Running a Successful Small Business

This week, I was talking to an anxious small shop owner who is really struggling to understand why he is not attracting more customers.

He believes in what he is doing, works very hard and puts in long hours. Despite his efforts, his results are disappointing. Obviously, something is not working for him.

I shared the following advice with him. I told him that in my experience running a successful small business is dependent on having all three of the following key elements firmly in place.

First, you must have the energy that comes from doing the thing you really love and that you really excel at. This strength and passion of yours must be clearly articulated and spelled out in your Mission and Vision statements.

Yet business cannot be run on passion alone. While passion is clearly a key ingredient, just because you love what you are doing and believe that you are offering value for money does not, in and of itself, guarantee that you will be successful.

You must ensure that you add the following two elements to your passion.

Next, you must always be learning. You must have an open mind and develop deep knowledge about every part of yourself and your business. This is a never ending process.

This depth of knowledge must be folded into your own continuing cycles of personal and business development. This ongoing development then informs effective business decisions, your business plan and all of your actions.

And finally, you must have access to sound financial advice. You will not be successful if you do not have someone in your business, or associated with your business, who is a good financial manager or adviser.