Running a business can get really complicated. Between trying to get your products and services positioned properly in the marketplace, hiring the right employees to create and execute initiatives, managing your brand, and staying on top of the fast changing needs of customers, business owners can quickly get overwhelmed and lose focus as to what is important and how to prioritise.
But to have a successful business you must keep your focus on a few key things, and always keep things simple. Keeping things simple lowers stress and helps to keep you and your employees in good health. Here are two of the really important simple areas to focus on, for the continuing success of your business.
Maintain Access to Funding Sources
Many businesses get started and fizzle out or have their growth stunted simply because they do not have access to capital needed to take advantage of business opportunities. These could be existing clients or customers who want more of what you are selling, or you noticing that there are new markets for you to expand into if you can act quickly.
Not having access to ready capital will often inhibit your ability to take advantage of these types of situations, positions your business to stall, and creates opportunities for your competitors to come in and eat your lunch.
As difficult as it is to raise capital for your business, your money raising efforts should not stop when you start your business. And your close relationships with lending institutions like reputable small business focused banks should never be severed. In fact you should always be fundraising and keeping lines open to these capital sources and their great advice.
Remember if you are beginning to have some success, it is much easier to get additional funding. So tell the bank how your business is doing and that you see new opportunities to grow. If you need them to provide you with additional capital, they will already be up to speed on where things are, and this will allow them to move quickly if they have an interest. So keep these lines open, and stay in constant contact with them.
Hire Quality People
One of the impulses of a small business is to save money wherever possible. This approach is great generally, but it should not be extended to every area of the company. In some cases, quality makes all the difference to your success. One key area is hiring. You should hire quality people for every position at your business. To do this you will likely have to pay more but high-quality people produce results that justify their higher pay.
Your salespeople should be proven and willing to take big commissions to bring sales in the door. Your marketing teams should have resumes full of successful marketing that turned into revenue for previous employers. Your entire team should revel in working as a team, and for your company.
They should come to work on time and be ready to work longer hours if needed. They should constantly tell you how to improve and what things are simply not working. They will also create a work environment that other quality people will want to join. Again, this will translate directly to your company’s bottom line.
Focus on these two areas of you company. Simply put, it will bring your company lots of success.
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