There are approximately 28 million small businesses across the US. Most fail within the first five years. The remaining small percentage of companies that survive are able to stay small for all time. Some businesses become hugely successful, but only a few of them succeed. But what makes these businesses so special? What are the factors which allow unknowns become household names? It takes more than luck, hardwork, and timing. small business You can read on to discover if your little business has the potential to succeed in the big league.
Many small business owners are overwhelmed by the lack of systems. Systems are not easy, but they help small businesses scale. Systems aren’t glamorous like research and marketing or sales. Some think systems are boring. They are back office functions. Systems help to distinguish between small businesses that are struggling and larger businesses that are growing rapidly. System creation can be overwhelming and many people find it impossible to accept another project. For others, it can be a trap. You might be asking yourself “How can you find time?” System creation is an investment in the business. That’s how it should be viewed.
One of the greatest challenges for small business owners lies in their ability to be perpetual decision makers. The owner is involved in all aspects of the business including customer service, sales, bookkeeping, research and developments, and customer service. The first step to a business in which every decision is not made by the entrepreneur is creating systems. Systems allow people the ability to plug in, and then go. They include manuals and operating procedures which can speed up the learning curve of a new team member. It takes small businesses out of small. Because they have systems built into them, franchises are more successful than businesses that are run independently. Although the franchisee might pay more for upstart than an independent company, it’s still worth it because they don’t have any responsibility for developing systems. Someone already took the initiative to develop the necessary systems for success. When you buy a franchisor, you are purchasing a proven system. Does this mean that you have a to buy a franchise in order for your business to succeed? Yes, but it’s not necessary. You can think of your independent business as a franchisor. For everything, create procedures. Don’t leave any detail to chance.
Many small businesses operate without systems. However, this doesn’t mean it’s a bad idea. It might seem simple at the start, but it will cause major bottlenecks in the future. Systems will decrease your profits. Why? You and your employees will have the responsibility of reinventing the wheel every day. Systems can reduce the risk of unexpected outcomes. Your team will be able to deliver consistent services when there are systems in place. Businesses that offer consistent, high quality service will succeed over those that only provide inconsistent service. accountant Systems make life easier and increase the value of your company. Businesses built on systems are preferred by buyers. System presence tells buyers that the business doesn’t completely depend on you. Systems are a way to turn your operation into a profitable one that appeals to buyers. Business systems can be assets that help your company run smoothly without you.
