Small business is often the first choice for those who have lost their jobs. Most will not have been in business before. The transition is not easy and being a first time business owner is a vastly more complex occupation than being an employee.
Here is a list to help you make this transition and ensure success:
You should have a clear vision for where you want your business to go and be able to easily identify opportunities that help get you there.
You should have a business plan, your road map. Your plan must be based on the best market research you can get. You must source experts to assist with the strategic and financial aspects of the plan.
Make sure you have sufficient capital – not just for the purchase price but also for working capital.
Prospective customers need to know the reasons they should choose you over your competition. You need to be able to articulate the reasons.
You should have a marketing plan that covers all aspects of promoting your business, appropriate to your business.
Always remember that your current customers are the lifeblood of your successful business. Always keep in touch with them. Show them that you are looking after their interests. Ask them if you meet their expectations. Be honest with them.
Being able to communicate persuasively is crucial to business success. To communicate convincingly, you need to focus on one clear message and then structure your support message properly. If you want people to follow your advice, position yourself as an expert.
Use your time effectively. How efficient you are is a great determinant of success.
Failing to take action is one of the biggest roadblocks to business success. Avoid putting off tasks you need to do.
Be different. Finding a point of difference from your competitors is the way a new business can lift revenue and become visible in the market.
Be fair on people, firm on performance. Set performance standards for employees and suppliers from day one. Review performance on a regular basis and give feedback.
Use technology. Have a website to help you build relationships and drive more sales through your business. Form an online relationship with customers through emails.
Systemise your processes. Having a systemised and predictable process of doing things is like breathing - without it your business can not survive.
Surround yourself with a good team. Carefully choose your employees.
Have passion for what you do and a desire to build an enterprise through clever strategy and creativity.
Hire an experienced accountant to help you meet your tax obligations and give you advice on how your business is going and how you can enhance it. Should you need any assistance, please do not hesitate to contact Peter Small on 02 9221 4088.
The road of excellence is challenging but very rewarding. Yet many twists and hurdles can derail you and produce obstacles to success. The best organisations understand the need for a clear vision, create strategies to circumnavigate the impediments, and remain focused on the customer. Good luck with your endeavours!
St. Clair partners - phone (02) 9221 4088