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Small businesses are considered the backbone of the American economy and with national leaders saying the economic revival begins with small firms, a well-executed business strategy has never been more important, says Richard B. Sanford, an entrepreneur and business coach who has launched 11 successful smaller companies himself. Now, Mr. Sanford shows how to prepare and execute a successful strategy in his new book: Success by Design - How to Create Ever-Increasing Income, Profit & Wealth in the World of Small Business. “The American Small Business sector creates more than 70 percent of all new jobs annually. The irony of small business is that, as a business sector, it should be considered ‘too big to fail. ” Sanford believes that every small business failure is a direct result of insufficient planning, but it doesn’t have to be that way.
Sanford’s strategy tips for small businesses and entrepreneurs include:
• You must have a strategy. If you don’t have a strategic plan, create one before you make another mission-critical decision. • You become what you think about all day long. Think success and encourage your team to do the same. • There may be situations out of the control of the owner, but customer service isn’t one of them. The ones who can’t get a handle on that simple fact will fail, plain and simple.
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