3 Secrets of Successful Small Businesses

Statistics show that the majority of entrepreneurs start small businesses with lofty plans and ideas that eventually turn to mush (to the tune of 8 out of 10 within 18 months) while others become successful rather quickly.

What is it that makes a small business thrive? Here are 3 secrets of successful small businesses.

Good Communication and Management

No one wants to deal with a difficult, stubborn or unreasonable business person. They might tolerate a person like that for a while, but eventually they are going to bail as soon as the opportunity presents itself. Entrepreneurs who master the art of relating to and with other people often find success. Smart small business owners understand the importance of learning superior communication skills so that they can effectively interact with their employees, suppliers, colleagues and customers or clients.

Staying Up to Date with Trends

Another secret of small business success is keeping up with what’s happening in the world and the industry as a whole. What’s working now might not work a few years or even months down the line. Resourceful business owners do their research, follow trends and make observations to get an idea of what’s likely to happen three, five or even 10 years into the future. They make adjustments or develop new product offerings to head off changes that might affect their businesses.

Asking for Help from Others


Napoleon Hill, the man who is considered the father of the personal success movement, among other accolades, taught about the importance of having a “mastermind” group. This is a network of people with similar aspirations, dreams, hopes and activities that help each other achieve their goals. Successful small business owners aren’t afraid to ask for assistance and advice from their colleagues and actively seek other motivated and resourceful people to join their mastermind networks.

Of course there are other factors in play that determine whether a small business will be successful, but these three play a major part. Be open to learning new things to ensure that your company keeps going strong.

 

Louise Gaillard is a social media manager, prolific writer and author.



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