How Can A Small Business Become Successful? | Business | Internet ...

There are about 3 in 5 small businesses shutting down within two years of start up and the statistics in terms of small business failures are frightening. What is the magic ingredient that the remaining two clearly have? Those 3 businesses that shut down may well have had a poor business model, poor products, bad sales staff, but we hear every day about small businesses not only surviving, but thriving in the economic downturn. Is it possible there?s a secret to success? There may well be.

A passionate owner or owners is one thing that most successful small businesses have. People who are absolutely passionate about what they do, love doing it, and believe in whatever product or service it is that they produce.

But passion alone is not enough since there are many passionate people who have failed businesses. Small businesses thrive when their owner has a clear sense of direction, a goal that they want to achieve, and a strategy to make them achieve it. Knowing where they?re going is what small business owners need as well as how they intend to get there.

Having a sense of how to run a business is also something small business owners need. An owner of a small business has usually worked for a company most of their life. They may have the passion for their new venture and they know where they?re headed, but they don?t know how to run a business. Helping you keep your small business on track is a business-oriented partner, a good accountant, and a good lawyer.

A small business is often more successful when it is happy to stay small not overreach its capabilities or over-extend itself financially. Finding a niche market for your small business, as long as it is a lucrative market, can help keep your business going longer that the small business who invested all their capital in more machinery to handle big orders they never managed to clinch. Slow and steady growth is the key to many small businesses? longevity.

Also helping you is playing to the strengths of a small business. Small businesses should push advantages like the personal service, the investment the owners have in keeping their customers happy and the care they take over quality and there are many larger companies that appreciate the benefits of dealing with small companies.

Tending to stick to their knitting is another factor of successful small businesses. They use professionals to market their business, do their books, and perform the tasks that are needed to run the business well. Doing it all themselves is what small business owners try to do even if it?s not their expertise. Poor performance in areas that are essential to the business and even consequent failure is where this would lead to.

So what?s the secret to success? A combination of hard work, common sense, and passion is what most successful small business owners would say.

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