Keys to Small Business Success - dummies

Keys to Small Business Success

Part of Getting Started in Small Business For Dummies Cheat Sheet (Australia/New Zealand Edition)

A great idea for a small business is the first step to success. But once you’ve decided what to sell (whether it’s a product or a service), you need to start planning for success. Here’s a list of action points to get your small business moving forward:

  • Begin with a business plan: A business plan acts as your inspiration, strategic plan, guardian angel and reality check.

  • Be seen online: Every business, no matter how large or small, needs some kind of online presence, whether this is your own business website, a store on eBay or a business Facebook page.

  • Give to others without expectation: Share knowledge, tips and referrals generously and rewards return tenfold.

  • Keep on top of your financials: Look at key financial reports at least once a month.

  • Invest in employee training: If an employee can’t do something, chances are you haven’t explained it well enough.

  • Learn how to listen: One mouth, two ears, use them in that ratio.

  • Make four contacts a day: Spend a humble 15 minutes a day networking and you soon reap results beyond your wildest dreams.

  • Price your goods or services with care: Exactly how you price your goods or services is one of the most important strategic decisions you ever make.

  • Stay the right side of the law: Trade legally, avoid ‘black’ cash, and pay at least minimum wages.