How to give your business a boost
There's little doubt that this is the toughest year most small businesses have faced since the dotcom crash at the start of the decade, and possibly since the early 1990s.
According to research, a record 471,500 new businesses started up in 2007, an increase of 17% on the figures first recorded in 1988.
But the number of businesses closing down in 2007 also increased significantly to 498,900; an increase of 8% on 2006.
The business closure rate reached 17% in 2007 according to Barclays, which has been tracking the market since 1988. This is just short of the previous peak for business closures of 18% in 1992.
So how can small businesses give themselves a boost in these tough conditions? "Just because you just run a small business doesn't mean that you can't borrow strategies from the big boys," suggests Wendy Dashwood Quick, a personal coaching from Resolution Coaching.
"More than ever customers are looking for ethical businesses built on strong foundations," she added. "An entrepreneur who possesses strong emotional intelligence, self-mastery and is socially competent with the ability to bounce back after disappointment stands head and shoulders over the competition."
Dashwood Quick offers the following advice for small business owners:
- If you are a business owner who works in a mess, this could be a reflection of what's going on in your head. Research has revealed that business owners who work in an organised environment are more successful
- Anyone who thinks of running their own business will benefit massively by developing their emotional intelligence. This means self-mastery, bouncing back after disappointment and being able to influence and persuade others
- All work and no play makes Jack a dull boy. So even if you're running a business 18 hours a day, you still need to make time for yourself and have a life. So don't forget your other talents and skills as these help to keep you grounded and less stressed
- Do you believe in yourself? Having faith and belief in yourself and your company builds commitment and confidence. If you don't believe in yourself or your business, who else will?
- Define your values: the bedrock of who you are. IBM built its brand based on very strong values. We can all learn from their example. How strong are yours?
- Being a good ambassador for your business is absolutely crucial for anyone starting up their own business. This means looking at your image, your voice and being a persuasive speaker. What first impression do you create?
- Clarify your vision: the ability to communicate the vision you have for your business to others is enormously important. Connecting strongly with your vision helps to maintain the passion and drive to keep going, and inspires others to stick with you and believe in you when the going gets tough
These and other resources can be found by visiting www.resolutioncoaching.co.uk
Post Date: July 14th, 2008