1. Make research your best friend
Learn everything there is to know about your business and others like it. Proper research will allow you to be better than the rest, and make informed business decisions that can help your business soar.
2. Be financially reserved
You don’t need a flashy office if you can’t afford staff or vital equipment. Know what is most important to the future of your business. Invest your money in growing and not just in keeping up appearances.
3. Set yourself apart
Knowing what sets you apart from your competitors and capitalize on it. It’s all in the details. Your customers will take notice when you play to your strengths. Make an experience, not just a sale.
4. Know when to ditch a failing tactic
You wouldn’t continue to use a broken microwave, why use business tactics that are outdated or broken. Knowing when to cut your losses or make major changes can be the smartest business decision you will ever make. Remember that ditching a failing tactic may include firing an employee or even a client.
5. Don’t do it alone
Seek out mentor relationships such as small business incubator to improve your likelihood of success. The best way to recognize where you need help is to have someone point it out. Business incubators can aid your business in the more difficult choices. Getting outside opinions can also reduce the emotion of making those decisions.