5 Success Factors For The Small Business

As a business community builder I have seen businesses collapse and I have seen others succeed. There are many factors that determine the success or failure of a small business, and here are three major success factors for the small business owner to consider.

  1. Timing determines likes: An entrepreneur may come up with the best business idea, but if its target market is not ready for it; all attempts to make it happen will fail. Keep watch for current business trends as they are indicators to what the market is receptive for at that time period.
  2. Stay focused: What makes the business world fun is new ideas! However, at times new ideas may become a distraction for the business owner. When presented with a new idea, don’t rush into it. Take few days to determine its feasibility, but do not allow it to turn into a distraction. Stay focused on current business goals.
  3. Embrace Change: Transformation is beneficial for the development of a small business. Technology advances at a fast pace and with that comes conversion in gigantic leaps at times. With technology advancement we find that business trends develop and diverge. Follow your business industry trends and be willing to embrace change.
  4. Network Of Connections: Without a circle of connection a business will exist as an amazing business idea. Building a network of connections will help spread the word about the business; it will help in acquiring leads that may send customers or may turn into customers at one point. Whether it be through using social media, or attending networking events, somehow the need to establish a strong network of connections is at the higher end of the scale of the small business.
  5. Organization: A key factor to success is organization. Plan the day or even the week in advance and as much as possible stick to the plan. Once the discipline is in place one can achieve more in a day and productivity will increase for the week. An remember that office space is limited for the small business owner so keeping it organized will help increase efficiency.

Are you determined to see your business succeed? Watch out for the right timing to implement business ideas, stay focused on the business vision, be mindful that transformation is expedient for the small business, increase your network of connections and stay organized.

by Grace Nasralla, founder of Ontario Small Business Network (OSBN) at www.osbn.ca | info@osbn.ca

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