7 IMPORTANT THINGS FOR SMALL BUSINESS TO SUCCEED

Statistics from 2019 show that 80% of startups are successful in their first year. Half of them give up in the first five years, only 33% of them keep their success after 10 years. What should you look for to be included in this 33% successful business example?

There are many reasons for a successful business, but most successful companies have a few similarities. Here are the 7 of the most common cases.

 

  1. A reason to start a business

The reason why an entrepreneur starts a business is closely related to success.

Is your top goal to make a lot of money? or do you think starting your own business will give you more time to spend with your family? Or is it because you decided not to work for someone else? These are the advantages that successful entrepreneurs have gained as a result of many years of hard work, however; that’s not the reason to start a business.

 

In order to start a successful business, YOU:

  • Be confident in what you have to start and do with sincere love and passion. Successful businesses have products and services that meet real demand in a market based on research and analysis.
  • To keep your desire, aspiration, patience, and positive attitude. Successful business leaders are more confident and determined than ever when other people give up.
  • Have a patience that doesn’t give up on failure.

Successful businesses learn from every mistake and use it as a stepping stone to success next time. In other words, it is often said that “every mistake or failure has brought them to this level, and mistakes are something that happens during learning.”

 

  • You need to be able to lead and make independent decisions when smart and creative solutions are needed. This ability is especially important for businesses in critical and urgent times. They treat others with integrity, respect, and openness, due to doing business requires to communicate a wide variety of individuals.

 

  1. Management skills

The first and foremost reason for a successful business is good management. Start-up business owners lack experience in other areas of business, such as finance, procurement, sales, manufacturing, and human resources. An entrepreneur is successful if he/she can see what’s going wrong and what to look for in a timely manner. To solve the problem, an entrepreneur needs to develop the skills he or she lacks, hire skilled workers, or hire professional companies on a contract basis. But please don’t ignore your business. You need to do research and analysis regularly, and monitor all of your organizational planning, and business operations. Successful businesses emphasize that once they start their business, they should never neglect market research, customer data, and data analysis.

 

A successful manager is a good leader who can create a positive work environment and increase productivity. He or she can also find and train skilled professionals, as well as prepare professionals to replace themselves. A good leader must be strategically minded, realistic, able to face change, make transitions, and anticipate new opportunities.

 

  1. Investment

For any new business to be successful, it must first have sufficient working capital to sustain its operations. There is a tendency for new entrepreneurs to underestimate the cash flow and the need for money to start a business. As a result, they may have to close your business before you can make a profit. They may also be overly optimistic about their sales revenue.

Successful businesses have a very precise estimate of how much money a business needs, including the amount of money needed to start a business and the amount of money it needs to run sustainably. We strongly recommend that you take 1-2 years before you start making a profit. In other words, the investment must be accounted for until all expenses can be covered by income.

  1. Location

Proper location is one of the main reasons for business success. If your business needs a professional location for foot traffic and customers, be sure to consider where you will be located. But if you start your business in the wrong location, you are more likely to go bankrupt even with a good marketing.

 

Factors to you should consider:

  • Where is the customer?
  • Customer flow, accessibility, parking and lighting
  • Warehouse, storage of goods and equipment
  • Location of competitors
  • Building safety and hygiene conditions
  • Local support programs for some sectors
  • Start your business where it can grow and prosper.

 

 

  1. Planning

Anyone who has been successfully organized a large event knows that success does not come without careful, meticulous, well-planned, and hard-working labor. This also applies to business success. Make a business plan based on information that is accurate, carefully thought through along with a reasonable calculation.

 

Must have items in the plan:

 

  • Identify the key success to the business, vision, and goals
  • Market research
  • Manpower needs
  • Potential problems and solutions
  • Finance: list of assets and equipment, reports, income information, cash flow research, sales, and cost forecasts
  • Competitive research
  • Marketing, advertising and promotion activities
  • Calculate and budget for company growth and development.

 

In addition, if your company needs additional financial resources and investment, banks and financial institutions require a realistic business plan.

 

  1. Growth

Startups begins their business with the assumption that the faster a business expands, the faster it will succeed.  Successful businesses, on the other hand, prefer slow but steady growth. Although, it does not mean to block the possibility of growth and expansion. Once you have a stable customer base and good cash flow, open up opportunities for growth and expansion.

If your can’t meet the needs of your customers on time, and your employees can’t handle the workload and orders on time, it is the time to expand your company and increase your manpower and equipment.

After careful consideration, if you decide to expand, find out what and who you need to grow and develop your business. With the right system and the right people, you can focus on the future growth of your business.

  1. Use of Internet

This is very simple. Nowadays, as long as you are in business, you should definitely use website and social media marketing, actively.  In our country alone, 88.5% of the population uses the Internet, and the number of social media users is already growing rapidly, surpassing 2.3 million. The first step is to have a website where people can easily find you and get the information they need. Your website will contain information such as address, location, phone number, and opening hours, and signing up for Google My Business will make it easier for customers to find you. Also, your company should be where your customers are, it means social media platforms like Facebook and Instagram are the exactly the place to be.

What are the benefits of using your website and social media to provide your products and services to your customers? This means that users get information right away, such as why they need your service, and the first point of contact with you is open.

 

For any new business, success is the business owner yourself. Successful entrepreneurs all have a history of failure. Armed with passion, purpose, and positive thinking, these business owners saw failure as an opportunity to learn and develop. Most of the millionaires who have made a fortune on their own are ordinary people with average potential. They stand out by learning and developing new knowledge, skills, and abilities in every step of the way.

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