7 Things Successful Small Business Owners Do

If you're stuck wondering how to be a successful small business owner, know this: running a small business often simply means making good use of successful small business ideas. Successful small business owners face many ups and downs throughout their work. They know that small business ideas cannot turn out successful unless they use the proper approach and strategies.

If you want to be one of the few successful small business owners, remember that having a good strategy is crucial. Without the right strategy and a proper approach, you are not likely to achieve your goal.

Some small business owners manage to overcome their everyday challenges, while others seem to give up after a while. So, let's find out what successful small business owners do differently from the unsuccessful ones. Let's turn their experience into your success through your small business ideas.

5 #Marketing Tips That Will Help Every Small Business - grab your free report here ow.ly/aUvG30bklGj

1. MAKE ANNUAL REVISIONS OF YOUR BUSINESS PLAN AND BUDGET

How To Future-Proof Your Small Business

According to Richard Branson CEO and Founder of Virgin "A business's long history is meaningless if it doesn't provide the best-designed, most reliable products or services at competitive prices and back up those offerings with the finest customer service". In these fast-moving times, longevity is more the exception than the rule. According to a 2012 study by Richard N. Foster of Yale University, the average lifespan of a company listed in the Standard & Poor's 500 index has decreased to just 18 years, from 61 years in 1958.

Are you becoming complacent?

Almost no products are so good that they cannot be constantly improved on. In the UK they have a great saying:  “like painting the Forth Bridge in Britain" which is an unending task. This is because the painters of this massive bridge in Edinburgh were never done - once they had finished painting it, they then were needed to immediately start again. The task came to an end in 2011, because workers had switched to a new kind of paint. This is a great example how your businesses product development should be a similarly endless quest for improvement.

According to Bluecorona Small Business Statistics for 2016/2017

• 66% of small business owners say that finding new customers is a top concern.
• 40% of small business owners say that retaining customers is a priority.
• 43% of SMBs says that improving customer experience and retention is their top strategy to improve revenue growth.
• 30% say that keeping up with technology advances is a major concern of small business owners.

What is Future Proofing?

Small Business Advice: Build A Winning Business Model

Whether your company is a start-up or several decades old, the business model is the hub around which all activities revolve. The business model is the blueprint that shows company leaders how to create value and build a money-making enterprise. It is the engine that drives revenue and generates profits.

Fail to devise a winning business model and you will not build a business that succeeds over the long-term. Creation of a profitable business model is a multi-disciplinary exercise that encompasses marketing, sales, strategy, operations and finance.

Identify the primary customers (Marketing)