It's a good time to be a small business. Now more than ever, it's possible for an individual to take on a massive managerial responsibility through the leverage of mobile technology and telecommuting. With these revolutionary innovations, a small business can consist of a handful of employees and still do business all over the world. Depending on the product, a business owner might not even need an office in the traditional sense.
But it isn't just technology and a changing global workplace that can impact the success of a small business. It still takes hard work, a willingness to learn and the ability to change. Small business owners and aspiring entrepreneurs should take a few pieces of advice to heart in order to put them in a position to thrive.
"[Running a business] takes hard work, a willingness to learn and the ability to change."
Take the big-picture approach
Many people are finely tuned to the details of running a team, meeting deadlines or managing finances. These are undoubtedly valuable skills that will go a long way in helping a company to run smoothly and efficiently. But without a bigger plan, they will go to waste.
A commonly-heard phrase in the small business world is: "Work on your business and not just in it," according to Asbury Park Press. In other words, take a step back, look at the long-term goals and make a yearly plan. Think of it as a New Year's Resolution for the business – what should the company be focused on achieving in the year? What directions should it take? What is the strategy – where is the next level?
Perspective will also allow a business owner to navigate through unforeseen challenges. The bigger the obstacle, the higher the bird's eye view. Almost every organization ground to a halt in the aftermath of 9/11, but the ones that determined a multi-year approach to get back on track are the ones that thrive today.
Think of the future
Part of this approach takes the form of a well-considered succession plan, reported CNBC. Many small companies are the product of an individual or small group of individuals who took initiative and created a business. But those people won't be there forever, and the continue