Small-Business Owners – Top 10 things to keep in mind

on November 17, 2015

Don’t Putting It Off!  Procrastination is the enemy of success.  The time you waste on stalling breeds guilt, and guilt deflates energy and sometimes even leads to depression.  When you feel stuck and can’t seem to move ahead, always remember that you don’t have to get it right, you just have to get it going!

 Make Big Mistakes. Don’t be afraid to fail its proof that you are trying hard and you are meant to be a successful entrepreneur.  The only difference between people who are hugely successful and those who aren’t is the time it takes them to get back up after getting knocked down.

You are Little and Flexible.  The big guy may have the corner on money but the little guy usually has the corner on creativity, cost and flexibility.   Take some time to sit down and figure out how your big rival is promoting their brand and plan. You can do it more effectivity and for cheaper, something smarter and more creative for yours.

The Power of Free Social Media. It always amazes me how easy it to get your name out there. 10 years back connecting with the mass social was something only the big guy can do. Before you go out and blow money on advertising, capitalize on the free online access that leads you direct to your customers.   Blog, Tweet with humor or any trending topic, and make as many friends/connections as you can on Facebook, Twitter, LinkedIn, Instagram and on and on…  You can quickly build a huge following of customers willing to try your new product without spending a Pound on advertising. Please remember not to leave them dormant. If you can’t handle it, its best you don’t.

Don’t Rush Out to Get a Patent.  Most entrepreneurs get a patent, trade mark on their new product or service as soon as they open their business.  All that does is help build your patent attorney’s business rather than yours.  It’s a much better bet to put all your energy into getting your product to market before the next guy does.  Patents only protect you IF you have the money to defend them, and small businesses don’t.

Start Blogging.  The best way to get some attention for your product or service is to publish an industry related reports on a daily or weekly basis.  You’ll be surprised how much you know about your industry once you start putting some numbers and articles.  Reporters need stories, and if you put your report in a short, easy-to-read format and name it after your company, you’ll soon become the expert when they search specific statistics.  The easiest way to steal market share from your competitors is to steal the limelight, and nothing does that faster than being quoted in a reputed media.

Get staffed up with the right people.  Find the people with the right attitude and enthusiasm your business needs. Make sure you pick good people to build your business with, as they’ll determine 80% of your success. There are really only two kinds of people: expanders and containers.  Learning to separate them quickly into the right category will save you a lot of time.  ‘Expanders’ like to push the envelope, take risks, make new friends, and test how far they can go!  They also like to spend your money.  ‘Containers’ like to keep things in order and stay on top of the details.  They keep you from losing your money.  If you match the right person to the right position that takes advantage of their natural talents you’ll build a powerful team of workers with all the strength needed to build a huge business.

Do it yourself before Delegating. Before you start feeling like the boss man and delegating work do it yourself. Learn the task, process and put the systems in place. If you take the time to set it up once, make a System for Everything You Need to Do More Than Once. You’ll build your business faster and know when someone is wasting your time.  Learning new tasks and processes is easy when you have google and YouTube in hand.

Get rid of the Complainer!  If you spot a complainer and if you have the authority to do it, fire them right away.  Complainers are like thieves, robbing you and your company of its good energy.  Your whole team’s outlook will shine brighter once you’re rid of them.

Find a good mentor.  You don’t know everything and you can’t handle everything. Find a mentor who you can get advice from. Someone external who can think out of the box for you. A good business Accountant can help you in many ways. Act as a CFO when you can’t afford one at the start.

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