Discover the success factors that created over 250 highly successful SMEs

My previous post listed the key reasons why so many businesses fail.

This time on a more positive note I will discuss the key attributes that generate success.

A significant in depth study by an English university analysed the factors that enabled more than 250 SMEs to be highly successful during a protracted challenging period for their businesses.

This a brief summary of what those highly successful enterprises had in common.

Diverse sources of finance.

They monitored cash flow and liquidity proactively, taking quick and decisive action when necessary.

Responded to market conditions, knew when to rein in the business as well as when to expand.

Monitored and responded rapidly to the actions of competitors.

Had a definitive marketing strategy including ongoing website development, SEO and use of social media.

Focused on sales with a unique selling point that was actively promoted.

Established positive relationships with customers to achieve retention and gain referrals.

Worked with customers to build the brand creating a positive reputation.

Proactively managed and encouraged employees to think and behave in novel ways.

Learned proactively from crises and difficulties.

Engaged the services of a coach or mentor.

Never ignored intuition, took calculated risks but avoided high risk projects.

How do you compare?

If you need more detail or have any questions, get in touch and let’s set you on the road to success.