10 Tips for Success Every Small Business Owner Needs to Know

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Our Top 10 Best Pieces of Advice for Business Owners Like You

We know – the title of this article is a bit broad. Small business tips on what? How to make more money? How to be a better leader? How to stay ahead of the competition? The answer is yes – all of the above.

At Direct Capital, we want to help your small business see success in all facets – whether it’s by providing financing or giving expert advice to help with consistent growth and increased revenue. What better way to accomplish this – to help you and your business – than providing a list of our favorite business tips and advice?

Using Barbara Corcoran – successful entrepreneur and star on ABC’s Shark Tank – and her 12 tips as inspiration, and also an article on how to fix common business mistakes, we’ve generated this list:

  1. Don’t fear failure: Corcoran explained that some of the best things that happened in her business happened as a result of a failure. Without learning what your mistakes are, you can’t be better; you can’t grow. When an idea you had or something in your business fails, get right back up, fix it, and be better next time.
  2. Understand that success and results take time: If you’ve been in the business a while, you probably know this to be true, but it serves to never forget it. Whether you are just starting up, or you’ve created a new product, remember that there’s a lot you have to do to make that business or that product successful.
  3. Keep creativity on the forefront: The big guys with the big wallets don’t always win. In a small business, you have the power of creative freedom on your side. Take a look at what your big competitor is doing and develop a smarter, more creative plan that could crush them.
  4. Ask yourself, “How will this impact my long-term goals?” You probably have a lot on your plate, so saying yes to everyone or everything can get exhausting. Now’s the time to start saying no. Before making a commitment, putting together a project plan for a new idea, or bringing on a new team member, make sure that it aligns with your long-term goals. If it doesn’t, rethink it.
  5. Hire only the best people: Of course, right? That seems obvious. You don’t want people working for you that aren’t good fits for your company. But in order to hire the “best,” you have to know what qualifies as the best for your business. Figure that out first, and then start hiring. The people you choose to build your business with, according to Corcoran, will determine 80% of your success.
  6. And don’t be afraid to fire anyone: If you spot someone complaining or not doing their job, fire them. Complainers rob your company of positive energy and bring you, and everyone around them, down too.
  7. Find your niche: Do you feel like you are losing customers (or not gaining them) left and right, and you aren’t sure why? Maybe it’s because you aren’t targeting the right clientele. Your business has a specific purpose – so you have to determine who has a need for what you offer. Focus on them, and don’t worry so much about everyone else.
  8. Slow down: Don’t be so quick to move on to the next project after you’ve seen success with a previous one. For every project or idea that does well, do it 5 more times before starting a new one. Do what works, before trying something that might not. Experiment, but do it slowly.
  9. Become a master at asking, “So what?” When an employee brings something to the table that they think was an achievement, you have to train yourself to always ask, “so what?” Did it generate revenue? Did we gather customer data? Have we discovered a better way to convert those new Facebook fans? Doing so will eliminate time wasted on efforts that just… don’t matter.
  10. Constantly seek knowledge: Successful businesspeople are always looking to hone their skills and learn new ways to be a better business owner. CEOS of fortune 500 companies often read four or five books a month. Continuing to improve yourself will only work out in your benefit.

Getting to the next level in your business can be tough, but we hope these 10 tips steer you in the right direction. And, if you need financing to grow your business, Direct Capital can help with that too. Simply fill out our online form, or call us at 866-777-0117 to get started!

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1 Comment

  1. Great article! I agree with every tip that is listed here. I myself am a business owner/entrepreneur and I like to share what I know and have learned in my years of being an entrepreneur. I always make sure that everyone understand that it is not the end of the world when you fail. If a person does not understand what failing is like then they will not understand what success is like.

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