Five Tips for Small Business Success

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“While many think that large companies dominate, in reality, it is over five hundred and a half crores units like yours, which drive our economy through manufacturing, trading and service business. Furthermore, you provide employment to 11-12 crore people, the majority of whom are SC/ST/OBCs and minorities. India thus depends on you for its growth, jobs and prosperity.”

(Narendra Modi’s letter to small business owners)

Every effort is being done to promote and strengthen small business owners. Below are the five mantras for small business success:

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  1. MUDRA Bank: MUDRA (Micro Units Development Refinance Agency) Bank is a new institutional setup by Government of India for the development of micro-units to provide the funding to the non-corporate small business sector. PM Narendra Modi says that it aims at “funding the unfunded”. It will increase liquidity and access to funds for small-scale industry. It is rightly said, “Punji safaltakikunji.” It emphasises that investment is the key to success. Before taking a loan from MUDRA Bank, you need to provide a proposed business plan. If you have just started a small industry, then you can have a loan cover up to Rs. 50,000. Taking a little help from MUDRA Bank can help your small business grow manifold.
  2. Be Social. Since the owners of the small business encounter their customer face to face more frequently than the conglomerates, they should not reflect the fatigue and aggravation due to a bad day. Always keep attitude cheerful and be warm to your customers and clients. Try to deliver your service as promised. If you want your business to grow, a professional attitude is a must even in a small business. Gets some online business writing jobs for you.
  3. Persistence: There will be a multitude of challenges ahead to disturb the pace of your business. You should be persistent and determined to continue your business to flourish. God forbid, sometimes there can be inexorable circumstances; you should not make an excuse. You should rather apologies for your mistake. The customers tend to understand reasons. Never give customers a reason to rebuff your business model.
  4. Be where your potential customers are! Gone are the days when only corporates used to advertise. In this ever-changing era, even a small business can make a dent in the corporate. So, target your potential customers and be present where they are. Use social media platform and increase your network at a minimal investment.
  5. Never be afraid of the competition. A merchant who approaches business with the idea of serving the public well has nothing to fear from the competition, says James Cash Penney who was an American business and an entrepreneur.  You should concentrate on your work rather than pondering about other’s work. You must understand that your venture deserves your valuable time, but not those who are in the competition with you in the market.

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