How To Develop A Small Business: 11 Keys to become Successful

Your business plan absolutely has to include a complete financial picture of your company — inclu...

Your business plan absolutely has to include a complete financial picture of your company — including planned income, estimated balance sheet, and cash-flow projections. No ifs, and, or buts. Your financial reports provide the navigational tools that you need to keep your business on track, plus they provide the essential information that bankers and other supporters need to see and monitor.
How To Develop A Small Business

What is Small Business?

A small business typically has a small number of employees. In the United States, the legal definition of a small business is determined by the U.S. Small Business Administration (SBA), which sets the criteria to be used by the SBA in making small business determinations.

Why develop small business?     

Unemployment is one of the most important challenges facing the poor people in our country.  This has been made worse by the fact that over the last two decades, the formal economy (especially mining) has been shedding jobs and many workers were retrenched.  Furthermore, every year hundreds of thousands of new job seekers (the vast majority of them youth) join the army of unemployed.

It is accepted worldwide that the development and growth of small, micro and medium enterprises (SMMEs) can play an important role in turning this situation around.  Policies and programs to support the development of SMMEs are therefore an important part of the democratic government’s programs to create a better life.

What is the Small Business Development Program?

The Small Business Development Program is NOT a traditional tertiary educational program. 
There is no classroom-based learning, no set texts and no exams.  You learn through doing the things you need to do to grow your business. 

You select actual issues that are affecting your business and then work towards implementing solutions 
Also Read: 100 Best Business Tips to Help You to Be a Better Entrepreneurs
that will carry your business forward.  We show you how to develop plans to address and resolve these
issues through proven business development principles that you can use every day. 

This approach makes the program very relevant, highly customized and extremely results-orientated. 

Set Your Goal to Develop Your Small Business

Set goals as a group. The development of business goals and objectives should be a group effort that includes all employees of the business. This will ensure that employees accept and have a sense of ownership over the goals. Bring employees together for a group planning session to discuss the overall health of the business. By incorporating perspectives from every department of the small business, it is more likely that the business will set goals that can be achieved.

Take Notes of all Goal to Develop Your Small Business

Write down all goals. All business goals and objectives should be written down in a plan that is accessible to all employees. Along with the goals, strategies for achieving the goals should be decided upon and written down as well. When goals and objectives are written down, highlighting their importance and permanence within the company, employees are more motivated to accomplish the goals. 

Find Best Practices

Every industry has its own best practices or ways of doing things that are tried and true. Avoid wasting money and time reinventing the industry is generally a good approach unless you're set on building the next Goggle.

Sharpen Selling Skills

A high return area for business improvement is the sales function. Whether you're managing a sales team, never forget to focus on sales improvement.

Improve Yourself

Don't focus so hard on your people that you forget about yourself. Identify the areas in which you are weak and improve them. The fact that you are reading this article shows you understand the concept. You need to put it into practice.

Be a motivator

 Human beings do things because we want to. Sometimes we want to because the consequences of not wanting to do something are unpleasant. However, most of the time we want to do things because of what we get out of it.It's no different at work, people do good work for the pay, or the prestige, or the recognition. They do bad work because they want to take it easy and still get paid. They work really hard because they want to impress someone. To motivate your people better, figure out what they want and how you can give that to them for doing what you want them to do.

Small business on Action

Create an action plan. When developing business goals and objectives, an action plan should be created with the goals. It is not enough to only state what the goal is; the business must also decide how it will achieve the goals. The action plan will describe specific steps that will be taken to meet the goals that have been written into the plan. Employees who review the plan should easily be able to read the steps and follow them to achieve the goals that have been set.

Take a Break

 Running a small business is hard work. Sometimes the best way to improve your business and re-ignite your passion is to take a vacation.


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