Updated: May 13
Are you a startup or a small business owner who's looking for the best ways to achieve operational success? If so, you're not alone.
According to the SBA Office of Advocacy, there are approximately 30 million small businesses in the United States. Unfortunately, this includes a large number of small businesses that are either struggling or preparing to go out of business. By applying the following 7 business tips for success, you will increase profitability and prevent operational demise.
Video: Power and Success Ministries founder and top small business marketing consultant Ellard Thomas teaches budding and thriving entrepreneurs on the keys to achieving small business success
How Do You Define Success for Your Company?
As the leader, partner or owner of your company, you must first determine what success means to you. In the collegiate sense, success is, "the favorable or prosperous termination of attempts or endeavors; the accomplishment of one's goals...a performance or achievement that is marked by success, as by the attainment of honors."
So as you look at your own company, how are you determining success? Is it by achieving a particular profit margin? Is it reaching a particular sales goal? Or perhaps, it's about providing stellar service to your customers or clients?
However you define success, just know that these business tips for success will help you. But first, let's look at why some small businesses fail.
Top 3 Overlooked Types of Entrepreneurial Risks
No entrepreneur starts a business with the intention to fail. So failure is never part of a business plan or marketing plan. Sadly, many small businesses meet demise because they overlook some very critical components to building a successful business. Before we move to the top business tips, it's important to address some entrepreneurial risks that should be considered.
Risk One: Abandon the desire to go back to work
As you venture into the world of business ownership, you might be tempted to go back to a "steady" paycheck. If you do not abandon this thought, you'll find yourself failing to proceed during hard times. If you decided to become an entrepreneur after working for someone else, then you know that going back is a risk within itself.
Risk Two: Access to cash flow
One of the biggest reasons why small businesses fail is due to lack of capital and cash flow. As part of your plan, you should make sure that you have a way to generate consistent cash flow as well as keep a capital reserve. Most business owners build emotional momentum, but do not really identify their cash flow strategy.
Risk Three: Staying healthy
As a small business owner, it is your responsibility to keeping both you and your company healthy. Your company cannot achieve its greatest potential if its key stakeholder (you) isn't healthy. That being said, make sure you're doing everything you can to perform optimally. Here's a workout that most successful small businesses use to stay mentally and physically in shape.
The Thriving Small Business: Top 7 Business Tips for Success
Now that you've identified some risks that you may have, or may not have considered, it's time to discuss the ways to make sure your company is a success.
Tip #1: Meditate daily
This may seem like an odd business tip, but according to some of the top small business owners, daily meditation has power. From as little to 15 minutes to 60 minutes a day, you should meditate. Unbeknownst to most people, meditation gives you a clearer mind, which in turns helps you attract the level of business you desire. It also helps increase your creativity so that you can see different ways of dominating your competition.
Tip #2: Become adaptable
When you look at the framework of your company, how adaptable are you? The ability to be adaptable and agile is critical to the success of your operations. There will be changes in the economy that will be out of your control, but will adversely impact your business. If these were to happen, how quickly can you shift? If your business will fail, then start looking at other ways to minimize the financial impact to your company.
Tip #3: Practice financial responsibility
When looking at this business tip, some people may assume that practicing financial responsibility is the same as being frugal. That's partially true.
Being frugal, although a good practice, means watching every nickel and saving as much as possible. Practicing financial responsibility, however, means limiting spending to cost-effective, business-enhancing techniques. The key here is to spend a dollar to get two or more back. Makes sense?
Tip #4: Keep current customers satisfied
Many small business owners spend the majority of their resources on acquiring new customers. Although this is a good practice, and something you're supposed to do, some small business owners forget about their current clients.
If you've overlooked your current clients, and want a way to make them happy, consider this customer-appreciation method that thousands of other successful business owners use.
Tip #5: Get a professional mentor or accountability partner
On the path to achieving success for your small business or company, it's crucial to acquire a mentor or accountability partner. The reason for this is simple.
As your company begin to scale, or increase in size, there will be moments when you'll become overwhelmed. And as a result, you're going to need to speak to someone about your frustration. The role of this individual isn't to be a sounding board necessarily, but to help you return your focus once you've gotten a chance to blow off some steam. Make sense?
Tip #6: Take time to relax and recharge
Running small company is not only exhausting, but sometimes it can be a bit demoralizing. As you know, some times things do not go according to plan. And as someone who is responsible for "fixing' the leaks in your business, you could end up draining yourself.
Although you may not have 9-to-5 hours, with scheduled days off, it's important that you schedule time off for yourself. Your health and mental stability depends on you doing so. That being said, take a short trip or find a way to unwind that's not work related. If you do, you'll come back stronger and more engaged!
Tip #7: Believe in what you're doing
This sounds like an odd tip, doesn't it. But you'd be surprised by the amount of entrepreneurs that lose faith in their capabilities and their business.
Look, when you started your company, you were excited. You were going to take life by the reigns. Just because changes in the economy have adversely impacted you, or customers aren't flocking to you as expected, do not lose faith.
Some times when challenges occur, it's the universe testing your mettle. It's checking to see if you're in it to win it, or looking for an easy path to success. Newsflash. There isn't one.
You are fully capable of running a successful business. You have everything within you to take your business from where it is now to where it has the potential to be. Nehemiah 2:20 says, “The God of heaven Himself will prosper us; therefore we His servants will arise and build..."
Since God cares about you, that means He also cares about the success of your company. Continue on knowing that you're going to achieve the level of success you desire.
Summary and Resources
As you read the tips for success for a small company, you have the power to take your company to its next level. Just follow the seven steps above.
However, you may find that you may need other resources that were not included here. If this is so, check out the resources below that has helped transform many struggling small businesses into multi-million conglomerates.
Local Business SEO: Looking to get your company found in Google without hiring marketing firms or SEO gurus? If so, check out Local Business SEO, an easy-to-follow training to getting you found by those who are looking for your products and services. Check it out here!
Business Credit Builder: One of the advantages that large corporations have over small businesses like yours is strong business credit. Now, it's your turn. If you're looking to expand your operations or market you services and products, but don't want to go into your cash stash, look into building your company's credit. Check out this free video for details.
Ellard Thomas is the founder of Power and Success Ministries, an organization that's dedicated to helping people with overcoming the personal and professional obstacles that stand as roadblocks to success. If you'd like to join our fun and empowering community, visit us here. Also, follow us on Facebook if you'd like to connect with us.