It’s not easy to run a small business.
Demands come flying at you from all directions. You have to have a general knowledge of many things, not just related to your business, but also related to operating a business.
Too many small businesses fail before they have a chance to flourish. And many more flounder for years before they either complete a slow death or, on a more positive note, get it figured out and go on to be successful.
There are tons of elements that make a business successful. But at the core, you can always find these “3 B’s”:
Balance:
Finding your balance when building a small business can be the biggest challenge. Most small business owners start off by doing everything themselves.
And I mean everything!
This includes accounting, sales, marketing, product development, public relations, customer service, and everything in between.
But juggling all these tasks is only part of the picture.
The small business owner also has personal obligations and responsibilities. These can include their spouse, their children, extended family, friends, and neighbors. And what about household responsibilities like home maintenance, yard work, and grocery shopping and meal preparation?
Oh, did we forget that the small business owner also needs some time for recreation and sleep?
With no end of demands on their time, it is essential that one of the first things a small business owner needs to master is balance.
Make sure that you schedule your time so that you are giving appropriate measures to all areas of your life. Maybe sometimes you have to give a bit more time to the business, and the next time you are able to take a bit of extra time off with your family.
It can be easy to get so immersed in the growth of your business that other areas of your life are ignored. Avoid getting caught up in this! Without balance, your business will suffer, no matter how much time you put into it.
Budget:
Yes, we are going to talk about the “B” word.
So many people are intimidated by a budget. But it is just a way to plan and forecast for your stability and your growth.
Establish a budget right from the beginning. That way, the path is clear, regardless of how limited your budget may be initially. Know how much you can allocate to various aspects of the business and stick to that.
For instance, it may help if you know you can allocate a specific amount of money each month to someone who can do your accounting (bookkeeping and invoicing, etc.) for you. This could end up being a net benefit to your business if you are now able to focus more on sales or customer service.
And it also helps with balance!
Be sure as well to establish a budget for your marketing. Too often, small business owners take an ad hoc approach to their marketing plans, and then are surprised or upset to find that they are not getting the return on investment that they expected. Establish a budget for marketing, then build a plan that fits this budget. It should be scalable, building on successful campaigns. Remember, Rome wasn’t built in a day.
Belief:
I not naïve enough to try to convince you that if only you believe enough, you will have staggering success. There are too many factors that contribute to business success, and too many twists and turns along the way.
But I do know that if you don’t have a belief in your business and yourself and that you can succeed, you might as well throw in the towel right now and go apply to work for someone else.
When you have a day that everything goes wrong, it is only through a belief in yourself that you can persevere and go on to fight another day.
Avoid being around negative people. There are always going to be people who will tell you that your idea won’t work, or that no one will want your product or service. But if you believe in yourself, your idea, you product, your service… well, you are on the right track to becoming successful.
Until next time…
Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, contact us today.
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