According to recent research, 85% of new businesses today are small businesses. Knowing that a majority of these businesses will fail can send entrepreneurs and business owners into a panic. However, with the right strategies in place, you will set you set yourself up for success – without working all the time. (And we believe “success” as a business owner includes NOT working all the time, so you can truly enjoy the life you want).
Read on for 3 key strategies to enhance your path to success:
Tip #1: Review your long-term AND short-term business goals.
Short AND long term goals are essential for business success. However, many people set their long-term goals and then forget about them, ultimately setting themselves up for failure. Review your short term goals every 60 days and long term goals twice a year. Ask yourself- What has been working? What needs to change? Where is my growth stifled? What opportunities am I missing? And how can I stretch for even higher goals, without working more hours?
Tip #2: Test, test, test!
Small businesses and entrepreneurs MUST test the right way to be successful in today’s economy. With the assistance of your business coach, test your marketing strategies and business ideas for a limited time. And then evaluate the results. Do you need to keep it exactly as is? (Unlikely). Tweak it some? (Likely). Or ditch it? (Sometimes). Whatever the end result, what you learn from systematic testing in YOUR market, with YOUR customers or clients, is invaluable.
This one tip alone often separates the successes from the failures.
Tip #3: Accept the Journey And Stay Flexible
As a business leader or entrepreneur, your business will ebb and flow. Be prepared financially and emotionally. Don’t fight the lows, learn from them. Understand that there is ALWAYS something to learn from difficulty. It’s your job to figure out the lesson and incorporate it moving forward.
Sometimes a flexible attitude is exactly what you need to succeed. By continually updating your 60 day and long term goals, with the NEW information you learn from your marketing efforts, you put yourself on the path to success.
The journey to success today is really about creating clear goals, testing your marketing and business ideas to your ideal clients or customers, learning, staying flexible, and riding the waves. If you follow these strategies, especially with the support of a savvy business coach who is in touch with the realities of today’s economy, your chances of success will skyrocket.
I’d love to know what you think – please leave a comment.