01 Feb What makes a small business successful?
A successful small business is the result of that ‘one’ courageous decision made by an entrepreneur – they created a vision, articulated it, and relentlessly drove it to completion.
Running a small business can be exceptionally rewarding, as it gives you the opportunity to be your own boss and create employment for others.
However, there are no guarantees in business. There is simply no way to eliminate all the risks associated with starting a small business.
So what’s the magic formula for small business success?
There is no secret formula for turning a small business into a successful, big enterprise, but most entrepreneurs who do well share the same six personality traits.
- Being self-fulfilled – a good small business owner is one who relishes being their own boss and enjoys being in control of their personal income. They value “doing something that I love to do,” and being able to have the satisfaction of creating something of value.
- Future-focused – business leaders who thrive are good at both short and long-term planning. A well thought-out plan for the day-to-day running of the business, that serves as a road map for how to run the business for years to come, is crucial
- A curious mind – Successful entrepreneurs are always reading and asking questions. They are curious to learn everything, keep up with news, technology and industry trends as well as questioning why a particular business failed, and how to find, motivate and retain good employees.
- Tech-Savvy – success-oriented small business owners invest time and money on their company’s website, and are likely to rely a great deal on technology to help make business processes more efficient and effective.
- Action-oriented – it takes ‘proactivity’ for entrepreneurs to make it big. They are a special breed of highly motivated, caring and curious individuals.
Small business statistics in the UK
An entrepreneurial trend that has emerged over the last decade has seen the UK emerge as a triumphant winner in the business sector.
According to The Federation of Small Businesses (FSB) – there were a record 5.4 million private sector businesses at the start of 2015. This is an increase of 146,000 since 2014 and 1.9 million more since 2000. Their reports also revealed that the number of employing businesses increased by 35,000 and the number of non-employing businesses by 112,000, with the annual growth for both groups being more than 3%.
“This high level optimism across the small business sector in the UK is good news for continued economic recovery, and productivity growth has been sustainable and stable over the past three quarters.” – John Allan, FSB National Chairman
Other factors that help create a successful small business
- Having a business plan that includes a description of the business the company will be conducting, sales and marketing plans, personnel needs, production costs and revenue projections.
- Customer service is important in order to establish strong revenue flow, which is why you have to focus on customer service skills to retain repeat business.
- A successful entrepreneur is continually looking for new ways of marketing the company or its products and services to both new audiences and existing customers. Today, the internet offers myriad low-cost or free marketing outlets that a small business should make full use of.
- Employee welfare programs will not only help keep your employees satisfied but are also important to the company’s overall growth. When a small business owner goes out of his way to create a productive atmosphere for his/her employees, it is hoped the employees would put forth the same effort to help the company grow.
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