Financial Literacy and the Success of Small Businesses: An Observation from a Small Business Development Center

Great study from the University of South Florida — “Small business is the backbone of the U.S. economy; when the financial literacy skills of entrepreneurs fall short of those needed to operate a successful business, it is more than the individual business at risk.”

Click here to read the full study

8 Steps to an Extraordinary Business

Starting a New Business? Implementing a New Revenue Stream? Product is right but not making the money you want? Thinking of Selling and Need to Make Things Better First?

The following 8 areas are high priority for any business hoping to get to the next level. In future posts we will look at the 8 steps within each area that are vital…the 8 of the 8 so to speak.

1) Business Planning – Think of your business as a barren landscape. Form a picture of what you want it to look like and start planning out how you will get there.

2) Financial Reporting – Along the way, make sure you have a system in place to know what is working and what isnt working. How else can you make adjustments along the way?

3) Developing a quality team – Surround yourself with talented people who share a common vision and are committed to the mission you have embarked upon.

4) Employee Relations – You pay them. they are your asset.  Invest your time and resources in their success. Be clear what is expected and let them know how they are doing.

5) Work Culture – We are products of our environment. Build a winning environment that people want to come to on a daily basis.

6) Communications – Poor communication is the cause of most conflict. How do you communicate with your leadership and how do they communicate with their staff. In today’s world of social media and texting, how do we really know what we are saying is what is being heard?

7) Marketing – This includes branding, marketing and sales. How do you distinguish yourself from the competition? Does your product reflect your core beliefs? Is your sales system in integrity with what you are selling?

8) Customer Service – Are you turning your customers into sales people? Are your post sales staff properly trained in the product and the needs of your customers?

These 8 areas are the key to success. Now let’s start creating.

Written by Abe Rotbart. © Creating8, Inc 2014. All rights reserved.