There are many aspects to consider making your small business a successful venture. But within this article, I’m going to break down just 5 aspects to making your business go from a start-up, to a thriving small business. The fact that small businesses employ more than half of the total workforce in this country, you’re considered more than an entity that sells a product or service. But you’re actually an important asset in the in the American economy. Small businesses employ around 60-70 percent of the private sector workforce. They contribute about half of the domestic gross product here in the United States. So let’s get into the pertinent factors to consider ensuring that your small business is a success.
Whats Your Why?
When you’re first starting on your small business venture, it’s important to first define what your reason for your decision is. In other words, what is your intention when even deciding to begin a small business? What can your small business accomplish for you? Do you desire freedom, accomplishment, money, or filling some needed void regarding a service or products that society needs.
Your Employees Are Your Biggest Asset
The number one key to you success by a landslide is your employees. They are the ones who keep the operation of the company efficient and effective. They are also the one who deal directly with the customers or clients internally or externally. Your employees need to be happy, productive, and they need to actually want to help your business be successful. Another important factor is that it all boils down to compatibility. Your employees need to fit the flow of the company’s direction and goals.
The interesting about all human beings is two essential things that are freedom and structure. Can you imagine driving down an interstate that didn’t have any structure? There would be chaos and death without a structured environment. All good businesses need a well thought out plan and structure to make their business a success. From job descriptions for their employees, to policies and procedures, systems operations, and to clear expectations based on results.
One of the obvious reasons you should be in business is to make money. Money is needed to keep the business afloat. From being able to make payroll, re-invest into the company compounding its productivity, contributing to the community and worth-while causes, and to take care of your lifestyle and family. From start-up capital, to an operating budget, to cash flow management, money is like oxygen regarding these aspects of your business. In fact, the main reasons why most businesses fail is because they lack the capital needed to keep them going until their in a position of surplus.
Whoever is delegating or running the business, whether it is you or someone you employ. They need to be committed to its success. They need to be fully engaged in the process of leading the company to its intended goal. They need to be able to monitor and evaluate the efficiency of the business. They need to constantly be accessing the improvement of the company. How can the leader delegate its operations to ensure the company’s success?