Everybody knows that in the business world, you need to be prepared to crawl before you learn how to fly. Nevertheless, this does not mean you can’t set your sights on the biggest success stories from day one.
While small businesses are struggling to grow and expand, bigger businesses are facing challenges with remaining relevant and competitive. However, having already hit the big time, the world’s greatest business success stories have a few things to teach the “little guy”.
So with this in mind, here is a short overview of five core lessons all smaller businesses could learn from their million-dollar counterparts:
Lesson 1: Know Yourself
First up, one of the very few things all big businesses agree on is the importance of fully understanding and knowing yourself. Put simply, for a business to succeed, the people behind it need to have a comprehensive and clear understanding of what they stand for, what they offer, what makes them different and so on. The less precise and clear you are when it comes to who and what you are, the more difficult you’re going to find it to progress.
Lesson 2: Stick to Your Original Principles
The original principles upon which you built your business in the first place need to be stuck to like glue at all times. The more you stray from the path and change your core philosophy, the more difficult it’s going to be for anyone to really take you seriously. This is naturally deeply connected to the above points – your founding philosophy and principles being a key part of who you are as a brand and a person.
Lesson 3: Don’t Underestimate Brand Building
No matter how affordable, outstanding and perhaps even necessary your services and products might be, this doesn’t mean that you will thrive, or even survive. The importance of building and establishing your brand simply can’t be overstated. The thing to remember is that no matter what it is you’re doing or offering, chances are there are hundreds of others doing something similar or even identical. Building your brand is all about finding out and focusing on the things that make you unique, building your value and authority in the eyes of your target audience members. All of this goes above and beyond just selling services and products of any kind.
Lesson 4: Learn to Adapt to Change
While sticking with the founding philosophy and principles of the business is essential, so too is being open to change and flexible at all times. Basically every industry with no exception has undergone some kind of radical transformation in the last decade and is simply set to continue evolving at an accelerating pace. Which in turn simply means that if you’re not willing to adapt to change, you will run the risk of being left behind.
Lesson 5: Take Smart Risks
Last up, you can’t expect to get ahead in any field of business if you’re not willing to take some risks. That being said, there is a big difference between taking calculated risks and the kind of risk that is basically rolling the dice with your future. In the smaller business world in particular, learning the art of drawing the line between opportunities and risks could often make the difference between failure and success.