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U.S. Department of Labor | |
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| Occupational Safety & Health Administration | ||||||
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| Regional and Area Office Alliances > Region IV > Small Business Tool Kit |
  Printing Instructions |
| SMALL BUSINESS TOOL KIT |
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STEPS TO BUSINESS SUCCESS Put together an effective and detailed business plan. It is the blueprint to your success. Update your business plan to reflect changes as they occur. A good plan should be flexible enough to adapt to a changing environment. Include cash flow projections in your business plan; insufficient working capital can be hazardous. To be successful in small business one must be an entrepreneur, a manager and a technician. Take pride in your business; it is an extension of yourself. Understand your weaknesses, strengths, product and the market. Provide your customers with the right product at the right time. Know your competition, your field and your target area inside and out. Do not rely on assumptions and hunches. Trust yourself and your own judgment but take the time to truly know your market and the products it values. To stay one step ahead, constantly evaluate your business and its role in the market. Serve the needs of the customers. Be sensitive to their needs, know how to reach them, and most of all, know what will convince them to buy your product or service. Advertising is essential. Know your limits. Are you willing to work day and night to make it work? Do not do it all yourself. Get moral support and the right kind of help to run your business. Professional consultants can help you tap the full resources of your business. Carefully select your staff. They are the faces that people associate with your business. Train them to perform the job to your satisfaction and reward them when the job is well done. Treat employees as individuals. Each has his/her own strengths, weaknesses and preferences. Read relevant newspapers and magazines daily; become familiar with the financial section. Keep up-to-date so that you may understand the big picture. PREFACE The backbone of America's economy is small business. The following pages contain basic information that is intended to provide help to individuals who are contemplating starting a small business here in Southeast Alabama. We hope you will find the information contained herein helpful and useful as you plan your business. This publication is intended only to serve as a guide and cannot attempt to answer all questions or provide all information that you need. We encourage you to also seek the advice and counsel of professionals in your planning process. The involvement of a good accountant and attorney is strongly recommended to assist you in making appropriate choices for your particular business venture. Above all, seek the advice and guidance from several sources as you go forward with your project. The definition of “Small Business” used by the Small Business Administration is broad enough to encompass approximately 99% of U.S. Business. The business size for qualification in the definition varies with the North American Industry Classification System (NAICS) Code, and can be researched on the SBA listing. We wish you success in the planning and development of your business, and invite you to call on us if we may be of further assistance. Good Luck! DOTHAN AREA CHAMBER OF COMMERCE TROY STATE UNIVERSITY, SMALL BUSINESS DEVELOPMENT CENTER SOUTHEAST ALABAMA REGIONAL PLANNING & DEVELOPMENT COMMISSION TABLE OF CONTENTS Chapter 1. How To Start A Business in Southeast Alabama
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