We all want to be successful in whatever we attempt to do in life especially when our families count on our successful income endeavors. The decision to own and operate a small business is typically one that involved a lot of thought and planning. One thing that should have gone into that process is the answer to how do we define small business success? When will we know if we have achieved success with our small business venture?
Defining small business success
The judgment call as to whether or not we have achieved small business success can be measured and determined by assessing several events in the life of our small business. These events include:
Financial worth – the higher the monetary value of the business and the owner of the business the more successful the small business is valued.
How much money has been saved from annual earnings from the small business? Savings can measure both the frugality and the earning power of a business.
Company profits can also help determine if a small business is a success or not. Profits allow a small business to experience future growth.
How does a small business owner get to the point of being able to measure the success of his/her company? What steps are needed to take in order for a small business owner to achieve small business success?
Achieving small business success
After spending many years taking one business course after another in college and applying what I have learned in my own small business I can attest to the fact that there are no rules set in stone that if followed can guarantee small business success. There is however several proven strategies that small business owners have been doing for as long as small businesses have existed that when followed can lead to the success of a small business.
Each business owner must make a clear business goal statement, design a business plan each year that defines how to reach that goal and formulate a business marketing plan that will help the business reach the items outlined in the business plan.
Successful small business owners know that a business does not become successful by whim or fluke. Behind every successful small business is an entrepreneur who knows what it takes to succeed in life and is willing to take action to obtain his or her ideal of what small business success means to them.
Define what small business success means to you and then explain what it will look like when you achieve that success.
The road to small business success may look similar but contain a few different contours and the length of the road may vary from one small business owner to the next. The road itself is well traveled and there are a few things that are similar from one small business success story to the next including that the small business owner has found:
A niche to base the products or services around
They think big not small
Products and services offered are unique and solve problems that consumers have concerning those products and services
Quality and accuracy of products and services have to be recognized on the very first impression
The company must build and maintain a good reputation
The company must always strive for improvement in both the products and services they offer and in the customer service that they render to each and every customer that walks through the door
Good company executives and staff are trained in the art of listening to the customers and then taking action on the wants and needs of every customer
A successful small business always has a plan for success
A successful small business is innovative
A successful small business has a ‘work smart’ work ethic
A successful small business owner understands that employees need to be valued as highly as the customers
Defining small business success is not all that difficult to do once you understand that a small business is basically about expecting quality in everything connected with the business. Never intend to give anything but the best quality possible when it comes to products, customer service or how you treat staff, clients, customers, the community your business resides in or the environment.