So, you have finally kicked off your dream start-up, broken free of the bonds of nine-to-five bosses, and are well on your way to becoming the next big entrepreneur.
We hate to put a damper on your initial success, but did you know that over 95% of small businesses fail within the first five years? It’s a disheartening fact, but don’t lose hope just yet; it’s necessary to reach your full potential. In this uncertain and often volatile world of business, you should be firing on all cylinders to become a part of the successful 5%. Here are four highly effective tips and hacks to achieve your full potential in a small business.
1. Move Ahead of your Competition, One Step at a Time
Many people may be unaware of this but more than 99% of the enterprises in the US are small businesses. With that, you can’t just hope to jump to the top spot soon after starting off. You will need to take it one step at a time. To start, try to become the top provider with the help of unique business ideas in your local area. Expand your client base to the regions beyond before gradually revving up to establishing a statewide presence. Only then should you go all out, work double shifts, and push your boundaries further to finally become a national phenomenon, effectively placing yourself at the top of the chain. However, why stop there? You are only at the top as long as someone else doesn’t overtake you. Try to move as far ahead of your competition as possible, make and break world records, and keep setting your sights higher than before.
2. Utilize Every Available Online Resource
When someone talks about online resources in business, social media immediately comes to mind. It’s the most sought-after marketing arena in the world today. Considering that more than 80% of the people who use the internet have a social media presence, you definitely don’t want to miss the amazing benefits that it provides.
There are several other online resources that could elevate your small business on many levels. You can consider implementing Search Engine Optimization (SEO) techniques to refine your Google presence. Another is to look upon online fulfillment companies to take care of packaging and delivery. Organizing virtual events and webinars for the benefit of your existing or potential clientele can be a great idea as well. The internet has a wide array of resources to offer for small businesses. Go ahead and explore!
3. Boost your Productivity
This just can’t be said enough. Productivity is a limitless, unfathomable quality. Once you have reached an acceptable level of productivity, don’t stay put; stretch further into the infinite realm. There are quite a few ways to boost your productivity in a small business.
● Stay Organized
The Office or iWork suite on your laptop or tablet isn’t just for show. It contains many applications other than Word and Excel to help you stay organized.
● Take Regular Breaks
Productivity is not only about working all the time. To make your brain and body function at their full capacity, you need to take regular breaks between sessions.
● Set Achievable Deadlines
Promising to deliver a product faster than your competitors is one thing. However, setting unreasonably strict deadlines just to stay ahead of your competition is a big NO. Quite a few successful organizations have bit the dust just because they weren’t able to make timely deliveries.
4. Hire the Right Personnel
An interesting statistic to note – more than 50% of businesses have failed to reach their full potential because their workforce wasn’t proficient enough. Be very careful while hiring talent for your small business. Meticulously assess the qualifications and qualities of each candidate. If you are delegating the work to human resources, then ensure to hire HR personnel whose ideologies and ethics are in sync with yours. A business, be it big or small, is like a living organism. Every part needs to function perfectly for the organism to achieve its full potential.
That being said, here’s a little-known secret – humans have unlimited potential to do something. Thus, full potential is akin to the speed of light – you can never quite reach it but can only work toward getting as close to it as possible. In other words, don’t settle for the best; keep pursuing something better. The aforementioned hacks will help you do just that, for you may have noticed that we haven’t placed an upper limit to any of those tips. Plan your small business right to the horizon, then explore further and keep modifying your plans. Only then could you move closer to achieving your full potential.
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