Clients. Many small business owners start out with very few clients. Dependency on only two or three clients puts your business in jeopardy and upsets the client/business owner ratio to a point where you are almost an employee and no longer really in charge. Though adding clients and building your business is a challenge, it’s a necessity if you want to keep your business going and lower your risk of losing your business all together.
Business skills. Though you may feel your grasp of technology, marketing and accounting are more than you will need to succeed in your business, the real challenges tend to crop up when you don’t understand the industry you are involved in. Competitors, trends, client diversity and demographics are just as important as the soft skills necessary to run a business.
Focus and organization. Working on your business means you have to pay crucial attention to details. Though many business owners tend to follow a business plan to the letter, others know that in order for any plan to work, they must be thoroughly immersed in all aspects of their business. Knowing your business inside and out, concentrating on the necessities and staying organized help your business grow.
Innovation. Without new products and services and the ability to improve those you have, your business will stagnate and others will move ahead in the marketplace. Though there will always be a place for the tried and true, if what you have works best for your customers, you should be reminding them of this. Don’t be afraid of change and don’t resist the necessary changes you need to bring to your business.
Self confidence. Just like everyone else, business owners will sometimes feel that what they are doing is not good enough or maybe just not enough. The economy may have them worried and there is always the fear of failure. When you focus too much on the “could happens” and not the “what will I make happens”, you run the risk of beginning a vicious cycle that eventually leads to a business slowdown. If lack of confidence is a problem for you, look for a mentor, someone who has already been through what you are now going through.
© Chris Draper, DemGen Inc. 2015
