How to Run a Successful Small Business: 3 Perfect Tips

According to research, only 25 percent of businesses are still kicking after 15 years or more. So if you’re managing a business and you want it to be profitable for the long haul, you might be looking at that statistic and thinking, “Is there an inside track that’ll teach you how to run a successful small business?”.

If you’re looking for proven advice for small business success, you’ve come to the right place. Read on to learn more about how you can go from aspiring entrepreneur to successful small business owner.

1. Be Good at Assessing Employee Strengths

In business, there are generally two ways to get things done:

• Hire a team so massive that it can’t fail
• Lean into the strengths of talented people you do hire

Due to budget concerns and general resources, most small businesses will have to opt for the second route. But the good news is that letting staff members rely on their personal strengths is a strategy that gets results. According to Gallup, people who are able to use their strengths at work are often way more engaged and productive than their less-than-confident counterparts.

2. Have a Strong Marketing Strategy

Whether you’re B2B, B2C, or some combination of both, all small businesses need customers. But in a world where social media, Superbowl commercials, and short attention spans are the norm, marketing has never been more essential.

Are you planning to seek out referrals from other businesses? Is digital marketing the secret weapon you’ve been waiting for?

The key to long-term small business success is having a steady stream of leads. Before you start hiring or looking at office spaces, you’ll want to spend time crafting a marketing plan. Your corporate accounts will thank you for it.

3. Have Metrics for Success

When you’re managing a business, it’s easy to find yourself zooming in on the wrong details. And if successful companies can lose customers by making tone-deaf decisions, think about the repercussions for your average small business! To that end, OKRs can make a huge organizational difference.

The three letters in OKR stand for “objective, key result”. Some companies create them on a quarterly basis while others have monthly and annual OKRs. Regardless, having an overarching OKR in your business can do a lot to keep you and your staff focused on pursuing relevant business goals.

Under the OKR paradigm, it’s not enough to say you’ll “Increase sales” or “Become more efficient”. A well-constructed OKR Strategy forces you to get specific.

How to Run a Successful Small Business 101

Putting up a shingle and saying, “We’re open for business!” is one thing. Learning how to run a successful small business is another skill set altogether.

Alongside using the OKR framework, engaging your employees, and having a solid marketing plan, however, it’s also important to be patient. If you can avoid getting caught up in do-or-die scenarios and situations, your business will be well on its way to creating sustainable long-term momentum.

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