We’re lucky that we get to support so many small businesses on a day to day basis. It’s such an honour to be part of their journeys. And you know what? Every business is different. Just like every business owner is different. We all have our own ways of working. Our own unique set of strengths and weaknesses, and bring with us a unique set of qualifications and experience. And this sense of uniqueness is what makes each individual business – and its owner – special in its own way. But regardless of these differences, there are a number of things that every successful business needs.
In this blog post, we discuss what we think are five of the most important.
Every successful business needs:
1. A strong plan
We talk about the importance of embedding good planning and goal-setting practices a lot on our blog. But there’s no denying that every successful business needs a strong business plan. The operative word here is ‘success’. If you don’t have a plan that defines it, how will you know when you actually are ‘successful’? How will you know if you’ve completed all of milestones needed to get you to that level of success? And without a plan, how do you know which direction to head in when you first start?
2. Strong financial foundations
Another topic that we talk about frequently with our members and clients. Strong financial foundations are crucial for every successful business. Without them, you don’t know whether your business is growing, or not. You don’t know if you can invest in things, or not. And when (and whether) you’re likely to see a good ROI. Quite simply – you don’t have a business if you don’t know your numbers.
3. Be data-driven
The third thing that every successful business needs is to be data-driven. While we’re the first to acknowledge that there is absolutely a place for your instincts, your passion and for following your gut. But data is equally as important when it comes to decision-making. Whether it be getting to know your potential clients, your Google Analytics or your market statistics – being data-driven ensures that you’re able to focus on facts rather than guess-work.
4. Love your customers
Every successful business needs to look after its customers. They need to feel valued and welcomed when they engage with your business, and each one deserves to feel that they really matter. So think carefully about your customers’ journey. Plan it, control it, and check in with them regularly to make sure you’re giving them what they need.
5. Look after yourself
When you start a business, it’s so easy to let it become all-consuming. You want everything to be perfect. Every sale warrants a celebration. But equally, we find ourselves stressing about the minutiae, especially when things go wrong. Running a small business can feel like the world’s fastest, scariest roller-coaster. Consequently, looking after yourself as the business owner, is vital. If you don’t look after yourself, how can you possibly look after your business?
What if there’s something missing?
The good news is, the sooner you identify (and do something about) any gaps or weak areas in the above, the better. And there is plenty of support available to help you to move forward. It may be that you need to read up, or do some training on a particular subject, or find a trusted and experienced professional, like an accountant or marketing expert, to help out.
Equally, if it’s a strong support network that you’re missing, find a tribe! All women in business are welcome to join Tabono, regardless of profession, location or stage of their business.
Either way, Tabono is here to help! To find out more about what we do and how we can help you to take your business to the next level, book a FREE DISCOVERY CALL.