Small business ideas: entrepreneurs take note.
Author | Dickey, Sam |
Position | Special Section: SMALL BUSINESS |
In business, success often comes down to price. I am not talking about money, but planning, relationships, improvement, customer value and engagement.
While I am a believer in the old saw "if it's worth doing, it's worth planning to do," I am not sure that is 100 percent correct. I do believe that planning, done correctly, raises one's awareness. Sometimes deadlines must be met to keep things on track, and planning helps us keep sight of that. Planning before opening our business helps us avoid some of the pitfalls.
A good business plan will describe your business, your vision and your goals. What are the needs of your work force? Will you be able to use unskilled workers or will you require a highly trained work force? Potential problems and solutions? Do you have the capital and equipment needed to be successful? Have you analyzed your competition? Competing on price alone won't be enough.
In addition to a business plan, separate plans may be needed for marketing, advertising and promotion, long-range budgeting and managing growth. A poorly handled expansion can hurt your business--even to the point of closing.
Fortunately, there is much help out there. You can avail yourself of the Small Business Development Center, SCORE, the Women$finances program of the YWCA or any of a myriad of others that can help you develop your plans. Whatever you do, don't fail to plan.
HUMAN INTERACTION
I have heard it said that, "All businesses are relationship businesses." I agree. Look for, create and maintain positive relationships with your partners, your employee, your customers and competitors. Not only can they provide you support, but also some of the greatest improvements to your business are likely to come from your employees and customers. Listen to them. They are the ones who interact with your systems, services and products every day.
It is equally important to maintain productive linking relationships with providers of business services, such as your attorney, accountants, bankers and those in lines of business complimentary to your own. Not only can they provide you with sound advice, but also they can potentially be a great source for new business either directly or through referrals.
MAKING CHANGE
Incremental improvement is a way of life for any new small business as they smooth out operations and systems, but after a while some forget to keep improving. If you're not moving forward, you're moving back. Even if you are not working on a new...
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