How Small Businesses Overcome Failure
6 Strategies For Success
Anyone who has started or run a small business likely knows how difficult it can be at times to stay afloat. Financial needs, staunch competitors, and daily operations gone awry threaten to rob you of valuable time and resources, and it is a wonder that small business can continue to grow and thrive with all of the adversity that is faced in the first few years after startup.
Those small businesses who have gone before us know the pitfalls and challenges that can arise during the formative years of growth and expansion; let us learn from their experience and take some advice on how to face common problems with solutions that create business success, not business failure.
Here are some tips on how small businesses like yours can embrace adversity and overcome failure:
Strategy #1: Maintain steady cash flow
This step toward business success may seem obvious, but you need to have a steady flow of cash coming in that you can invest back into your business in order to keep it growing. Almost 70 percent of small business startups report at some point that they have had difficulty getting the necessary capital to stay afloat. Maintain tight control over revenue vs. expenditures, and weigh each decision to invest money in business operations very seriously, for it may have a significant impact on your ability to keep moving forward
Strategy #2: Manage your time well
Unless you are a very organized and skilled at multitasking, you have likely had challenges managing your time well. Day to day minutia like phone calls, emails, and water cooler conversations can take valuable time away from setting a scope and sequence for your growth. If you find yourself in need of extra time, consider hiring qualified professionals to do some of the daily operations for you so that you can focus on bigger picture items.
Strategy #3: Deal with challenges, and move on
There will be roadblocks and obstacles to growth; this is a certainty. Office space rent goes up, contracts don't get renewed, and business deals go awry. Dealing with these challenges as they coming up and refusing to quit will set you up for success and longevity. Having resources, mental fortitude, and support to be able to deal with these challenges will ensure that you remain in the black no matter what you may face.
Strategy #4: Hire, train, and retain excellent employees
A solid business strategy must include hiring, training, and learning to retain quality employees. Without this essential piece of the puzzle in place, you are likely to manifest discrepancies in customer care, problems with daily operations, and even trouble with paying your creditors. Stable employees who are well trained are literally the life blood of your business, and they should be treated as such in order to retain them. You take care of your people, and they will in turn take care of you.
Strategy #5: Become savvy at marketing
Marketing is a must if you want to stay in business. If you are not well versed in the ways of promotion and attracting customers to your business, you must become so in order to survive and thrive. Research marketing techniques, talk to other business owners, and utilize social media contacts to your advantage as you reach out and connect with others in order to expose yourself and your products and services to the world. A little perseverance will pay off; if the methods you are currently utilizing are not working, try something else....if at first you don't succeed, try something else.
Strategy #6: Know your city, state, and federal regulations
When it comes to navigating regulations for filing and operating a business, many business owners are reactive rather than proactive. Finding out all that you can about the rules and regulations for operating a business in your city and state may save you a fortune on fines, legal fees, and reinstatement fees as you plan to build your business within guidelines rather than learning the ropes the hard way.
Every business is going to face its challenges during the rise to the top. Formulating a solid business strategy, practicing patience and perseverance, and refusing to give up when the going gets tough will ensure that you continue the slow and steady growth that breeds long term success. Here's to continued growth, success, and longevity!