It’s not easy being a small business owner. Regardless of how passionate owners may be about their businesses, some businesses just don’t make it when others do. Why?
In an article on BusinessKnowHow.com, Robert Normand provides 4 Reasons Why Small Businesses Succeed (or Fail).
“Owners have developed habits and traits that are Positive, Committed, Patient and Persistent.”
A positive attitude leads to positive action. A committed, patient and persistent owner does not give up when faced with challenges.
“Owners of successful businesses have developed a business blueprint called a Strategic Business Plan that clearly describes their business concept, their mission and their philosophy.”
The Strategic Business plan outlines personal and business goals, strategies for achieving these goals, as well as time lines to achieve goals.
“Owners of successful businesses have developed an Organizational Structure that functions as a well-oiled machine.”
In an effective organizational structure, each employee understands policies and procedures of the company. Employees are rewarded for performance and disciplined for unacceptable behavior or performance.
Owners of successful businesses have developed Operational Support Systems.
The objective of these systems is to allow the company to operate as smoothly and efficiently as possible by relieving management of many day to day tasks, allowing managers to spend more time on strategic thinking.
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