Biz Tips

The 8 Core Areas of Small Business Success

 

Biznostics has identified 8 core areas of small business success that form the foundation of a successful business.  These come from extensive global studies into the key causes of small business failure. This is not necessarily a positive thing, though in order to have success, you need to know what causes failure, and this is a real thing because every 60 seconds somewhere in the world 83 small businesses fail – and it does not have to be this way.

The 8 core areas are:

CASHFLOW

Managing and having access to the right amount of cash to run your business

PEOPLE

Having the right people with the right mix of skills and attitude to help you

SALES

Creating the right amount and type of sales that your business needs on an ongoing basis

TIME

Using your time wisely to do the important things in your business that actually count

OPERATIONS

Making sure that the way you do business is as efficient as possible

MARKETING

Ensuring your business is generating enough of the right type of enquiries

CUSTOMERS

Getting your customers coming back and referring their friends

PROFIT

Making the right level of profits to grow and sustain your business and family

When you get these 8 areas right in your business, then you are well on your way to the business success you imagined when you started your business … and when your business is thriving, then your home life is thriving and this has a positive impact on your community.

 

Check out our latest business tips to help you run and build your small business:

  • Are Your Confusing the Urgent With the Important?

    Where are you confusing the urgent with the important in your business? Too many businesses are working so furiously on the urgent and leaving the important until last. They are always working by demand … demand from other people, demand from other things. Now, the drama with this is that…

    Read more
  • Is Your Business Model Helping You or Hurting You?

    Many small business owners have never even considered their business model, and so they don’t know if it’s helping or hurting them. They don’t even know what’s really going on underneath their business, and sometimes business is a whole lot harder than it needs to be, because they never took…

    Read more
  • How to Make Better Financial Decisions in Your Business

      Would you like to make better financial decisions in your business? Many small business owners make their financial decisions based on what’s in their bank account (or what’s not in their bank account).  Or it is based on how they are feeling and this can be a recipe for…

    Read more
  • How to Generate More Enquiries From Referrals

      Do you get word of mouth for your business? For many business owners when they say “My business is word of mouth.”  what they mean is they do a really good job.  And they are hoping that their customers realise this and that one day it will lead to…

    Read more
  • How to Stop Getting the Same Questions from Your Staff

      Are you often getting interrupted with questions from your staff? Are they often asking the same thing over and over again? These questions can cause interruptions in your day and also stops your staff from getting on and doing the job that they need to do. Often the root…

    Read more