There are various components that make up a successful business. As business owners, we want to ensure we are conducting actions that promote growth and success for our businesses.
For small businesses, the details seem to matter so much more. So what is it that leads to success?
Continue below to discover two critical components that will promote growth and success for small business owners.
Building Rapport
Building a rapport, or establishing a positive relationship, with other individuals is so important in a business environment. Whether this is on a small scale or larger scale, building a rapport with others is crucial. Having a positive rapport with others can lead to referrals for your business or even free word-of-mouth advertising.
Who should you be building a rapport with?
It doesn’t matter if you are the owner of a small car lot, a cleaning business, or if you own a small diner. Rapport should be formed with everyone you are in contact with. Build a rapport with your clients or customers to maintain trust and allow them to feel significant. Create positive relationships with vendors and your distributors. This may result in you receiving quicker service or better pricing on inventory.
Setting Goals
Again, it does not matter what type of industry your business falls under, setting goals is crucial for success.
Let’s first gain an understanding of why goals are so important.
- Goals help us measure progression
- Goals help us avoid procrastination and give us something to work towards
- Goals promote growth and increase performance
- Goals help to keep employees motivated
Now that you understand some of the reasons it is so important to set goals for your business, it is equally important for you to understand how to set your specific goals.
It is important to remain realistic and set attainable goals. If you are consistently setting goals that are out-of-reach, your team will continuously feel defeated and lose their motivation.
For example, if you are running a small fitness facility, you might consider setting a goal for your sales team to sign “X amount of people up each month”. In the month of January, you might make a goal of signing 50 new members up, which is realistic considering many individuals begin working out during the New Year. However, in the month of July, you will likely make a goal of signing up 20 new members, as many individuals are satisfied with being outside during the summer months.
Just remember that many different factors and components go into creating goals. Creating attainable goals is the key objective of any business in order to promote growth and success and maintain financial stability.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more interesting topics to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.