A shout out and congratulations to all the successful small and medium business owners out there. You are a great example to the world.
With only lip service support from big banks or the government you created your dream.
So, what is a successful small or medium business?
It’s simply one that works for the owner. One that meets what he or she wants. Providing them with a lifestyle and the money and freedom that they dreamed owning their business would bring them.
Why then do we read so many stories about the gory failures? Those that join the horrible statistics of small business failure and the human shame and humiliation and financial hardships that this brings.
But we seldom read of the hundreds of thousands of unheralded small business success stories.
With the “success stories” limited to those exceptions who parade next to a mansion or latest Porsche or Ferrari selling their “shiny object secret”. Or the occasional story we hear or read about someone in our community who has made it big.
But what about all the other hundreds and thousands. Enjoying success every day. Overcoming all the challenges that bring failure to the majority.
So what is the difference between the small business owners who dread every day in the office and those that can’t wait to get back to their daily business life.
They all operate in the same space and they all have access to the same resources ... so what’s different.
For many it is the different focus. Some fail because it is about them and not about the customers and staff they employ. For others they have no real purpose they have a dream but no plan of how to make it a reality. For others it is merely a way to make money. They haven’t thought about their “why” for their business and live with hope as a strategy.
Small business success
So, what are the “secrets” of small business success.
They do the basics well. Focussing on their priorities, doing the hard stuff, appreciating that success is not easy, requiring a plan and a lot of sacrifice.
These owners know that there has to be some luck in the mix. So they try to make their own luck, and as Gary Player the famous golfer once said, “the harder I practice the luckier I get!”
They know that their business will only thrive with a supply of good customers and they nurture these relationships. Truly believing that they need good staff and not just using family or friends – they employ the best people they can find. Understanding that they cannot do everything themselves, they delegate. Convinced that cash is the most important element of the business they focus on generating profit. They know that building systems and having procedures is the way of providing consistent and high-quality performance. To provide accountability these owners have "support partners" who help them stay focussed on their key performance targets.
They ignore the vanity things like turnover and the social media dopamine hits of Facebook and Instagram likes.
They are no cleverer or more talented than you.
They do all things that anyone can do. But they succeed where most fail!
So, a big shout out to all the successful small business owners who are an example and motivation to all of us to go out their and make it happen.