What are the keys to being a successful small business?Anna Lee
Each business probably has its own “success formula”, and there might very well be as many success formulas as there are businesses. Many companies believe that success is entirely defined by stock prices, profitability and revenue growth. Packnet believes that there is a lot more to being a successful small business. Growing and being consistently profitable requires a sound foundation of fundamentals. The following are a few important bricks for that foundation:
Reputation: Most small businesses are not globally known or have brand names that are on the tip of the average consumers tongue. However, within the market niche served, even the smallest business will earn a reputation – one customer at a time. We believe a successful business has a strong reputation for customer satisfaction, integrity and quality.
Employee Satisfaction: A successful small business will be known as a good place to work. Employees are treated and compensated fairly. They are engaged in the success of the business. Work place safety and training are on the top of the list. Studies have shown that customer satisfaction and employee satisfaction go hand in hand. It is impossible to serve your customers well with a disgruntled and demoralized workforce.
Flexibility: Many businesses can achieve profits and growth under certain economic circumstances. A company that is flexible will be able to achieve these under most circumstances. Market volatility, government regulations, competition and general economic conditions are elements that every business needs to deal with. Making sure that your business organization is can adapt quickly to capture opportunities or escape downfalls is key to being able to prosper in the long term.
Environmentally Friendly: We believe it is important for business to be good stewards of the earth, not because of government regulation, but because it is the right thing to do. We also believe that environmental stewardship leads to less waste and more efficient processes. A company that is friendly to the environment will be welcomed and valued by the community it resides in.
Planning: Owning a small manufacturing business creates significant opportunity, but realizing this opportunity requires continuous planning. Make sure that planning is part of your business cycle. Strategic planning helps businesses successfully navigate through uncertain waters while keeping a strong focus on the critical elements of success.
Many businesses can realize a short term profit or experience a short growth spurt if the conditions are correct. In order to have long term sustainable growth and profits, a business needs to focus on the before mentioned fundamentals. Having the above elements may not guarantee profits, but not having them will make it extremely difficult for any business to thrive in the long run.