Elements to a Successful Small Business

By | April 16, 2012

Small businesses are particularly vulnerable to going under if they’re not managed properly. Like keeping a small flame going on a fire, you need just the right amount of consistent effort and attentiveness to keep it from dying out. Luckily, there are plenty of ways for your small business to be successful. But it will just require careful planning, patience and creativity on your part.

Know Your Customers

Your customers are the only reason you can do business in the first place. Treating people with respect and building personal relationships with your customers are the most effective ways of making a solid foundation for your business. If your customer base is too large for more personal relationships then you can use media or the internet to keep them within your radar and stay current with the trends they follow.

Dependability

The hard part of being a small business is that if you make mistakes, you don’t have hundreds of clients and countless capital to fall back on. So it’s crucial for you to meet every deadline for every project, even if it means sacrificing some personal time or money. If you build your reputation on dependability, then you will soon be able to rely on repeat customers as well as referrals.

Treat Your Employees Well

If your customers are the most important element of business success, then your employees are the second-most important. Companies that don’t treat their staff well create a revolving door of workers and will never be able to build up a solid team of staff. Happy and healthy staff can make or break your business because the happier they are, the longer they stay and the more productive they will be. You can keep your staff happy simply by showing them respect, displaying your gratitude for a job well done, having staff appreciation events, encouraging socialising and maintaining an open line of communication. In addition, organising regular workplace safety consulting not only ensures OHS compliance, but also provides your workers with a safe, healthy and comfortable atmosphere.

Protect Yourself and Your Clients

As a small business owner, it is especially important to protect your business against losses from fires, liabilities and other hazards that come with the territory. Talk to your insurance provider about your coverage, from computers and fax machines to accidents involving workers. Additionally, you need to safeguard your business from professional liability. While you may think that a lawsuit will never happen to you, it doesn’t hurt to be prepared, because even one lawsuit could ruin your business and even put your personal assets at risk.

Accept Only the Work You Can Do

If you are still in the start-up phase of your business, chances are you will try to accept as many jobs as you can. It’s good to be aware that, while admirable, taking on too much work will only cause you to spread yourself thin, minimising your ability to do thorough, quality work for your customers. You don’t have to prove yourself, so only accept jobs that you have the skills and qualifications to do. Otherwise, you will risk looking unprofessional and unreliable. The fastest way to grow your business is to ‘under-promise’ and ‘over-deliver’ until you have a very solid base for your business.

About the Guest Post Author: Kushal Tomar is a freelance writer and journalist. He writes extensively in Australia, Canada, Europe, and the US. He’s published more than 500 articles about various Topics.