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August Goal: Think Strategically About Small Business

| August 13, 2018
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Dreams Don’t Work Unless You Do

As of 2016, there were 28.8 million small businesses, which accounted for 99.7% of American businesses.1 Entrepreneurs throughout the country are making the dream of owning their own businesses come true through perseverance, hard work, and dedication. Women are also starting small businesses in increasing numbers. Female entrepreneurs now make up 38% of all American businesses. 2

There are many risks and rewards of owning a small business, but to see your dream come to fruition can make the hard work, risks, and financial investment worth it. As Jason Chen, CEO of the performance hiring platform Headlight said, “You’ve got to have dreams, big ones. But they don’t mean anything on their own. You’ve got to push, and struggle, fight, build, falter, regroup, press on until you reach them. And no one can do that for you.”

 If you are considering starting your own company, here are some tips for getting started on the right foot.

 9 Tips for Growing a Successful Business3

1. Get Organized

To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you're not forgetting anything and you're completing all the tasks that are essential to the survival of your business.

 2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. 

3. Analyze Your Competition

Competition breeds the best results. To be successful, you can't be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is "What's the downside?" If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

 5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don't know everything and be open to new ideas and new approaches to your business. 

6. Stay Focused

The old saying, "Rome was not built in a day," applies here. Just because you open a business doesn't mean you're going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

 7. Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

 8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they'll be more inclined to come to you the next time they need something instead of going to your competition.

 9. Be Consistent

Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

The greatest challenge to small business growth and survival is economic uncertainty. Today’s economy has pitfalls and opportunities that a professional can help you navigate. Ongoing financial planning can be the first step to building a solid foundation for your business, as most small businesses are financed through the entrepreneur’s own resources.

Nithman Financial Group is here to help you take your dreams to the next level. Whether your dreams include travel, increased charitable giving, or starting your own business, we can provide the planning and investment advice you need to make your dreams a reality.

Contact us today to make an appointment to discuss the dreams you have for yourself and your family. We want to partner with you to make them a reality!

 Recommended Reading

Good to Great by Jim Collins

Seven Habits of Highly Effective People by Steven Covey

Free Agent Nation: The Future of Working for Yourself by Dan Pink

Start with Why: How Great Leaders Inspire Everyone to Take Action by Simon Sinek.

The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg

Developing the Leader Within You by John C. Maxwell

The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries

1 Small Business Administration

2 The 2016 State of Women-Owned Businesses Report

3 Investopedia, article by Chris Seabury. Updated December 15, 2017.

 

 

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