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3 Rules Successful Small Business Owners Live By

Posted on 18 September, 2014
3 Rules Successful Small Business Owners Live By

Source: Flickr CC

Rules used by business owners, or the lack thereof, can determine the success of business. Following set rules can be a strong foundation for any business, many of which may only employ one individual or have a team of many. They may sell one product or 50. No matter the number of team members or products, if the business owner sticks to the rules, the success of the business will be much more likely.

Know Your Customer

Figuring out where a company fits into the market and what the customer base looks like is a key ingredient to success and should never be overlooked. No business can be everything to everyone, so the owner must find their niche, or rather where they fit within the chosen market. Concentrating on a particular market item will help the business owner cater to those who wanted to purchase their product and will enable the business to do one or two things well, as opposed to doing many things poorly.

Be Consistent

The consistency of products, policies, and service is an underlying contributor to many successful businesses that opted to expand or franchise. Business owners who forgo this rule of business are doomed to failure. Customers, who know that the product or service they are purchasing from a business is reliably good will be more likely to return again when they know they will receive the same quality each time.

Hire the Very Best

Anyone can be hired to fill a position, however, in a small business setting, an organization needs employees who can help build the business. By becoming part of the team instead of someone there just to punch the clock, their presence will help the business thrive. The careful hiring of employees is critical because one bad experience with a customer by a careless, thoughtless employee can lead to a loss of business. When a company is in its early stages, attention to excellence will ensure success if the other rules are followed. Take the time to find an employee that fits in well with the rest of the team and you’re more likely to see a return on investment for that hire.

Business is more likely to succeed if rules and procedures are implemented before the doors are opened and day-to-day issues pop up. Businesses operating with sketchy or poorly executed guidelines early on can correct their mistakes by taking these rules into account.

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