So, how is business? Prosperous? Great! Not so good? Hmmm. Why do you think?? Well, we can tell you that there is no magic formula locked in the safety deposit boxes of lucrative establishments. There is no isolated right way to grow you service or product. However, there are a number of very wrong and undesirable factors that mingle and play – providing you with the headache turned migraine that can make or break your small to medium enterprise (SMEs).
2012 will bring a new year. Will you see progress or will factors halt your potential? If 7/10 business startups don’t succeed why not give you seven unfortunate realities that - with the proper business planning and market strategy - are completely avoidable.
Factor 1: Bigger Than Reality Can See
Franchising and expanding an existing product mix are desirable realities for most SMEs. Many people see expansion as a sign of growth – and the ability to reap more of a financial reward. However, the dreams of expansion are often much larger than what reality will accommodate.
Expansion not only includes more than one location or branch of your offering, expansion can also include an extension of your product or service – qualitatively and quantitatively. Sure, your customers would love the idea of dinning on high end flooring while eating that favorite dish.
Are their enough consistent customers to enjoy (and help you pay back) this investment? You want to benefit from another location to attract customers. Other than the ideal of more business (more money!!), how has your research shown this to be a feasible idea?
What is the key to expansion - or not? Your customer base. You don’t determine your expansion; they (your business) should dictate that decision. That’s right – you don’t have total control!! It is best to treat expansion as an entirely new business venture. Don’t assume that what worked before will work again and again - and again. With the right system guided by good choices you can embrace growth – in whatever form.
Factor 2: Reasons for your start: Were they wrong?
What is the absolute worse reason to start a business? Answer: To make money! Yes, we know the American way but this should be among the less significant reasons to begin your business operations. Capital is the byproduct of a good, solid, valuable offering. Yes, you want to make money. Great!! Join the club - as do we all. What other reasons should round out your top reasons for going into business? . . . .
If any of these reasons are ones you can truly call your own, you’re much more likely to achieve sustainable success.
- Passion, skills, knowledge, and ability associated with your offering that fills a need within the current market or niche.
- Physically fit, healthy – energy to meet challenges and health to see them thru
- Drive, Determination, Patience, & Positive attitude and outlook
- Failures don’t leave you defeated – you learn and seek to succeed the next time
- Independent – capable of leading and managing your way to progress
- You are a people person – you can relate to your public demonstrating honestly, integrity, and professionalism within your interactions.
~ 5 more to go, 5 more ways to guarantee some measure of success for your SME in the 2012 New Year!
2011 by Votre Mot Professional Communications. All right reserved. No part of this document, blog, and corresponding communications may be reproduced or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of Votre Mot Professional Communications. Any redistribution or reproduction of part or all of the contents in any form is prohibited by the following: see U.S. Copyright Office. Infringement will be pursued and is punishable within a United States court of law.
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