Business success is the ultimate objective of any business. How small businesses can be grown into big enterprises is the sole purpose of this article. Time is very crucial for any business.
Business success highly depends on how different we are with our products and services and how different we are as an individual. Success in business primarily depends upon two factors.
A- Systems we develop to run the business
B- Leader’s Mindset (Read here)
Businesses start and shut in a jiffy. Startups build and destroy in no time. They start with a bang and end with a bang. Why success in business is so elusive?
We need to study some trends of small business survival is as below.
New Venture Failure Statistics
Of all small businesses
80 per cent made it to the second year;
70 per cent made it to the third year;
62 per cent made it to the fourth year;
56 per cent made it to the fifth year;
This is the stark reality.
How to start to get success in business?
This is a big question to reflect on. Success in business demands a methodology. It calls for discipline.
The methodology has 7 step rules to follow.
When adopted with a complete perspective, it has the power to take your business to next level.
Step 1-Success in business-
How is your planning?
Planning is the process of thinking about the activities required to achieve the desired goal.
Planning is a very crucial and important part of the business. Planning sets the goal for the organization and starts making activities. It gives you a study of the available resources.
Planning derives business concepts and business ideas.
How is your business planning? What goals your organization has set? When your organizational activities are going to start. When you think about these questions, you think about building the organization. Your success in business depends on the clarity of these answers.
Good planning is the first pillar of a successful business. Business Planning also shows the leadership quality of top management. A step by step guide to business planning is available here. You can read for a thorough understanding of the matter.
Step 2-Success in business
How is your organizing
To eliminate any kind of confusion within the enterprise we start organizing. Organizing supports in sharing responsibilities, group, and individual tasking, establishing authorities, assigning workloads, and making people accountable for their job.
Organizing is the benchmark for a systematic enterprise and a successful entrepreneur. Your very good planning but bad organizing would doom the chances of your success in business. The allocation of proper resources is the main function of organizing.
Your focus on organizing sets your enterprise into order. You know your planning, you know your organizational goal, you know your resources, you know your departments and their responsibilities. You know your step by step plan. Now the time begins for taking actions within the organization. For more about organizing read here.
You are well set for step 3.
Step 3- Success in business
How is your Hiring
Your employees are those people who are going to make your dream possible through your guidance and their potential. Success in business is not possible without them. Make a clearcut job description and ponder over what kind of potentials you require to discharge that kind of responsibility. This will help you in your hiring process.
The following are the points which will help you in good hiring. Make a checklist of these points while hiring.
- Job description in details
- Planning of hiring process
- Don’t compromise with work quality
- Ask questions as per the job description
- Check the references and backgrounds
- Assess the candidate’s vision
- Ask yourself, why you are hiring this candidate
- Offer the job
This description will help you choose the right candidate.
Once the hiring is over, you get a team to work with. Train your team and show them in detail the vision of the organization and the organization’s expectations with them. You can also visit Monster for the complete hiring process.
Step 4- Success in business
How good you are delegating
Delegation is about sharing responsibilities with accountabilities. It needs trust, communication, and coordination.
The team is ready. The enterprise is ready. Communicate with your team unambiguously. What your vision is, what work quality you demand, what is the time frame available, what is the result the entire team is working to achieve. Success in business depends on tactical delegation.
Employees who feel that they are trusted and respected tend to have a higher level of commitment to their work, their organization. Forbes has done a detailed study on effective delegation. You can find that interesting.
Trust your team and show them the context that how the task is in alignment with the vision and mission of the organization. Set a realistic standard to achieve.
Give your team the authority to ask questions and give suggestions. This will instil confidence in your team. Confidence and collective intelligence will complement one another to perform better.
Step 5- Success in business
How you are supervising is important
Supervising is monitoring after a delegation of tasks. Supervising keeps you aware of daily progress. It keeps you connected with your team. You know the hurdles, competence, coordination, common vision, and individual problems.
Supervisors typically are responsible for their direct reports’ progress and productivity in the organization.
Supervision often includes conducting basic management skills (decision making, problem-solving, planning, delegation and meeting management), organizing teams, noticing the need for and designing new job roles in the group, hiring new employees, training new employees, employee performance management.
Great supervision creates a kind of ripple effect in your enterprise. The mission of success in business starts from here. Subordinates get influenced by the behaviour, treatment, discipline, and quality of the supervisor. Those supervised try to emulate the gesture.
Supervising is a kind of continuous coaching and nurturing of people for the greater good of the organization. It is like feeling the pulse of the organization. This is the first stage where you get a trend in the growth of your organization. You can sense your success in business.
Step 6- Success in business
How you are evaluating the health of your business
This step is very important. All businesses need to be evaluated, analyzed, and directed from time to time so that they remain healthy, competitive, and heading towards the vision and mission of the organization where you have intended them to. For success in business, it is imminent.
Evaluation of business is very often overlooked by the owner because of other pressing tasks in hand daily.
More than 50% of businesses are profit-making before they go for a downslide. The major reason behind this downward spiral is not any catastrophe but inconsistency in the evaluation part.
When we are inconsistent in evaluation then we fail to analyze the pattern of our business.
When we consistently analyze the business pattern then we encounter problems beforehand. This gives us an idea to deal with the situation before its occurrence. We handle the problem in its nursery stage.
When we don’t go for evaluation then we don’t go for course correction. This stops our success in business.
It may be possible that we are also working in the same environment and we become so involved that we fail to recognize any mistake in our business. That is where we need the advice of business consultants and business coaches.
There is also a point that there are many things we don’t know so advisers and mentors are very important for evaluation and success in business.
Most Small and Medium Enterprises have limited funds and resources. So proper evaluation is mandatory. Know more about Evaluation here.
Step 7- Success in business
How is your reporting
Reporting of businesses are valuable and essential tools for any enterprise regardless of size or industry. It gives us an insight into what is happening and what needs to happen in our business.
They provide a means to track and analyze the performance and overall health of the business while identifying areas for improvement and opportunities for growth.
Success in business depends on the analysis and remedial measures you take. Business reporting gives us an idea about the critical analysis of the tracking of events. It triggers a discussion for better decision making and problem-solving.
Success in business depends on how good we analyze the report, how strongly we adopt the recommendations, and how powerfully we take actions.
These are the very vital seven steps for success in business. Each step is very important. Go through them one by one, analyze them, internalize them. Check how they are going to help your business. Apply them and get your desired results.
These seven steps of success in business are tested against time. This has helped others. This will help you too.
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