ONE THING Small Business Owners Need to Know
I've recently found myself wondering if we over complicate business and initiated a survey of 25 small business owners who were asked: "What is The One Thing most important for small business owners to know?" The responses were diverse, but I have attempted to sort them into themes to identify if a conclusion can be drawn about whether one thing takes priority over others. There were 4 obvious themes to the answers:
1. PLAN for PROSPERITY
No matter what field you work in, it seems planning is an essential element in achieving success. The "planning" responses given by our subjects focused on planning for current and predicted business environments in addition to financial and cash flow management, planning for growth and planning how to use your time most effectively.
A number of our subjects responded that implementing a plan or following through on an idea is crucial to success. There was a strong sense that these responses were more about the idea of harnessing the entrepreneurial spirit than about the importance of implementing an idea, so perhaps this warrants the inclusion of another theme: "Don't Dream, Do."
2. MAXIMISE your MARKETING
Marketing is always a hot topic for small business. "Marketing" responses centred around understanding the market you operate in and tailoring your marketing to suit. What seemed to run through the responses here is the concept of understanding your product, market, service and price so that you can find and communicate more effectively with potential clients or customers most likely to say yes to what you are selling.
3. RELATIONSHIPS RULE
Ensuring you have a "brains trust" to draw on allows you to operate with a broader knowledge base, a fresh set of eyes and a cheer squad. Many small business owners report a sense of isolation and loneliness, especially if they are among the multitudes who have left "corporate" world for the joys of running their own business. Few realise the importance of having a solid team about them until they begin manning every area of their business themselves, and survey respondents reported that subject to issues of trust being addressed, a great support network is crucial.
4. EVERYDAY ENJOYMENT
Rather than falling into "work/life balance" rhetoric, these responses seemed to be more about managing the energy of the small business owner. Doing whatever you need to be doing in order to keep up the passion and enthusiasm for your chosen field was worthy of mention as a few responses indicated the importance of this.
There were also a couple of responses that were unique in nature but due to their profound nature, are worthy of including. The very first response I received when the survey was sent was from Leadership Coach Paul Andrew. Paul said "You are your business. Invest in yourself, your capacity, your thinking, your value." All small businesses need to take this on board. Large businesses invest in their team. Small business needs to do the same.
Digital Media Specialist Linda Mason's response revolved around decision making. Linda said: "If a decision to do/try something doesn't make a part of your body twitch...you're playing it too safe and are therefore missing opportunities". This response made me smirk as I remembered the times in my own life when I've felt that twitch, usually right before launching myself into something Big!
So, what can we take from the diverse findings of this small study? Is there One Thing that shines through as the thing that small business owners need to understand and focus on? At face value, I couldn't really find One Thing that stood out. But as I started looking closer at who had said what, something started to emerge as a predominant theme.
Tony Moran, Principal of Aussie Home Loans Parramatta and Sydney Hills Business Chamber President's direct response was "recognise that there is always an opportunity just around the corner and you need to be ready to grab it and run with it for all it's worth".
What was direct in Tony's response was implied in many other responses. Of all those surveyed, most of whom are professional service providers, many answered in a fashion that clearly leaned towards the area of business that they operate within. For example, the accountants and mortgage brokers focused on business planning and/or cash planning, the marketers responded with answers like "know who you want to target and market to them".
Now, not all respondents geared their answers to their own line of work; however, the majority had seen the opportunity on offer - the chance to communicate and promote something about their business or their industry, and most of them jumped at that chance.
What I took from all of this is that perhaps, the One Thing small businesses need to focus on is creating or finding opportunity out of the Ordinary. In every moment and around every corner, an opportunity exists for you to make something positive happen in your business and I encourage you to ask yourself today "what opportunities exist for my business right now that I could be overlooking?"
by Nicole Baines, Business Development Officer for Sydney Hills Business ChamberGWP Magazines® Business Resource & Lifestyle™ Issue #28, Jan-Feb 2010
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