What Makes a Successful Small Business?

While many businesses fail within its first year, there are plenty of businesses that succeed far beyond the owner's expectations. What differentiates the winners from the losers when it comes to business? Well let's take a look at 3 key factors:

• Being Small but thinking big. While you may just be starting off with your online business in cyber space where there are millions of businesses in operation, the only way you can actually pose as a real threat and stand a chance of succeeding is asking yourself "How can you compete with your competitors?" Having a small business gives you the advantage of having flexibility, responding quickly and providing a more personalized service. Make sure to take full advantage of these key strengths.

• Plan for success. Any business owner who plans on having longevity with their business understands the power of planning. A great plan increases your chances of succeeding and helps define your business. It gives you an idea of where you're going and how to get there.

• Work Smarter, not harder. As a business owner, you may find yourself taking on a lot of tasks that you may not know how to do or just isn't worth your time but maybe someone else's. Use what you have. Ask those around you with a specific skill to do small tedious task while focus on major task. Take advantage of your social networks and reach out for services and even potential clients. It has never been about working harder, just how well you work with what you have.

These three factors are what differentiate the businesses that fail from those that succeed. Regardless if you're a small business or large business, these rules apply to everyone.

How do you become your own boss in this economy? Linda Barcelona has the number one technique for establishing and growing your financial independence. Linda has been featured in print, radio and TV as an expert in building a online home based business in tough times. She is a contributing editor to mysaveologist.blogspot.com

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