About Small Business Owner Development Small business owner development is essential for small business success. Many small businesses fail due to lack in the business savvy and leadership skills of their owners. That includes areas such as strategic planning, organizational structuring, marketing, selling, finance, accounting, human resources and production. Without business know-how and the ability to spread risk across several managers and/or high-level employees, you make your small business vulnerable and noncompetitive. Successful small business entrepreneurs do research and learn. Besides this, they reach out to small business coaches, mentors and consultants to help develop their skills in running, improving, growing and expanding their small businesses.
Do you have what it takes to be a small business owner? As a small business owner, you must fulfill many roles, which continuously change between entrepreneurial, decision making, informative and interpersonal. You must also wear many hats, including being the business strategist, marketing expert, sales person, product/service specialist, bookkeeper and human resources specialist. There are specific characteristics of a successful small business owner that make this possible. You need the right attitude and personality. It also takes perseverance and a strong character. It is unlikely that you possess all the individual characteristics and attributes required to be a successful small business owner. Therefore, surround
By nature, you as a small-business owner are optimistic. This means that you may not be detecting the signs that your business is failing. You should be vigilant and realize that the odds of small business success are stacked against you. Every small business goes through turbulent times. However, you need to identify the symptoms of business failure before it is too late. Fortunately, the danger signs that your business is failing regularly show up long before your small business is in serious trouble. This provides you as a small business owner sufficient time to act and remedy the situation. The 10 Signs that Your
As a small business owner, you face many challenges and pitfalls today. Sadly, many small business owners do not know that small business failure is imminent until it is too late. The important question is: Why Do Small Businesses Fail? By knowing the main causes a small business fails, you can be prepared and avoid these pitfalls. Starting a small business is always a risky venture for the entrepreneur. Regardless of the type of business, I believe that small businesses fail because they fail to plan. With no business plan, succession plan, or exit plan, you are destined to have significant problems in running, funding and
“You can’t manage what you don’t measure, and what you don’t manage doesn’t get done.” – Peter F. Drucker Small Business Success Requires Small Business Performance Measurement Small Business Success requires small business owners to continuously evaluate small business performance and take corrective actions, where needed. Sadly, with several small business owners that I have worked with, that is not the case. In some cases, small business owners worked in their business for a very long time, but cannot afford to retire. In general, they perceived that the value of their business is more that it can sell for. This shows that these owners did
Do I Need to Measure Business Performance as a Small Business? Before I outline the 5 easy steps in developing key performance indicators, ask yourself the following questions: Is my small business in good shape? What are the trends in my small business? Is my small business performance improving or declining? Which area of my small business needs improvement? Where do I need to focus my effort and allocate or re-allocate resources? How does my small business stack up against the industry or competition? If you as entrepreneur and small business owner do not measure business performance, it is unlikely that you will know. Measuring