Five percent of small businesses in America make it through to the five-year mark. Why is that? Maybe because business owners believe that they need money to make more money, or to hire employees, or maybe because the timing is wrong. But, does that mean that the businesses that do make it were doing something differently? Probably. There’s a certain amount of things that a business owner must do in order to be alive in three or five years, and in this article, we will be discussing some of those things with an emphasis on rain gear for work Bellevue WA.
In order to run a small business properly, there are a few key principles to follow. Most companies that go out of business don’t go out of business because of bad luck or some voodoo prophecy. They go out of business because they don’t follow the formulas that have made other businesses succeed before them. Or if they did follow the formulas, they had the wrong ones.
To be successful in anything, you first have to really want it and be able and willing to sacrifice those things, people, and attachments that will get in the way of your goal. If your goal is to own a small business, and grow it into a bigger business, and you are willing and able to cut off anything that gets in between of you and your goal, then move on to the things you must master in your business, which include:
- Managing operations
- Sales and Marketing
- Managing people
- Managing finances
- Planning and Strategy
If you are willing to take the time to master these fundamentals, your business will not suffer. Within these five key principles lie more specific ones. For example, in managing operations you have to do it yourself if you don’t have employees or create the operations and have people manage them and give you feedback. These include where do we store important files, to call or send an email first, etc. Sales and marketing is vital to your business because without customers there aren’t any sales. As you grow, you will have to hire more people and people problems can kill a business so you might as well learn the theory to deal with your people better as you grow.
In conclusion, we have defined the five key traits that a small business owner should know about before they go into business and during their business’ life cycle. In sports, if a competitor stops taking care of their health, starts overeating, and doesn’t show up to practice much, they will stop being competition in no time. It’s the same with business. We must show up every day, knowing that we will face some sort of defeat that will make us ponder, change, and get better. If you are a small business owner, you must keep going.