Survival tips for small businesses
Dec 28, 2007
OVER 10,000 people in Uganda start businesses every year but 40% of these fail within one year and 80% within five years. Your business reflects the kind of person you are and relies on you for survival. Here are some tips on how to make your business survive.
OVER 10,000 people in Uganda start businesses every year but 40% of these fail within one year and 80% within five years. Your business reflects the kind of person you are and relies on you for survival. Here are some tips on how to make your business survive.
1. Have a vision:
You must have a plan of action detailing what kind of business you want, have appropriate funds and know exactly how big you want to be in 3, 5 and 10 years. You must have a business plan or a strategic plan.
2. Separate yourself from the Business:
Make the business an independent entity by registering it. Train and groom others so that the business can run in your absence. Do not count the business money as your money.
3. Develop personal skills and characteristic:
Be optimistic, have a positive mental attitude, integrity and patience, be confident, time conscious and persistent.
4. Seeking knowledge and information:
Never quit learning about your businesses. Read more and more because readers are leaders and knowledge is power.
5. Manage Success:
Don’t spend all the money on personal effects. Image is nothing; your business is key.
Running a successful business doesn’t require exceptional talent, but requires vital and basic business skills. To succeed, focus on the whole business from suppliers through the productions systems to distribution. Above all, plan work in order to run the business profitably.
The writer is a business
development consultant and an entrepreneur
1. Have a vision:
You must have a plan of action detailing what kind of business you want, have appropriate funds and know exactly how big you want to be in 3, 5 and 10 years. You must have a business plan or a strategic plan.
2. Separate yourself from the Business:
Make the business an independent entity by registering it. Train and groom others so that the business can run in your absence. Do not count the business money as your money.
3. Develop personal skills and characteristic:
Be optimistic, have a positive mental attitude, integrity and patience, be confident, time conscious and persistent.
4. Seeking knowledge and information:
Never quit learning about your businesses. Read more and more because readers are leaders and knowledge is power.
5. Manage Success:
Don’t spend all the money on personal effects. Image is nothing; your business is key.
Running a successful business doesn’t require exceptional talent, but requires vital and basic business skills. To succeed, focus on the whole business from suppliers through the productions systems to distribution. Above all, plan work in order to run the business profitably.
The writer is a business
development consultant and an entrepreneur