You’ve been to business school and learned it all, right? Not so fast. Sometimes, the most important lessons come to us via mistakes we’ve made. Here are the top five keys to small business success that you never learned in school.
1. Don’t Be Such a Control Freak. One of the hardest things any small business owner has to do is learn when to delegate. Of course you want to do it all yourself because that’s the only way it’s going to be done right. But that only results in burnout and a bunch of employees who never learn anything. You’re only doing yourself and your business a favor when you learn to relinquish some control. The more hands you have helping you out, the more successful you will be.
2. Baby Steps. You might be of the mind that your business should be everything you’ve dreamed it would be right out of the gate. But consider the “baby steps” approach. Start out small. Spend as little as possible at the very beginning. Score some successes early on and then build on them. Get rid of the stuff that doesn’t work immediately. If you follow the “baby steps” approach, you have less to lose if you start off down the wrong path or have to scrap your whole plan and start over. Plus, it gives you a chance to research along the way by getting customer feedback as you go.
3. End Your Day Thinking About Your Business. Once you’ve left the office and finally spent some time with the family, your business is the last thing you want to think about. But spend just one more minute, right before you go to bed, thinking about one problem you’re facing in your business. The beauty of our brains is that our subconscious minds work while we sleep. If you spend a few minutes thinking about a problem right before you go to sleep, you’re essentially enlisting the aid of your subconscious to help you solve the problem. It’s the easiest work you’ll ever do.
4. Respect Your Computer Systems. Most small businesses take their computer systems for granted. They don’t back up their data, they don’t maintain their computers regularly, and they don’t enlist the aid of professionals to care for their computers. In fact, we don’t pay any attention to our computers until something goes wrong and we find ourselves in a crisis. If we treated our computer systems like factories treat their equipment, by regularly shutting down the whole works to perform routine maintenance, we’d get better performance and fewer problems from them.
5. Study the Numbers. It is a rare small business owner who actually likes to look at financial statements, at least when the business is just starting. Why? Because the numbers can be depressing. No one wants to look at the numbers when all they bring is bad news. But the truth is that you can’t improve those numbers until you have the courage to look at them and analyze them. Looking at bad numbers can bring about feelings of failure or despondence. So try this trick: Once every week, pretend you’re the accountant for your business. You have no emotional ties to the company. You’re only job is to crunch the numbers. When you separate yourself emotionally from the message that the numbers give you, you’re more likely to look at them objectively, without becoming despondent over or depressed about the news they bring. You’ll find that looking at the numbers is actually a very liberating experience. It can help you eliminate activities that don’t add value to your business and focus on the activities that help you profit.
Use these five keys to help you find success in your small business. You’ll be glad you did!
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