Every business faces obstacles and threats, however some are more critical than others. It’s a dog eat dog world out there, and everyone seems to be looking out for themselves; in some situations, rightfully so. However, as a small business owner you also have that responsibility to look out for yourself, your company and its employees, as well as your customers. The commonplace obstacles to businesses that might not make a company like Google or Amazon bat an eye, can bring your establishment to its knees -so it’s vital to be vigilant in protecting your company and helping it to thrive.
Many small businesses come about based on terrific, unique ideas which makes the decision of who to buy from or work with, simple for their customer base. However, as a company makes new hires -ideas may start to leak and get out to other competitors. This theft of ideas and intellectual property is difficult to manage, but an important part of keeping a small business afloat.
As previously stated, a company like Google might be able to handle employees taking some time to themselves and not being as efficient as they could be, but a small business doesn’t have many employees so each individual’s efforts count for a lot. Keep an eye on the efficiency of your staff with employee monitoring software.
Because visibility isn’t as high in a small business there may be companies or customers who are in need of your service or product, but don’t know that you exist. This means lost business for you so keep your ear to the ground stone and be on the lookout for unlikely connections.
We talked earlier about ideas being a keystone to any business; who comes up with these ideas? People! Having the right combination of personalities and ideas in your building is paramount to coming up with relevant and useful solutions to your company’s’ problems. Always be mindful of these connections during your hiring process.
Having a great group of people working furiously on problems is a great start, but what’s really essential to the mix is the “how” in the equation. The manner in which employees interact with one another and treat their work is so important to the long term success of your business; be sure your employees are creating an environment which feels comfortable and conducive to their productivity.
You can have all the great ideas in the world, and all the right minds in your office, but if your execution is poor, nothing is done. So be sure you’re keeping your business in line by forcing the issue of deadlines and following through with ideas.
Spreading the Word
Marketing can be a big issue for many small businesses. Giving the customer a feeling of legitimacy is extremely important in this matter, so always talk about your company in a professional and positive manner.
Things almost never work out the way we plan, and that’s okay. As a business owner it’s paramount that you are able to roll with the punches and be a leader, especially through adversity, to your employees and customer base.
This one is a bit tricky. Your customers need A+B today, but tomorrow the world could change and your market will then need X+E, you don’t have to completely switch what you’re doing but it is crucial to keep your company relevant in this ever changing market.
Last, but certainly not least is the competition. While your company’s ideas may be important and game-changing, the other guy is bound to be doing something right too. So stay on your toes and don’t forget to keep a watchful eye on the competition in town.