RightWay Auckland team - five factors of success
small business advice

Goals for new businesses - the five factors of success

Business planning to transition a new business into a successful business.


Jul 08, 2021

It's tough enough to get a new business off the ground, let alone make it successful. Small business owners and entrepreneurs are some of the hardest workers around.

You have less time than you expected, and cash flow is tight. Perhaps you lack business experience - or accounting experience. You just don't know how to transition from 'new business' to 'successful business'.

The next step is not always clear - but there is one, and it is achievable. It might not be what you first expect, because every business is different. However, there are five factors that successful businesses have in common.

In this blog we look at these five factors - learn them, understand them, and get started on the road to success.

1. Networking

It's true what they say: it's who you know that matters. People are resources, so don't limit yourself to your immediate circle. A professional network is especially critical for new businesses. Other small business owners and entrepreneurs can give you valuable advice, or help problem solve.

Your acquaintances can open doors that you didn't know were there. Get in touch with likeminded professionals to maximise your opportunities.

2. Technology

If you're like most business owners (75% in a recent survey), you feel that administrative tasks keep you from focusing on what you really want to do with your business. If this describes you, use technology to take your time back.

Your time is a valuable commodity - treat it as such. Use the appropriate tools to reduce the distractions and streamline your business systems. Allow yourself to focus on the things that will make your small business great.


3. Finding the right help

Sometimes, you just don't know what you don't know. Surround yourself with the right support to reduce the likelihood of costly mistakes.

A business coach can guide you from new business to successful business, and help you see the steps after that. A good advisor will act as a role model, using their unique insights and outside perspective to challenge and support you. Taking advantage of their experience is the way small businesses succeed.

4. Setting the right goals

Goal setting helps you determine successful objectives for you and your business. Knowing your best approach stops you sabotaging yourself with goals that don't work for you.

If you prefer ambitious, long-term goals, you're a 'big-picture' business owner. If you favour operational goals, you're a 'process-focused' business owner. Both types have strengths and weaknesses. Achieve your vision by working to your strengths.

5. Attitude

You won't always know what to do. Some parts of running a business will be tougher than others. It is your choice how to handle the hard parts. Do you let doubt overshadow you, or do you take it as a learning experience and remain upbeat?

Don't underestimate the damage a bad attitude can have - or the benefit of a good attitude. Keep a positive outlook and the sky really is the limit.

In a nut-shell…

You're a small business owner, not an island. True, everything starts with you - including your attitude. It affects everything you do, and everyone you meet. But an attitude is nothing without good systems. Technology can take back your time for growing your business, and goal setting well can save you problems.

Most importantly, you need the right people around you. That's likeminded business people, and an experienced business coach.

Get in touch with one of our team today. By building a relationship with one of our expert advisors you’ll have impartial, external advice and support on-call.

At RightWay, our clients never go it alone.

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