Advice for sustainable small businesses
Last week we touched on the treacherous economic climate small and micro businesses find themselves in presently. But there are certainly those that are not just surviving but thriving, so how can this be done? Undoubtedly, the success of any business, small or large hinges on the effectiveness of its’ leadership. The author of ‘Small Business: The Big Challenges of Sustainability’ Professor Kiran Trehan, advocates 10 recommendations for small and micro business owners which could help them to buck the trend.
1. Know your financial information inside and out.
2. Focus your energy on building relationships with key stakeholders.
3. Find out where you can get useful advice, make connections.
4. Know your strengths and capitalise on them.
5. Know your limits and develop weaknesses.
6. Be open to suggestions.
7. Learn to solve problems.
8. Use resources efficiently and effectively.
9. Take it slow, establishing an effective business takes time.
10. Don’t give up! The early stages of a business can be the most challenging.