As a small business owner, you launched your enterprise with full knowledge of the obstacles you’d face.
You’re aware how much work goes into building and sustaining business success. Each year, about 20% of businesses are forced aside. About half of all businesses will close within their first five years of operation.
It’s heartbreaking for the entrepreneurial spirit. But nothing can stop business leaders from their next move. No matter where you are in your business journey, here are some tips to keep in mind.
Adaptability in a digital age
A lot of businesses have struggled with the switch to an online world. Instead of seeing it as a hindrance, small business owners should accept it and participate.
Using social media, virtual events, online sales and other tactics that generate interest, businesses can reinvent themselves and find new mojo.
Venn diagram of success
For the start ups and new business leaders, here’s an exercise that can help plot your forward path.
Circle No. 1 represents your skills as a professional; circle No. 2 is your set of values. The overlapping area is where your small business should live.
As you know, it’s hard work to run a company. If you’re mind is set on committing it all, then pursue something that fits your skills and aligns with your philosophy. Only then can businesses find satisfaction and fulfillment. A mission-driven mindset will help you hire the right people, deliver impactful services or goods and give you the grace to always move forward.
No matter how challenging the road is, a no-fail attitude is a necessary ingredient to success. That’s the main lesson of a gardening business that’s been at it for over a decade.
Difficult customers, large business expenses, marketing. The work is never finished, and things might not become any easier soon.
This is when your attitude steps up to remind you that growth and success are possible no matter what.
Ignore the rest
Sometimes, you’ve just got to ignore what others are doing. It’s just noise.
Small business owners can find strength in ignoring how others found success, giving rise to their own voice and creating their niche.
By making it personal and different, business leaders tap into a formula that works for them — not what works for others. It can take time, but slowly the hurdles get shorter, and the imposter syndrome becomes a thing of the past as you understand the real value of your individuality and the role it can play in business growth.