How to Run a Successful Small Business. [10 Tips]

You’ve thought of a name. You’ve got your product. You’ve designed your logo. You’ve written your business plan. Now what? Read on to discover some of our tips on how to run a successful small business.

If you’re reading this and you haven’t decided if opening your own business is right for you, stop and think about a few things first:

1. Running a business isn’t for everyone. Some people do better on the other end of a stable paycheck. When you’re starting out with your business, paychecks may be small and there may be few and far between.
2. Are your personal finances in order? It’s easy to throw your own money into your business at first, but know your limits. Have a strong personal finance footing before you delve into financing a business, or taking out a small business loan.

Now that we’ve touched on those two important points, and you’ve decided to keep reading — you’re ready to open your doors for business. Let’s do this!

I’ve worked in the small-business world for over ten years now, and four years ago, I started Soul Graphics, my own design startup. It was just me for three and a half years, and in the last six months, our team has grown. Based on that experience, here are my tips to run a successful business.

1. Grow Organically, and be okay with small, steady growth. Some companies explode immediately and are huge success stories within months of launching. Most don’t. Grow your company methodically, and be okay with slow, organic growth. Growth is growth. Nurture your clients to be loyal and don’t forget about your first supporters as you grow.
2. Know which hats you wear best. In the early months and years of your business, you’ll have to acquire many skills. Gain the background you need to oversee all the facets of your business, but also determine what tasks you should outsource or hire employees to manage.
3. Don’t think you need bankers and investors at the outset.The vast majority of small-business start-ups are bootstrapped (self-financed). Consider your own savings, investments, and usable assets and then talk to your friends and family before you look to outside sources.
4. Benefit from your business plan. The exercise of creating your business plan pays dividends. Answer the tough questions now, before the meter is running.
5. Remember that nothing happens until a sale is made. How many good products go nowhere because they don’t reach the shelves? Sales are what drive your business. You need an explicit marketing plan that details how you intend to package, promote, distribute, price, and sell your product or service.
6. Pay attention to your customers. After all, you have to see a customer to know one. No matter how busy you are, especially in the early years of your business, be sure to spend at least 35 percent of your time with customers. You can’t make the right business decisions without understanding the customer’s viewpoint.
7. Hire superstars. If you intend to create a growing business, your number one duty is to assemble a team of superstar employees in your game-breaker positions. Game-breaker positions are key positions, such as the president/CEO (that’s you), the financial person, the sales manager, the marketing manager, the production manager, the office manager, the purchasing agent, the art director, and so on, that will make or break your company. I’ve seen so many companies struggle, or downright fail, because small business owners are scared to hire people smarter than them. Don’t be afraid to be the dumbest person in the room.
8. Don’t go it alone. Tap into resources, such as small-business peers, mentors, and trade associations, that can help take some of the energy-draining trial and error out of starting and running your business.
9. Keep your focus on the people. Whatever happens to a small business happens at the hands of the people who work for it. People don’t quit jobs, they quit people. Be kind, understanding, motivational, and inspirational.
10. And last, but most importantly, always under promise and over deliver. Do this in every aspect of your business; with clients and customers, with vendors, with employees, and with contractors. I can’t take credit for this lesson, I learned it from an old boss, and it has been the most important lesson that I’ve ever learned. I carry it over in every aspect of my life, and that’s why I’m here today, four years later, writing this to you.

Bonus tip: “DER” = Do. Everything. Right.

With these 10 tips, you’ll be sure to have a business that wows people and is around for many years to come.

Don’t hesitate to reach out if you have any questions.

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