Written by Alan Johnson for TecTorque Winter 2015.
1. The business owner must have a vision. If you do not have a vision, you are like a captain of a ship that does not know where it is going.
2. Be passionate about your business, love, enjoy and inspire in others what you are doing. If you are not, how can you expect others to follow you or do business with you?
3. Make sure you have a business plan, and once completed, do not merely file it away but keep revisiting it every so often as this allows you to track your performance and finances and adjust the plan if necessary.
4. Take pride in how you run your small business. Aim for the highest standards possible that include sharing your standards and vision with staff.
5. Education and information on the latest trends is paramount. Rather than do lengthy courses that may be old hat by the time you have finished, pick and select short modules suited to your needs and requirements.
6. Start to invest and pay attention to your website. A website is absolutely necessary, however surveys show that at the least half of all websites in Australia are not doing their job for their owner. A website is the window to your shop and it must be attractive and inviting to attract customers. Also there is a clear lack of understanding of how to benefit and obtain customers from online shopping. Websites must also now be mobile phone compatible for website downloading otherwise Google will now downgrade that website.
7. Ensure that you are familiar with all compliance and regulation related to your industry. You can have the best sales and incoming revenue but if you neglect your legal obligations, and found to be in breach and fined, this alone could destroy your small business. Whilst we may not agree or like the rules, whilst they are there, we have to comply with them.
8. Due to IT, the rules of marketing have changed and it is not so much as big business driving out small business but rather savvy new small businesses the single biggest threat to existing SMBs. Existing small business owners need to find their niche in the market and keep abreast of the latest trends.
9. The single biggest advantage a small business is closely nurturing customer service and nurturing customer relationships. Unfortunately we do not practice this well in Australia.
10. As a small business owner, the most valuable IP a business has is its staff, therefore, look after them, train them, encourage them and your business will reap the rewards.Back to top