5 More tips for Small Business Success

28 09 2010

Last week we introduced 5 tips for small business success.  This week we are going to continue the topic, providing an additional 5 more tips for small business success.  Hopefully these simple tips will help you to focus on what is important in your small business so that you will continue to grow and be successful.

1 – After you have started your business, one key tip to keep in mind is to not borrow any family money and do not ask your family for advice.  Even though you may believe that the money you borrow has no strings attached, there are strings, there are always strings attached.  Even if you family may not have attached those strings, you will know in your heart that you owe that money and you may be your own worse enemy in terms of putting pressure on yourself.  Borrowing from a bank is much less personal, any arguments you have with your banker will remain strictly related to business. If you have a fight with family about money, you know that there will be more brought into the argument than just the business and money owed.  It is not worth the risk of ruining family relationships in order to get money to fund your business.

Also, family advice, though well-intentioned, may not be the best to follow.  There are two schools of thought here;  your family will tell you that you are crazy for starting up a new business, and not support you.  The other thought is that even if you have a really bad idea, your family will not tell you it is a really bad idea because they do not want to hurt your feelings.  By asking the advice of a third-party, you are taking the emotion out of the advice and getting pure business advice.

2 – Make sure to network with other small business owners in your industry.   Do not necessarily network with your direct competition, you do not want to provide them with your business secrets, but network with other business owners in the same type of industry.  You can then discover other resources for ideas and problem resolution.  These networking friends may also be able to point you towards additional advertising and marketing channels.  Networking provides a great sounding board for new ideas with like-minded people.

3 – Despite your desire to keep prices low, there will ALWAYS be someone else who will undercut your prices.  Unless you have other products to make up the lack of profit, do not try to cut your prices below your costs, despite what competition might do.  Differentiate your products and services by not focusing on the cost, but what value added items you have.  What additional items/services do you provide for your customers?  Many times cheaper is not better.  “Good ain’t cheap, and cheap ain’t good.”

4 – Remember, when you started your small business that your customers were in a particular mind-set.  As time goes on, customer’s tastes and desires will change.  What may have been popular when you started your business may no longer be the desired item now.  Remain flexible, be in front of what your customers want by listening to their thoughts and ideas.  You may need to adjust your products and services to suit your customer’s changing needs.

5 – Always stay informed on the small business resources available to you in your local area.  Stay in touch with your networking group to discover any new services available.  Also keep in touch with your local Small Business Association office.  These offices can point you to other types of resources to help you grow your small business.

The key to these 5 additional tips for small business success along with the tips provided last week is to be reiterate the importance of planning ahead.  You do not want to focus on today, but you want to stay focused on what will be happening to your business in the next year and next 5 years.  Stay flexible and stay in touch with what is going on around your business.

Check out our website for additional sources of income.

Until next week…

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4 responses

29 09 2010
Online Marketing Strategies | Web Internet Marketing Success

[…] 5 More tips for Small Business Success « Hawgwash's Blog […]

29 09 2010
Which Hosting You Need, Dedicated Or Shared Hosting? | Affordable Web Hosting

[…] 5 More tips for Small Business Success « Hawgwash's Blog […]

1 10 2010
green business blog

green business blog…

Business , having , Marketing/…

5 10 2010
weight

i see what you did there

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