Small Business Success
A while back here at Ideal Trading we outlined some of the main reasons that small businesses tend to fail and go into bankruptcy thus needing to liquidate their assets and excess inventory. This time we’d like to focus more on the positive aspects of the small business world and outline some of the things that small business owners to RIGHT that enable their business to succeed and to grow.
It’s no secret that no two businesses were created equal and that there will always be different circumstances for each individual small business and business owner. That said the listing below are general measures that small businesses take in general that allow them to succeed.
1. Professionalism – This is #1 on our list for good reason. By treating your employees, customers and suppliers with professionalism and respect you are building positive relationships that are necessary to run your business. Employees enjoy coming into work, customers always return to someone friendly and memorable and suppliers will go that extra mile to get you your shipment on time. If you treat people with anything but professionalism and respect nobody will want to work with you – plain and simple.
2. Be Bold – Small business owners who are willing to go out on a limb and negotiate or ask for a better deal are the ones who end up succeeding. Don’t be afraid of hearing, “No.” As a business owner “No.” is a word that you’ll be hearing a lot so go ahead and take the chance and ask. You’ll never have the chance to hear, “Yes.” unless you do.
3. Location – Do your research and pick a location that is best suited to your business. Selling or renting industrial farm equipment? Downtown on Main Street next to the daycare probably isn’t the best place for you. Opening a restaurant? Unless you already have an excellent reputation and a strong following a little building off the beaten path won’t work for foot traffic.
4. Know your product/Know your customer – Knowing your product inside and out and believing in it is important. If you believe it’s the best, it will be easier to make your customers feel the same way. On the flip side make sure to do extensive research on your target market. Having a product and knowing specifically who you’re selling to and what puts you ahead of your competition.