Why Do Some Small Businesses Succeed But Others Don’t?

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Running your own business is not always a walk in the park. It can be tough at times and sometimes it can really weigh you down. So how do you minimise the risk of having to close the doors to what was once your dream?

  1. Have a plan

A plan starts off with a vision for your business. To create a vision, start with thinking about where you would like to see your business in a year. Already see yourself there, you can use this statement to get your started, “It’s 31st December 2016 and I have had the best year in my business so far, here’s what happened….  (complete the sentence for your business)

From the vision, break it down into monthly, weekly and daily goals/targets. Make sure that these goals are realistic for your business. You can apply the SMART principles, which is an acronym for

S – Specific
M – Measurable
A – Attainable
R – Realistic
T – Timely

  1. Ask for support

Just because you are the business owner, there is no need for you to do everything on your own. Firstly, you may not have enough time to do everything yourself and secondly you may not have the skills to do certain things in your business. What you need to ask yourself is:

  • Am I the best person to do this?
  • Who knows more about this than I do?
  • How can I make better use of my time?

Acknowledging that you need support is the first step. You can seek support from your team, outsource tasks, speak to those who have achieved what you want to achieve or get yourself a mentor who can guide you, provide support and also hold you accountable.

  1. Reflect and reassess

In order to identify what is working and not working in your business, you need to set time aside to reflect. Reflect on what your goals are and see whether the actions you have taken have contributed to you achieving these goals. Another way of looking at it is to ask yourself, “Is what I’m doing on a day to day based getting me closer to the results I want for my business?” If not, then why are you choosing to continue doing it?

As humans we tend to be creatures of habit, so we tend to do what makes us feel comfortable. Remember back when you first decided to start your business, that would have felt a light frightening but you still chose to take that step. Same goes here, feel the fear and do it anyway. As part of reflecting you can do this simple exercise. Grab a blank piece of paper and break it up into three sections and write these headings:

  1. Stop doing
  2. Start doing
  3. Continue doing

Write at least three things under each heading.What is it you need to STOP doing and by when? What is it you need to START doing, by when how frequently and for how long? What is it you need to CONTINUE doing, how frequently and for how long?

So start implementing these points into your business and start noticing the difference. Don’t be a business that ends up closing their doors before giving it every opportunity it has. Access a simple one page business plan here.

Having chosen to leave the corporate world, Androulla Sakkas, the Founder of Empower Beyond, has over 20 years’ experience and delivers financial confidence and peace of mind to small business owners. Working closely with the people at the forefront of the operations of the business, she has a sound knowledge on what drives a profitable business. 

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Having chosen to leave the corporate world, Androulla Sakkas, the Founder of Empower Beyond, has over 20 years’ experience and delivers financial confidence and peace of mind to small business owners. Working closely with the people at the forefront of the operations of the business, she has a sound knowledge on what drives a profitable business.