Tuesday, April 6, 2010

Advice for Small Business

What makes a small business successful? The list is long and each business owner has his or her own formula for success. Here are a few tips for just about any business:

1. Treat people as you wish to be treated - This does open doors and has its own psychological rewards.

2. Make sure to match your strengths with the right opportunity - Don't venture into a field in which you have limited experience.

3. Systems and procedures - No matter how profitable a business or how hard you have worked if you don't have the right systems, equipment and procedures in place your business can be reduced to virtually nothing over night. Invest in a website, equipment and professional consultants. It's money well spent.

4. Plan for a rainy day - Business will have its ups and downs, you can count on that. But if you have a strategy to deal with problems they are more easily handled as they happen. Work the solutions and learn from the results.

5. Have a long term plan - Know where you want to be and when and plan for it. Arrange financing whether it be with a bank, venture capital company, factoring company or other. Financing is vital to the success of a growing business.

6. Employ the right people - Find the right people for your business and tap into their talents. Employees are an asset for any business and finding the right ones can be a challenge.

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