9 Key Elements for a Successful Small Business

Brought to you by InsightSquared

Running a small business is challenging. These 9 key elements will help you streamline your organization and lead your team to success.

1. Delegate

Don’t try to do it all. Acknowledge that you need help.

1. Delegate

Look for people with different skill sets and experiences. Hire people who are better than you. Then lead them to success.

1. Delegate

Remember, delegation is not the same thing as micromanagement. Give your team tasks and trust them to follow through.

2. Communicate

Work across teams to make sure everyone is on the same page.

2. Communicate

Make sure that your communication stays organized so that all pieces of information reach the intended recipients.

3. Embrace obstacles

When facing a challenge, use it as an opportunity to work smarter and harder.

3. Embrace obstacles

Let these obstacles motivate you to take action.

4. Organize your data

Data should be an asset, not a hassle. Try to get all of your data in one system.

4. Organize your data

Get out of spreadsheets. Start modeling your data with graphs so that you can understand what it means just by looking at it.

5. Be efficient

If you run a small business, you can’t afford to waste anything: time, money, or manpower.

5. Be efficient

Standardize whatever employee processes you can. It will cut down on time spent on less important things.

5. Be efficient

Make a point to meet regularly with your teams to make sure that no two people are working on the same task.

5. Be efficient

Ask employees to report any unnecessary expenses or wasteful spending they notice. Check the company’s expenses yourself for business justification.

6. Innovate

If you don’t want to be beaten out by big corporations, you need to offer something different. Small businesses are flexible; take advantage of that.

6. Innovate

Improve your service, but maintain the quality of your product.

6. Innovate

Find new ways to stay ahead of your competitors. Become a champion for change.

7. Foster accountability

Every member of each department needs to be meeting their goals for your business to reach overall success.

7. Foster accountability

Everyone needs to be held accountable for their own work, not just the sales team. Measure everyone’s progress, regardless of their department.

7. Foster accountability

Use data to track everyone’s progress fairly and accurately.

8. Network with other businesses

Other small business owners can become your valuable friends. Learn from them and share your own tips for success.

8. Network with other businesses

Develop symbiotic relationships where you can each refer customers to the other and help in other ways.

8. Network with other businesses

Help others before looking for help. You will never develop strong relationships if you are only looking to help yourself.

9. Customize your tools

Your online tools should be formatted to help you and your business specifically. Look for software with customizable options.

9. Customize your tools

Take advantage of the latest tools to stay ahead of your competitors.

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