Building a successful business is a challenging endeavour, and The Bugle, in partnership with the Kiama & District Business Chamber, has developed a six-part series highlighting six critical success factors. After exploring Strategic Focus, and examining Finances, this instalment delves into the operational aspects that underpin a thriving business.

Get organised: The foundation of success as a business owner lies in being well-organised and prioritising effectively. This enables you to complete tasks efficiently and manage the myriad responsibilities involved in running a business. A simple yet effective strategy is to create a daily ‘to-do list’, ticking off items as they are completed. It’s important to recognise that not all tasks carry the same weight - focus on high-priority tasks first to maximise impact.

Numerous online tools can support your organisational efforts, such as Trello, Microsoft Planner, Slack, Notion and others. For small businesses, a planner or calendar, or a basic Excel spreadsheet may suffice, especially in the early stages.

Consistency is key: Consistency plays a crucial role in long-term success. Repeatedly doing what’s necessary, day in and day out, builds positive habits and helps sustain profitability. Customers value consistency just as much, forming trust in businesses that deliver reliably over time.

Limit distractions: Productivity experts suggest working in focused one-hour blocks, followed by a 15-minute break to maintain peak efficiency.

Sometimes taking time-out from phone calls and meetings is necessary during the day so that you can focus on your priorities. Consider noise-cancelling headphones perhaps if noise is a distraction. 

Stick to your core business purpose - don’t try to be everything to everyone. 

To stay focused, consider using project management software to streamline collaboration and create prioritised task lists. 

While expanding your product line and exploring new markets may be future goals, it’s important not to get sidetracked from your initial go-to-market strategy.

Automate repetitive tasks: Automation saves time and ensures that crucial details don’t slip through the cracks. For instance, using a CRM* tool allows you to automatically follow up with new contacts or send emails to leads visiting your website. Similarly, accounting software can automate routine bookkeeping, freeing you from the time-consuming task of manual data entry.

* CRMs are a great idea, but they do come with a significant price tag. Research well before committing, as some suit specific industries more than others. 

Protect your Intellectual Property: Intellectual property (IP) encompasses intangible assets such as trademarks, copyrights, and patents that set your business apart. For a small business, safeguarding elements like designs, ideas, and trade secrets is vital. If competitors copy your product, it could erode your market share and damage your brand’s reputation.

Study your competitors: Understanding your competitors is essential to defining your competitive edge. Larger companies often invest heavily in competitive intelligence, but small businesses can still benefit from studying the competition. Examine their taglines, value propositions, and offerings to identify their strengths and weaknesses.

Depending on your industry, competitor analysis can vary. A restaurant or retail store owner, for example, might simply visit competitors and ask customers for feedback. In fields like manufacturing, where competitor insights are more restricted, trade publications, shared customers, or publicly available financials can provide useful information.

Key areas to investigate include:

• Digital marketing strategy: How do they drive traffic and engage with leads? What kind of content do they publish, and how active are they on social media?
• Target audience: Who is their audience, and does it overlap with your customer base?
• Strengths and weaknesses: Where do they excel, and what areas do they fall short in? What can you improve upon?

Stay focused on your goals: Building a business takes time, and success rarely happens overnight. It can take years to turn a profit, with many relying on savings or loans to sustain operations in the meantime. Persistence and a clear focus on your long-term goals are essential.

However, if the business is not profitable after a reasonable period, it’s worth reassessing your strategy and considering whether a shift in direction is necessary.