I was visiting with my friend’s 5 year old girl and the conversation turned to what she wanted to be when she grew up. “I want to be a princess fairy!” she announced as if it was the most natural choice in the world. Now I am not one to squash a 5 year old’s enthusiasm, so I wasn’t about to tell her that wasn’t really a career. But it did get me thinking.

Many entrepreneurs start out with a dream for their small business. But a few months down the track these dreams are squashed by the harsh reality of trying to make a business work.

Here are three tips that can help you increase your chances of success and keep the dream alive:

Tip 1 – Build Relationships

Create the most innovative product in the world but if people don’t need it, it won’t sell. You must first understand your customers. Then you can sell. People want to know that you have a genuine interest in them and their needs. Demonstrate you care by taking the time to get to know and understand them and you can earn a customer’s lifetime loyalty. At that point you are no longer someone trying to sell them something. Instead you become a friend helping them find a solution to a problem or need. As a result your business will grow organically with loyal customers that keep coming back and referring others. Marketing funds can be used to boost your customer loyalty rather than having to constantly fish for new clients. The lifetime value of a customer can be one of your business’ greatest assets.

Tip 2 – Manage Costs

Small business owners are commonly guilty of getting caught up in the day to day running of their business and letting the admin tasks slide. Yet this is one thing that can save you from over extending your business. Entrepreneurs are by nature big dreamers. So one good month and you are already looking at buying a new delivery vehicle. But how will you pay for it if your income drops off again? Managing your overheads and keeping them low takes the pressure off having to make huge sales targets. So there is wisdom in your Accountant’s advice. Don’t wait until crisis time to admit you need help. The smartest thing you can do is get a small business Accountant in from the start so they can help guide your business and take care of all the admin for you.

Tip 3 – Invite Growth

Build your business with a vision in mind. Think ahead. That way when opportunities arise, you’ll be better prepared to take them on. Even if you don’t have the infrastructure in place, at least you will have already given some thought to how you’ll go about things. This will ensure you avoid making hasty decisions and will ultimately help you grow a more successful business.

The Bean Countess wants your business to be a success, so whether you’re a start up or an established operation, we include ongoing business support*. No extra cost. Just practical advice.

*Available in all of our Flat Rate Accounting Packages.