Success can be elusive for small businesses. 1 in 2 small businesses in Australia fails after their 5th year. Given they are the backbone of the economy, this rate of failure creates an uneasy feeling. While some of the problems leading to failure are external, most are internal, for example, poor cash flow management, ineffective sales and marketing or lacking the right talent and skills. In this post, we highlight 4 questions small business owners must have answers to in their effort to taste success.
1. Why the business exists
Unless you are clear of your business’ reason-for-being, you will be pulled in many different directions. Maintaining focus is vital, especially in the early years. When you are clear of your “why”, you’re likely to walk the straight-and-narrow path to success.
2. What does the business do?
It is a strange question to ask when you know you’re selling computers or lawn mowing. But this question has less to do with the product or service. Rather, what is the solution you’re providing customers? If you’re providing lawn mowing, you are probably providing homeowners with a frontage they can be proud of. But it requires a well-manicured front lawn.
3. What success looks like
While financial well-being, both business and personal, is a given, you’ll need to pin down the non-monetary aspects as well. They give the business the added sting to outdo the competition or see through a crisis. For example, if you’re a business coach, success may come in helping more small businesses take off and go global. Or it might be creating more young entrepreneurs.
4. Prioritise
After clarity and focus, this is the next most important attribute small businesses must possess. As mentioned at the start, you’ll find yourself pulled in many different directions. You’ll constantly be presented with challenges and opportunities. Your priorities do not have to be grand ideas. It can be simple everyday business functions like bookkeeping and payroll management.
Are you ready to take your small business to greater heights? Speak to us to learn how you can achieve it.
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