Must Do's for Small Business

BANGALORE, INDIA: The scope for small business to make it big is immense in the current scenario as the world grows smaller and the economies follow suit. Small businesses are better poised for rapid growth as the big players come against several hurdles such as domestic and international slowdown, scarcity of huge capitals and emergence of regional issues.

Right Attitude

Mindset is probably the most important ingredient to success in any field and is equally applicable to setting up small businesses too. One has to be absolutely clear in one’s mind as to what is the kind of venture that is most suited for his aptitude. The right aptitude will ensure that every time there is a roadblock you can come up with a appropriate solution because you have a burning desire to succeed in that field.

Any business is an ongoing story of small and big problems that keep cropping up every now and then. Therefore the entrepreneur must have the courage to stand up to those problems and seek solutions that are viable in implementation. Without this factor any business will not be able to survive and flourish in today’s competitive world.

Right Segment

The fulcrum of performance rests on selecting the core area of business. However detemined the entrepreneur may be if the filed selected is not the right one in

contemporary sense then it becomes extremely difficult to have a sustainable venture. Study and research the exact segment that you want to move forward in. The present status, past performance and future prospective must be taken into account in a holistic approach before concluding on its viability and profitability. There are many areas which were lucrative in the past but have lost their luster either due to technological advancements or cultural changes in the society.

Also read: Super 7 printers for SMEs

Right Service or Product

Once the core segment has been identified, the next logical step is to decide on the service or product that you wish to provide to the customers. This is vital because it has to be borne in mind that whatever product or service you sell has to be of some benefit to the customer who is finally paying for that service or product. If that does not happen, sooner or later the venture will be grounded due to lack of sales.

Right Marketing Plan

In small business the capital layout for marketing is limited and the time to establish the business in the market is also lesser as compared to bigger ventures. Thus the marketing plan should specific and result oriented. The brand name and awareness campaigns undertaken by big businesses do not suit the basic concept of small businesses. The marketing should be such that the results are quantifiable and immediate without long gestation periods. Each marketing idea should address a specific customer base and convert the campaign into actual sales.

{#PageBreak#}Right Orientation

In the world of small and medium businesses there are several distractions which often lead astray the less suspecting. Once any small business is set up the entrepreneur is often confronted with several distracting and deviating plans that may shift the focus from the right direction resulting in retardation of business growth. Many temptations of better returns or growth potential present themselves which may not be what the entrepreneur wants but can easily be influenced by.

Right Work Culture

Statistically it has been proven that only 10% of our activities bring us 90% of our profits. Thus it can be assumed that the rest 90% of our activities are not directed towards profitability. This implies that there is an urgent need to set up the right work culture in your business that shall direct staff towards concentrating on actual profitability of the business and not deviating to other distractions which do not add up to the gains of the business. The work culture should inculcate the right habits and attitudes in all involved so that maximum benefits can be derived from the efforts put in. Discipline and understanding among the workers is mandatory for ensuring the right kind of work environment.

Right Staff

The greatest business discovery of the last century was that it was the human resources of any organization that made the greatest difference to the success of that set up. People therefore form a vital element for success in small businesses. The staff, dealers and agents must be chosen so that they can gel with the overall set up and work towards the objectives of the business. The skills as well mindset of workers are of equal importance when considering the ingredients to a great business venture.

Right Relationship

Another important aspect of success in this competitive world is to be able to derive discretionary performance from the employees. In small businesses the actual interaction between workers and the owner is at much closer level than in case of bigger corporate. Thus the perception of honesty and sincerity that the owner commands from the workers motivates them to perform better and bring about greater profitability. Building trust among the staff works in favor of small entrepreneurs more than it does for corporate houses where the jobs are more specialized and the most employees never interact with each other.

Source: www.smallenterpriseindia.com