Jan
26

Seven Daily Habits of Successful Small Business Owners

The owner of a small business has to wear many hats when the business gets started. But as the business grows, many things need to be delegated to others in order for things to run smoothly.  However, there are a few things that the owner must have their hands on.  Here are 7 things for the owners to perform on a regular basis, some for just a few minutes, to see their business grow and flourish.

  1. Plan for the future a few minutes each day – Business owners must have their eyes and ears open to assess the environment for threats and opportunities — what are the possible new sources of revenue; what should be the appropriate response if the competition becomes stiff and the products stop selling. These are some of the what-if analysis that you should go through in your mind and document them in a journal.  Getting into the habit of thinking along those lines will make you well prepared when the time comes.
  2. Think of ways to stay ahead of the competition – As a business owner you must always think about ways to deliver value to your customers and differentiate your offerings.  Follow successful businesses in different industries, find out what they are doing and adopt some of the best practices.
  3. Work on marketing (in some aspect) every day to get new customers – Work on getting your message out every day even if it is just for a few minutes.  Prospects who don’t know you won’t buy from you.
  4. Work on closing a sale every single day – Without the close of a sale there is no business. Even if you have a sales force, you must be involved be it on the phone, by mail, on-line or face-to-face.  Make sales a priority, lead by example.
  5. Develop or strengthen your business network – Create a network of business owners or mastermind group where you can help others and they can help you back.  This is great place to get referrals and use each other as bouncing boards.
  6. Don’t forget your customers (Past and Present), contact them frequently – Make it a habit of contacting those who have purchased from you, it doesn’t cost anything to acquire them. They are the hidden assets of any business. They need to know what you have to offer and they need to know you are still breathing. They won’t seek you out. You must go to them.
  7. Develop key performance indicators(KPI) of the business, review regularly – Decide in advance on the operating dials that tell you whether things are going in the right direction – have a dashboard for your business (similar to your car) and review them daily at close of business.

Comments

  1. A family member referred me to this resource.
    Thank you for the information.