The bad news is that it means you have to replace your old systems with new ones.

If you have the time you should run a quick check to see if you’re up to speed on the latest technologies available. Here are a few tools you may want to check out before going into the new year:

  • Slack provides seamless and affordable team communication. We highly recommend this to any startup or team.
  • Dropbox is great for file-sharing and recently released Dropbox papers which provides a Google Drive-style collaboration tool.
  • Buffer is great for social media marketing as it lets you schedule posts from your social accounts.
  • Calendar is a fantastic tool for scheduling and managing your time.

Maintain control

These days, control seems to have quite a negative connotation. The truth is, many aspects of control are positive and important attributes. Maintaining proper control means staying true to your vision and honoring your instincts on what is right for your business. After all, you understand your business better than anyone — probably better than even the best consultant on the planet. It’s easy to defer decisions to such people — and it’s such a big mistake. If they are right, they have to convince you. There is no room for blind faith.

No one ever said having a small business would be easy. These points are not just cold hard facts. There is an artistry to their implementation. To be successful in business means to practice and develop that artistry over time. It starts with some thoughtful reflection and research. Then find the courage to wisely and artfully take that first step and every step thereafter, day after day, month after month, year after year.

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