Small Business Resource Power Point Series Factors that Contribute to Business Success

You can make a difference! What makes a business succeed? There are of course many different factors which contribute to business success or failure. Here we aim to highlight those factors under your control, and what you can do to ensure your business is a success.

Aspirations Aspire to success! Cultivate a positive attitude, and you will inspire yourself and those around you. Believe in yourself. An optimist is much more likely to thrive than a ‘doom and gloom’ merchant!

Plan your Strategy Most people recognise the benefits of a business plan. Take planning further and write down everything you want to achieve, and how you are going to do it. Having written plans will help you to stay focused, and achieve your goals.

Mission Statement Write a mission statement for your business. All businesses, however small, should have a clear idea of what they are trying to achieve. Include standards you adhere to and any constraints relevant to your business.

Information Are you knowledgeable about your subject? Perhaps there are some grey areas you need to brush up on. Make it a priority to keep up to date with the latest developments in your field.

Time Management Your time is precious, and if there never seems to be enough hours in the day it’s worth finding out where all your time is going to. Over a few days, keep a note of how long you spend on individual tasks.

Analyse your timed tasks You may be surprised at the results! Are any of your tasks uneconomic time wise? If so can you scrap them, or revise them so they are less wasteful? This will give you additional time to spend on more profitable jobs.

Do it now! “Don’t put off until tomorrow what you can do today.” Try to deal with things as they occur, customers especially appreciate a quick response, and will be impressed by your efficiency.

Take a Gamble Sometimes in business a calculated risk is necessary. If you never take any risks you will not achieve anything. Don’t jump blindly into risks however, plan and think through first.

Dream Have a personal ambition, a goal that you want to achieve. Preferably something attainable! Focus on your dream when the going gets tough, remind yourself ‘I am doing this to achieve …..’ It will help to keep you resolute.

Insurance Don’t forget the matter of insurance cover, especially if you are an employer. People are much more likely to sue these days, so ensure you have adequate cover. A large claim against you could ruin your business.

Debt Most businesses need some financial help to start up, but caution must be exercised when choosing the type of loan you need. Watch out for high interest rates, and hidden costs such as commission payments.

In Conclusion Have a positive, can do attitude Plan, plan, and plan again Keep up to date on your subject Manage your time Be pro-active

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