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The 5 C’s for Building a Successful Business

Small businesses have made a huge recovery since the economic crash in 2008 and that’s good news for all of us. Since small businesses account for 63 percent of new jobs, their success puts people back to work. That, in turn, helps the economy even more – people earning paychecks buy stuff!

 

And here’s more good news: The number of new businesses launching has grown each year since hitting a low in 2009. One report put it at 540,000 new businesses a month this year.

Through the ups and downs and all the mistakes, here are the 5 C’s for building a business.

What are the C’s?

Caring

It starts with caring enough about yourself and your dreams to stay committed to achieving your goals. (Giving up is never a good option!) You have to care enough about yourself to firmly believe that you deserve success and the good things that come with it.

Just as important is caring about your staff and creating a positive work environment for them. Protect their sanity from the customers who want to chew them up and from new hires who don’t fit in and hurt morale. Be supportive when stressful situations arise in their lives outside of work. And ensure everyone has the knowledge and tools they need to be successful.

None of us gets far at all if we don’t care about our customers. Give them the best exchange possible for their money; define expectations so that they understand the end product you are delivering and for which they are paying. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.

Courage

 There are dragons and quicksand and dark woods all around. You’ll find them in the day-to-day problems, the obstacles you didn’t see lying in wait, the risks you must take, and the stresses involved with honoring your obligations to everyone working with and for you.

 

Your courage will grow every time you push your fear behind you and deal with what frightens you. Which will also help you build confidence.

Confidence

Think of the many challenges you’ve faced in your life, and the many times you’ve overcome them. Bring that confidence to your business. Believing that you can reach for and achieve your short- and long-term goals is essential to getting you there.

Competence

Competence comes from knowledge and experience. Hone it by staying up on the trends and disruptions in your industry. One of the most important roles an Owner plays is as the visionary for his or her company. That means you can’t, and shouldn’t, take on jobs within your company for which you’re not qualified. You’ll make yourself miserable and your business will suffer. Hire an accountant to handle the financials. Get marketing help if that’s not your thing.

As for employees, take the time to hire competent people who you’ll trust in their jobs – and then trust them!

Commitment

Stay dedicated to your goals no matter how difficult they become.

If you’ve recently launched a new business, know that you’ll encounter challenges. Don’t panic! Remember the 5 C’s and forge ahead with caring, courage, confidence, competence and commitment.

Source: RunningRestaurants.com; by Marsha Friedman