Your Small Business Financial Success Rest on Your Shoulders

By Rhonda Campbell

You’re in charge of your business. In other words, it really is up to you to create the small business financial success you want to experience as an entrepreneur. As much as you may want someone to come in and rescue you should your business experience slow sales periods or other growth lags, the likelihood of this occurring is slim. And if someone did come in and rescue your company, there’s a likelihood that they would turn to you and ask for a chunk of your company.

You May Have to Change Your Thinking

Depending on the challenges your company is facing (e.g. cash flow, outdated products), you may have to layoff workers and hire new staff, restructure your entire organization, breaking down silos and encouraging innovation, to get your company back on track. You might also have to reassess the direction that you want to move your business in. Gowalla, which switched directions once it saw it might be taking on too much to compete against Foursquare, a social network site. Instead of focusing on local dining and entertainment deals, Gowalla now focuses on travel.

But that’s not all. Perhaps most important of all, if you see your business fading, you might have to change your thinking. That’s right. You’re the one who might need to change in order to propel your creative business forward. In the February 2, 2012 Entrepreneur “Seven Secrets of Self-Made Millionaires” article written by Grant Cardone, the author, a successful business owner, states, “Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.”

Changes You Can Make to Propel Your Creative Small Business Forward Financially

Notice if you have been practicing scarcity thinking (repeating to yourself that there isn’t enough in the universe for you and everyone else to be successful or wealthy). These thoughts can impact your behavior, causing you to make decisions that keep your creative small business from moving forward financially. These thoughts can also keep you from seeing opportunities for growth that are all around you, perhaps right in front of you.

Other steps you can take to shift and move your creative small business forward financially include:

• Seeking out partnerships and relationships with people who are achieving the success you want (someone who is at the same level you are, may not have much to teach or show you from a business perspective)
• Committing to growing your profits by a certain percentage each year
• Growing wealth by investing in products that create passive income, purchases you can receive tax deductions against
• Realizing that there are no special people on the planet. If anyone else can achieve creative business success, with the right strategy, mindset, passion and commitment, you can too.
• Attending events that put you in contact with successful creative business leaders (Don’t talk yourself out of it; many people at these events were once wearing the shoes you currently have on).
• Measuring the results of your efforts and eliminating action steps, projects, etc. that are not producing desired results

It’s also important that you stay open to change, creative ideas and market shifts. After all, like ropes turning during a game of double dutch you might be able to spot a pattern in a market shift, release new products or services at the right time during a shift and propel your company to the top. But most importantly, realize that it really is up to you to do what it takes to make your creative small business a success. Ask for help if you need to, and if something deep inside tells you to keep going, don’t quit.

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Sources:

Cardone, Grant. February 2, 2012. Seven Secrets of Self-Made Millionaires. Retrieved from http://www.entrepreneur.com/article/222718