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:

  • Look at Your Break-Even Point Differently to Make More Profit

      As a business owner, calculating your break-even point is an important number for you to know.  So what is the break-even point? Break-even is when your profit is zero, you’re not making money and you’re not losing money. Knowing your break-even point can be helpful in deciding prices, setting…

    Read more
  • Why Do Micro Businesses Keep Missing Out

    Why Do Micro Businesses Keep Missing Out?

    Micro businesses are missing out on the business help they need because most people endeavouring to help small businesses are starting one rung higher up the the business ladder. We want to speak into something that we believe is missing from the small business landscape and that is support, help and…

    Read more