Archive for April, 2015

Keys To Small Business Success

April 25, 2015

Keep innovating, choose good staff and watch cash flow are the three most repeated keys to success gleaned over the years from successful entrepreneurs.

Consistently, when successful entrepreneurs and business executives are asked to tell small business leaders what they consider most important three traits these are cited most often.

For instance, John Sculley, the former Apple CEO, even wrote a book arguing small business leaders must constantly strive to stay innovative.

“Don’t become comfortable in your niche. There are always people coming up with new ways of doing what a company is based on,” he said in a recent interview on our Small Business Digest radio program.

Likewise, Jim Fowler, who created and sold Sawbuck to Salesforce for more than $1 billion thought focusing on finding the right people was important along with managing cash.

Other successful entrepreneurs almost always mention cash management as the cornerstone of success.

Despite this constant mention of these three key components, small leaders often ignore them.

They focus on the product and/or immediate sales. Which they rightly should. But even the most successful small business can be destroyed if they are not aware of how innovation from other entrepreneurs can damage their enterprise.

One reason is this revolution in technology is making innovation possible for very little cost.

In today’s world, technology allows start-ups to focus on the product/service with much of the infrastructure easily obtainable and managed.

Given that much of infrastructure management is now in the clouds, small business leaders should stay focused on innovation.

It is not enough to have a successful product/service, he or she needs be aware of what, where, and how their company could be in danger.

Here are some way of keeping ahead of the curve:

  • Listen to what customers are saying
  • Talk to buyers who are no longer buying
  • Stay abreast of technological changes that may affect the company
  • Review pricing, marketing, sales strategies at least once-a-year
  • Hear when staff report on potential clouds/issues
  • Take a break from day-to-day routines and ask what is happening outside the company
  • Put aside monies for possible lean years Invite in others with ideas for the company to share them

The world always changes but right now it is evolving at an unbelievable pace and small business leaders should not be content with the status quo.

Share with us what you are doing to succeed in your business.

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