Radium2 Capital Inc. is a company that helps smaller firms succeed.
They know how difficult and challenging it could be to get working capital for your small business. They, therefore, intend to make business funding simple. The company offers funds as large as $1,000,000 and also disburse those funds within a fairly short time period.
The online application process is simple too. As a business that wants small businesses to do well, Radium2 Capital also has some invaluable tips to offer to upcoming businesses.
Here are Radium2 Capital’s 8 tips for small business success:
1. Always Have Your Long-Term Vision in Sight
Companies that dream big go far. Being a visionary will ensure you don’t get bogged down by the small obstacles or hurdles that fall in your way. The fact that you’re aware of where your goals lie will push you harder and ensure you don’t give up.
Your large vision should help you tread and reorient yourself every time you fall off track. Long story short, your vision is your compass, foundation, and celestial beacon that lights the way ahead.
Employ perseverance to fuel your vision. Perseverance will ensure you keep moving forward. It doesn’t matter how substantial your leaps are or how small your progresses are, it’s important to not stop at any point and keep moving ahead. This becomes possible only if you have the perseverance for things.
3. Plan, But Remain Flexible
Having a blueprint in place is essential for success. It’s essential to have a written plan in order, even if, at times, things do not go according to that plan. A plan accompanied by a marketing outline is vital for any business to succeed.
These blueprints assist you with mapping out the important landmarks, defining your success, and breaking the journey down into pertinent metrics you could use as benchmarks to track your progress.
The plan should ideally not be a comprehensive plan that nobody would access. It should instead be modest and should serve as a go-to instruction manual, helping you measure your specific progresses.
Highly detailed plans are usually not recommended because they aren’t flexible enough or cannot be altered later when the requirement arises. Business plans can never be set in stone. In fact, at times, major plan overhauls could become necessary.
4. Be Steadfast
How successful you end up with your business is directly correlated to how well you utilize the time on hand. For example, if you are expected to deliver a product by Friday, try to make it by Thursday or even Wednesday. This is provided you have sufficient time on hands. If there is a lot of things there to do already, then you would only end up overexerting yourself.
This steadfastness should be applied to every aspect of the business, which includes returning phone calls, responding to emails, etc. Buyers that aren’t responded to could end up dissatisfied and not returning ever again. You should also hurry up with the vendor side of things, as that would make it easier for your suppliers to streamline the process at their ends.
5. Know Your Expertise
If you are skilled at something and believe you can do better at it than most other people, embrace that skill and own it. Never try to learn every aspect of your business to the core or try to master everything.
Such an approach would invariably result in you being only average at things. Sign contracts with firms for things you aren’t proficient enough to carry out by yourself, and channelize your strengths as often and quickly as possible.
That said, you should have a basic idea of different aspects of your company so that you don’t lose complete control over anything.
6. Reinventing the Wheel Isn’t Necessary
If a business model is doing well for someone and you believe you can be better at it, go ahead and take the plunge. You need not come up with a completely new or unique idea to be successful at a business.
Also, do not waste your effort and time trying to put up systems that you could easily buy and install. Remember, time is of the essence and you should also consider something called burn rate. Therefore, try to be as lean as you possibly can with whatever you do.
However, at times, the ideal move is to take up an existing and proven system (even if it’s a bit on the expensive side), so that you do not have to waste effort and time making mistakes of your own.
7. Sell Soft
Some level of marketing would be needed even if you have a winner on your hands. However, make sure you don’t overdo your selling. The goal with any marketing plan should be to introduce the target market to the product and its features.
The objective should never be to push the consumer to buy the product. Focus on your product and if it solves certain problems or satisfies specific wants, sales would automatically come through.
In other words, put yourself in the shoes of the customer and devise an offering that the customer in you would not even slightly hesitate to purchase. You would then have a customer for life.
8. Do Not Burn Out
An owner of a small business you will invariably have to make several sacrifices to reach the position you aspire to. However, make sure you don’t sacrifice your health in the process of achieving professional supremacy.
If your body is out, you would be done too. You need to be physically and mentally fit to work consistently and efficiently. To stay healthy, set your working hours and do not extend them too often. Also, eat nutritious food, get enough sleep, and spend as much time possible with your family.
Here’s a quick recap on these 8 tips for small business success:
- Always have your long term vision in sight
- Plan, but remain flexible
- Be steadfast
- Know your expertise
- Re-inventing the wheel isn’t necessary
- Sell soft
- Do not burn out