Reasons for Small Business Success

The formula for success for each small business is different, but the reasons for small business success that make up that formula cross-over industry lines.

When a small business owner (like me) understands why a company succeeds, I can apply those reasons to my own company and make them part of my business plan.

I read an article recently that emphasised clearly the fundamental basics and just to help those of you out there with your own small business (if you’re stand alone, partnered or employ a small team), here are some quick points that helped me.

 

 

Kelvin….

Business Plan

In order to succeed, a small business needs to have an operating plan. The business plan is not only the blueprint for the company and success; it is also the summary of the business for investors and potential business partners. A small business owner should create a strong business plan that includes a description of the business the company will be conducting, sales and marketing plans, personnel needs, production costs and revenue projections. A small business with a solid business plan has a better chance at success than a company without a plan.

Customer Service

It can be just as difficult to retain customers as it is to win them in the first place. In order to establish a strong revenue flow, a small business needs to focus on customer service skills to retain repeat business. Every person in the company from the owner on down needs to be trained in good customer service skills on a regular basis. Performing above and beyond the customers expectations is a critical part of small business success.

Marketing

A successful small business is continually looking for new ways to market the company, or company products, to new audiences and to existing target audiences. The advent of the Internet has offered myriad low-cost or free marketing outlets that a small business should exploit as much as possible. Marketing keeps the company name in front of potential customers, and that contributes to the company’s success.

Satisfied Employees

In a small business, every employee’s contribution is important to the company’s success. When a small business owner goes out of his way to create a productive atmosphere for their employees, the result is usually employees that put forth the effort to help the company grow. A small business with satisfied employees and low turnover has a better chance at being successful than others.

Kelvin