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How can a small business be most successful?

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There’s 2 ways to look at this:

  1. I already have a small business but it’s not succeeding
  2. I don’t have a business yet but want to set it up on a successful business model

In the first case, you’ve already made a small step towards succeeding. You’ve been honest to yourself and have therefore reached to the conclusion that current layout of the business is not quite right, e.g. it’s not bringing you any profit; there’s lack of organisation / leadership / the right team on place / customer experience / product or service.

So… what can you do to turn your existing business into a success?

  • Write down all the negative/downside points of your business on a sheet or piece of paper alongside with the reasons as to why and what has caused this downside. No matter how many they are – 1, 10 or 20. You need to consider everything that has room for improvement or simply keeps the business from succeeding. If you’re not sure what it is that is wrong with the current business model, you can always talk to your stakeholders (colleagues – customers – investors – partners) and ask them what could be improved in their opinion.
    • Example – You have a local shop selling goods. Your business is not profitable because A) there’s not enough local customers who visit the store B) you don’t have an eCommerce page where you can sell goods online.
  • Once this has been done, draft at least 2 solutions to each problem or point listed on the sheet and prepare a time frame (and/or budget) to test each solution out and see which one works best.
    • Example – To the above mentioned point A
      • Allocate a small budget for print marketing and find a cheap local agency who could deliver you flyers promoting your business
      • You could even design a small sales promotion discounting from your goods, for instance and print this out on flyers/brochures, give them out at local stores
    • Example – To the above mentioned point B
      • Think about improving the business’ online presence (creating a website, a blog, a social media page, a paid advertising campaign PPC on Google – anything necessary to keep your customers engaged)
      • If your budget is tight, concentrate on the right social media (test Facebook, Instagram, Twitter, LinkedIn or even Snapchat) and word of mouth (to family, friends and any other people that could be potentially introducing business to you)
  • Give yourself some time to test out each solution and record all data on the sheet. You will have the results and therefore the basis for designing a new strategy for improving your business and tacking a successful business model!

In the second case, well done for having a business idea/plan or for wanting to set up your own small business! This is a wonderful journey towards financial independency if you play it out correctly.

How do you do this successfully?

  • Create and put into place a proper business plan consisting of all the bits needed in a business plan. Be perfectly honest to yourself and what realistically you can achieve with the resources you have/you will have. If you don’t have an idea of how to pull out a business plan, you may find this article helpful.
  • Choose the right team – Partners / Investors / Team members incl. the founding team or simply friends & People who can support you mentally/financially when you need them the most.
  • Test, Test, Test! Test out different strategies to approach everything to do with your business. Don’t take decisions in a rush. Count every penny and know how much ROI (return on investment) you get for it!
  • Get the mentality of a winner! Prepare yourself for failure and know that this is inevitable as part of success!

Hope you found this article helpful and if you need any information on the legal side of your business, I will be happy to help.

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