You want to have a successful business, so you have big dreams and big goals. You’re thinking big, and that’s a good thing, because thinking small won’t get you anywhere. But sometimes amidst all the big thinking, big goals, and big dreams, we entrepreneurs tend to forget some important details.
Sometimes it’s the little things that matter most.
Only sell what people want
This might seem painfully obvious, but are you sure it’s not the exact opposite of what you do? Many entrepreneurs set out to sell what they want – some grand idea -- without having a clue as to whether or not anyone else needs or wants to buy it. You can waste a lot of time building and marketing something nobody is interested in. So make a small shift in your thinking, and always find your market first.
Watch your spending
Little expenses add up quickly. The gourmet lunches and cute post-it notes might only be a few extra dollars at a time, but multiplied out over the year, you may be putting an unnecessary drain on your finances. Successful business owners avoid frivolous spending, and instead invest in what will make their business grow.
Keep your finger on the pulse
Successful entrepreneurs keep their ear to the ground and their finger on the pulse of their market. It’s critical that you don’t lose touch with your customers. The seemingly small act of regularly checking in for feedback can have tremendous returns for you. Know what your customers are praising, complaining about, and what they need next. This knowledge is as good as gold.
Get it in writing
It would be great if we could always trust each other and do business with a simple handshake, but the reality is that contracts were created to protect you. Avoid confusion and minimize risk by putting your agreements in black and white. Small problems can snowball without having proper contracts in place.
Take action
The only entrepreneurs who are successful are those who take decisive action. Yes, sometimes this means big sweeping actions. But more often it means taking some action each day. Little action steps taken consistently will take you closer and closer to the level of success you desire.
Manage your time
While you want to take consistent action, make sure you’re not just going through the motions with busy work. A few minutes wasted here and there will add up to wasted hours and days. To be successful, you have to be vigilant about how you spend your time, focus on tasks that make money, and work as efficiently as possible.
Keep your word
It’s important that you manage expectations and deliver on your word. As a small business owner, your success is contingent upon your personal reputation. You simply can’t get away with not keeping your word, because slipping up just a few times will ruin your image and undermine your success.
When running a successful business, it's important to focus on the big things. But it's equally important to understand that ignoring the little things will lead to big failure.
Absolutely love this, Marley! I think “Watch your spending” is the thing people miss the most when they are in business. Often, people will get so caught up with the old adage of “keeping up with the Jones'” or thinking that new gizmos will bring in money while they (the human) sits idly by and waits. Then, of course, you have the $4 latte here and there – it all adds up.
Just yesterday, I was in 4 consecutive meetings that all took place in different cafes across town. Not only was there gas mileage being used but also I’m of the mind that if you sit in a cafe, it is ethical of you to purchase something for using their facility (or WiFi). Each cappuccino is $4 x 4 = $16. Add in the lunch while I was out (bought a small plate meal & had water) and that’s another $7. I won’t even go into the cost per hour of my time… but it all adds up. The smart thing would have been to schedule all my meetings at the same location and sip my cappuccino slowly throughout the meetings.
Alas, it all adds up and it all takes away from the bottom line. If you don’t respect the money you have, you make it more difficult to keep your money in the future.