Only one-third of all businesses started last a decade, but these tips will help your small business overcome obstacles and thrive.
Each year, there are many small businesses that open their doors. Yet there are even more businesses that close each year, according to the Small Business Administration.
Many businesses don’t survive the five or 10-year milestones. In fact, research shows that only around one-third of all businesses in the country will make it to their 10-year anniversary. There are many factors that can contribute to what determines which ones will dive and which ones will thrive.
One aspect of business that is often overlooked in today’s busy market is gratitude. Entrepreneurs often get caught up in being competitive, focusing only on what else they want, or on the challenges that they face, rather than being thankful for what they have. For some who have reached the decade milestone, they find that’s one area that more people need to focus on.
“When we make gratitude a priority there are going to be good things that come as a result,” explains Cher Murphy, owner of Cher Murphy PR.
“Having an attitude of gratitude helps you to be more productive, see the good in every situation, and to live a more enjoyable life. That is going to impact every area, including helping your business to do well.”
With her firm celebrating its 10-year anniversary, Cher has given thought to what some of the lessons are that have helped lead to long-term success, in addition to placing an importance on having gratitude.
Here are those top nine terrific tips that will help every small business thrive and reach their next milestone:
- Support one another. Especially for women-owned businesses, it’s a good idea to support one another. Seek out other small businesses that are owned by females and collaborate in order to help both companies thrive.
- Find people you can work well with. Small business owners will usually need others they can work with, even if it’s on a freelance basis. Find those people who you can trust and work well with, so you can rely on them when in need.
- Know when to compromise. Many people have to make compromises in businesses, but they should never be made when it comes to your core values. Never sacrifice honesty or integrity. Being honest and treating people well will strengthen your business.
- Be disciplined. When you are your own boss you don’t have someone reminding you of deadlines. There are many distractions in today’s world. Entrepreneurs have to be disciplined so that they meet the needs of their clients and help to grow their business.
- Build relationships. Referrals are usually made as a result of the relationships that people build. Take the time to build good relationships with people in a variety of sectors and it will come back in the form of referrals.
- Keep a good attitude. Having an attitude of gratitude is ideal. Leave the bad days behind, don’t let the challenges bring you down, and just keep being positive.
- Be patient. Everyone wants success overnight, but as the saying goes, the journey of 1,000 miles starts with a single step. It takes time, but when you plug away at it consistently and keep heading in the right direction it will happen.
- Pay attention. There is always something to learn from others who are successful in business. By paying attention to what they are doing, or not doing in some cases, it can help you navigate the landscape.
- Consistency counts. Providing good services some of the time won’t cut it if you want to stay in business long term. It’s important to be consistent whether you are providing service, networking, or planning your next move.
“The 10 years I’ve been in business so far has been an incredible journey that I’m grateful for,” adds Murphy. “My mission is to help my clients as much as possible and to give back where I’m able to. I look forward to another robust decade ahead.”
Cher Murphy PR has helped many clients over the last decade to garner media attention on national and local television, print publications, and online. They have represented such companies and organizations as Guardians of Rescue, Hound & Gatos Pet Food Corporation, The Doctor Yum Project, Alcatraz East Crime Museum, EOD Warrior Foundation, Paws of War, and many more.