Aug 26 — Written By: Andy Quella

07 Principles To Guide Your Life And Small Business Strategy

The United States is home to 33.2 million small businesses, with approximately one million new businesses started each year.^[1] Employing nearly half of the total workforce and creating more net new jobs than larger firms, organizations under 500 employees continue to play a major role in economic growth. However, according to data from the Bureau of Labor Statistics, roughly twenty percent of businesses fail in the first two years of operation, followed by forty-five percent in the next five years. Only twenty-five percent make it to fifteen years or more.

Success for any business or startup is determined by a multitude of factors. From competition and operational efficiency to the quality of service and access to capital, the ability to effectively manage acquisition costs in relation to the lifetime value of the customer is no simple task. By strategically navigating the underlying complexities, individuals can establish a strong foundation for continuous improvement. While certain situations are unavoidable, the following principles can help you and your small business sustain long-term growth.

01. Never Stop Learning

Building knowledge is just as important for personal development as it is for business success. If sales are stalling or growth is stagnant, go outside your comfort zone and try something new. A commitment to iterative improvement motivates an individual to stay ahead. Yet, performing research and measuring the impact of your efforts remain crucial. This may involve developing a new process or reallocating resources. In any case, adopting a test-and-learn mindset will provide invaluable experience and make overcoming the next challenge that much easier.

02. Build Lasting Relationships

You simply can't do it alone. It's vital to have a support system or strategic partnerships in place to scale progress efficiently. Some say you are the average of the five people you spend the most time with, consider applying this same thinking to your business. If you are surrounded by a hardworking group of people and partner with outside organizations that share the same values, you will grow faster and stronger together. This ultimately comes down to communication. If partners are transparent and working towards a common goal, solutions will find a way to the surface.

03. Set Achievable Goals

Too often, our drive to grow exceeds our willingness to serve. As Tim Cook once said, "We're not focused on the numbers. We're focused on the things that produce the numbers." Doing so means to focus your energy on the fundamentals. When you make process the point, you often get better results. The SMART framework is a simple yet productive method to define objectives for personal and professional development. SMART is an acronym that stands for specific, measurable, attainable, relevant, and timely. The methodology will ensure your objectives are practical and improve essential aspects that lead to a desired outcome.

04. Share Your Journey

Share your message with purpose and intent to effectively build awareness. To quote musician Nick Murphy, "The job is not making the best art that you can make. The job is sharing your journey to trying to make the best art that you can make." This applies to people and businesses alike. Start by developing a content strategy that focuses on who you are and what you believe in. Tap into different mediums and publish your story on a consistent basis. We are all unique in the way we access information, so it helps to diversify your approach with a range of tactics and creative formats.

05. Be Present

We often reflect on the benefits of self-awareness and learning from past experiences. While there is no doubting the relevance of such practice in everyday life, the same is true for business. This translates to maintaining a constant pulse on internal operations and external market trends. It may require some upfront investment to set up the infrastructure to measure and optimize performance. At any rate, the visibility you gain can accelerate speed-to-insight and uncover areas of your life or business that need to be improved in order to accomplish a given objective.

06. Have Integrity

A recent survey found that ninety percent of consumers are willing to reward a brand for its authenticity. This includes fifty-two percent who would recommend the brand to others.^[2] Millennials and younger generations have a deep distrust for traditional advertising and want brands to put words into action. If you are struggling to build connections or establish a following, try producing more authentic content and position the information as a solution through inclusivity. The only way to influence other people is to talk about what they want and show them how to get it.

07. Embrace Change

While change sucks, irrelevance is even worse.^[3] Whether you perceive it or not, everything is in a constant state of change. The more prepared you are to race in the rain, the easier it will be to anticipate the next turn. For some, the idea of change can be difficult because it often involves loss in some capacity. However, instead of seeing change as something to fear, it should be viewed as an opportunity for growth and innovation. Until we experience heartache, disappointment, and failure we will not be equipped to answer the tough questions when faced with adversity or uncertainty.

Conclusion

These principles are by no means the only steps one can take to improve their situation or ensure business success. Nonetheless, when you are more proactive in your approach, set attainable goals, and track progress along the way, you will be in a better position to build lasting relationships and achieve long-term growth. Communication is the bridge that connects ideas with action. The first step is simply showing up without expectations, while being receptive to feedback and opposing viewpoints.

As the late Dale Carnegie explained, "When dealing with people, let us remember we are not dealing with creatures of logic. We are dealing with creatures of emotion, creatures bristling with prejudices motivated by pride and vanity. If there is any one secret to success, it lies in the ability to understand the other person's point of view and see things from that angle as well as from your own." While empathy enhances our ability to navigate the intricacies of human nature, compassion paves the way for meaningful connections and effective collaboration.