As a small business owner, your whole goal is to start and manage a successful business that will provide for you, your family, and your employees for many years to come.  In order to make this vision a reality, you have to think positively .  It may sound trite, but thinking successfully will help you make your organization a success.  You will be more effective in dealing with employees and customers, concentrating on technical issues, and coming up with creative solutions if you believe that in the end it will all be worthwhile. 
Successful business people respond to their setbacks with a positive attitude.  They find alternative ways to accomplish tasks and work around roadblocks instead of letting them stop them in their tracks.  Successful people take calculated risks.  They weigh all the information they can gather and risk whatever they think will get them where they want to go.  Successful people celebrate their victories and forget about their failures.  They enjoy whatever accomplishments they are able to achieve, even if the exact goal wasn't met.

Guidelines for Small Business Success: 

1. Develop a strategy.  You have to identify ways to distinguish your business from those of your competitors.  Your customers need good, solid reasons for choosing you over the more established places of business.  Consider the market in your particular area, what customers need and want, and what the competition is currently providing.  Take a clear look at your business' strengths and weaknesses.  Take advantage of this knowledge to develop a plan of attack.  Don't let yourself fall into the old trap of trying to be all things to all people.  Find your niche.
2. Don't spend a lot of money on advertising until you are sure that it is going to be effective.  Image advertising is only effective for large corporations with endless resources.  Small businesses should concentrate on leading their customers to take a specific action today.  In addition to any traditional advertising methods you choose to use, try some "inexpensive marketing" such as new customer specials, coupons, trial offers, and giveaways.
3. Develop a business plan and a budget before you even open your doors and update it at least once a year.  You will be able to attain higher goals if you have a vision for the future rather than if you just moved from one day to the next hoping it will all come out for the best in the end.  Your plan and budget will show you when you are headed in the wrong direction and help you get back on track.
4. Guard your cash.  Some of the most common cash drains on new businesses are higher than anticipated start-up costs, lower than expected profits, and slow sales.  Watch out for these pitfalls and for employees and friends that will be constantly giving you advice on how to invest your hard-earned cash.
5. Keep an eye on your profit margins.  Many new businesses under price their goods and services.  If this happens to you, lower your costs.  If you currently have a profit margin of 5%, lowering costs by the same percentage can double your profits.  To raise your profits the same amount by increasing sales would require an increase of 100%.
6. Treat your employees right.  Show an interest in them and their careers.  Compliment their accomplishments.  An employee that feels appreciated is much more likely to stay in your employ and be highly motivated.  Don't waste time and money having to hire and train new employees.  Use virtual outsourcing whenever possible.
7. Watch out for overly friendly salespeople.  When you open a new business, you will become the instant target for every salesperson within driving distance.  Remember that these people are not there to help you out but to part you from your money.  You need that cash flow a lot more than you need their products or services.
8. Treat your customers well but don't give away the store.  You can be responsive to the needs of customers even when doing so requires you to change the way you are currently doing business.  However, be careful that while you are listening to their comments and doing what you can to make them happy you are not jeopardizing your ability to make a profit.  You have to be able to make a profit in every exchange with a customer regardless of how much money they are spending.
9. Last, but certainly not least, enjoy yourself.  You started your own business so that you could be your own boss and stay away from the stiff and controlling corporate world.  Make your business a fun place to work.  Excite and challenge your employees and you will see that they will respond with loyalty and higher productivity.

"Small Business Management" is a 98 page eBook-get it here, that is designed for business owners and managers who want to make more profits and run their business more smoothly and effectively.

Tune-into Real Coaching Radio on UBroadcast a new coaching show discussing the Importance of Having a Plan with guest Frank Albert-Financial Coach.   The interview is focusing on how to make a plan and manifest it and why people abandon their plans too early in the process.  There is candid discussion with a couple of Realtors about how to assist clients to purchase their first a home or investment property.

Click here to be re-directed to how to download the Free player and tune into the show the very first time.

To Your Success,

Coach Steve