In the current highly unpredictable business environment, every small business owner should maximize his competitive advantage and play with the same rigor as the top performers in their industry. That is why I find a recent slideshow on MSN Money very insightful. It’s entitled: “7 Habits of Highly Successful Businesses“. The piece reminded me of Steve R. Covey’s book: “7 Habits of Highly Effective People“. If you’ve not read it yet, I highly recommend it to you. Here are the tips in that slideshow:
1. Create a Culture of Trust
Successful businesses have discovered that empowering and rewarding employees is a strategic imperative. This is something every mom and pop business hoping to grow successfully should adapt.
2. Constantly Rethink Business Practice
The idea of constantly rethinking business practice may be farfetched for small businesses who are trying to meet payroll, address customer complaints, all while, finding ways to bring new customers through their doors. One suggestion will be to start with a weekly or monthly business meeting with all key employees to brainstorm. It can pay huge dividend.
3. Collaborate with Others
Joining an industry or trade association maybe all that is needed to find others with whom to collaborate. Your local chamber of commerce or small mastermind group could also be very helpful. Attending every network event however, may not be the optional way for effective collaboration.
4 Visualize the Future
How do you see the future of your business? Top performing organizations are visionaries. They know how to plan for the future instead of waiting for it. Find your niche and lead into the future beginning , now.
5. Be Open to Change
Being open to change is another habit of highly successful businesses. Much as we all dread change, it’s a necessary ingredient for success. By the way, every living thing is subject to change at one point. Embrace change, don’t shy away from it.
6. Choose your risks carefully
We all know that business is generally risky. For most small businesses, the risk is borne mostly by themselves, especially in the beginning. That is why, undertaking extensive research and due diligence will be essential to mitigating some of those risks associated with business initiatives. Pick your business fights wisely.
7 Keep Learning
It’s been said that, “the day you stop learning, you stop living.” In this slideshow presentation, the author mentioned that : ” Rather than just rely solely on contingency plans, market leaders consistently experiment with new innovations and solutions — especially when things are going well, and they can most afford to gamble. ” . Self-development is paramount for small businesses. In this 21st century, being street smart is great, but it has its limitations. Learn something new every day and see your business leap to success.