Small Business Owners in Texas continue to thrive due to a variety of factors including a great locations, skilled workforce, low tax burden and last but not least, the reasonable cost of living. Now, don’t get me wrong, there are no guarantees and no way to eliminate risks associated with starting a small business. However, there are ways to increase the odds for success!
Here Are 5 Important Things A Business Owner Should Do To Increase The Odds For Success.
- Mindset: It’s important to have a positive attitude to do what is necessary to succeed; you must take different action than in the past. Change is good! Fear causes a paralysis, which makes business owners reluctant to change their actions. I have seen many Business Owners stick with the same repetitive routine because they were comfortable with it. These Owners who fear change inadvertently hurt their business. Doing the same things and expecting different outcomes is insane. Make the choice to stay positive, no matter what, and you’ll attract positive results. Many fortunes are made in recessionary times, by visionary business owners willing to do something different.
- Planning: Some small business owners spend more time planning graduations, weddings and vacations than they do planning their business and life. Don’t set yourself up for failure. It’s not enough to wish for a successful business, you have to plan for it. What are your long term goals? What are your short term goals? Once you have answered those questions your plan of action begins. There’s an amazing amount of power knowing you’re doing the things that will put you on track to attaining your goals.
- Sales and Marketing: It’s six times more expensive to get new customers, so start by making sure you’re doing everything necessary to keep the customers already loyal to you. For example, when was the last time you wrote a thank you note to your most loyal customers? Often we find marketing is the first to go when cash is low. The key is that you have to test and measure your marketing to know what is and isn’t working. Innovate when you discover you tried and true marketing strategies no longer provide a return.
- Team: Your team is the engine of your business. In this economy your leadership is tested more than before. Are you the leader you need to be to take your business to the next level? Do you have the right people on board and are they sitting in the right seat? If you conducted interviews for every position in your business, would you rehire all of your current team members? If you’ve answered no to any of these questions, you have an opportunity to “tune up” your team.
- Education: You can never know too much. Continue learning; take a Business seminar or a workshop. You can even consult with us Rodriguez Business Consulting.
Create the business you want today by taking Action!