{"id":46385,"date":"2021-02-17T11:26:45","date_gmt":"2021-02-17T19:26:45","guid":{"rendered":"\/us\/en\/blog\/?p=46385"},"modified":"2025-03-13T06:21:08","modified_gmt":"2025-03-13T13:21:08","slug":"small-business-success","status":"publish","type":"post","link":"\/us\/en\/blog\/small-business-success\/","title":{"rendered":"Small business success: The secret ingredients"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Achieving small business success is no easy feat. Business owners are faced with multiple challenges on a daily basis\u2014they wear multiple hats, never have enough time, and carry the responsibility of the company\u2019s financial success. And the numbers aren\u2019t exactly encouraging, with <\/span><a href=\"https:\/\/www.failory.com\/blog\/startup-failure-rate\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">70%<\/span><\/a><span style=\"font-weight: 400;\"> of new businesses failing by the end of the tenth year.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.failory.com\/blog\/startup-failure-rate\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-46387\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2021\/01\/SMB-failure-image.png\" alt=\"small business failure rates\" width=\"680\" height=\"327\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a small business owner and want to ensure your business doesn\u2019t end up in the 70% bucket, try out our top tips below.\u00a0<\/span><\/p>\n<hr \/>\n<p class=\"p1\"><span style=\"font-weight: 400;\">\ud83d\udc40<\/span><span style=\"font-weight: 400;\">\u00a0 Does managing a small business need to be this hard? Nope. Learn from your peers and grab our eBook to dive into five small business success stories.<\/span><\/p>\n<p class=\"p1\">\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/ebook\/\u0441ase_studies_small_business_success_stories.pdf\" data-id=\"69d4b9e9df71d\" id=\"69d4b9e9df71d\">\n\t\t<button tabindex=\"on\"  on=\"tap:69d4b9e9df71d.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcd9 Grab the eBook<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udc40 \u200a Get this free eBook to get an inside look at five small business success stories. <\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69d4b9e9df71d.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<hr \/>\n<h2><span style=\"font-weight: 400;\">1. Accept the life that comes with being a business owner<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Know what you\u2019re getting into when you sign up to be a business owner. By understanding what you\u2019re getting into up front, you won\u2019t be overwhelmed throughout your experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a business owner, you\u2019re going to have to say goodbye to the traditional 9-to-5 job and get comfortable with taking risks and eating costs. The key to small business success is being resourceful, working hard, and continuously educating yourself on the landscape.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You have to remember that you\u2019re now your own boss\u2014you\u2019re not working for anyone but yourself. This sounds great, but with this comes more responsibility. You need to hold yourself accountable for every business decision and be extremely self motivated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When we think of success, we tend to think solely about profitability, but there are lots of other areas that business owners need to focus on to achieve true small business success. For example, below are the <\/span><a href=\"https:\/\/www.inc.com\/magazine\/201203\/data-bank\/how-do-small-business-owners-measure-success.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">most important measures of success<\/span><\/a><span style=\"font-weight: 400;\">, according to small business owners. Aim to excel in many, if not all, of the areas outlined in the chart below.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.inc.com\/magazine\/201203\/data-bank\/how-do-small-business-owners-measure-success.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-46388\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2021\/01\/success-chart.gif\" alt=\"most important measures of small business success for business owners\" width=\"500\" height=\"400\" \/><\/a><\/p>\n<h2><span style=\"font-weight: 400;\">2. Don\u2019t skimp on communication tools<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No matter what industry your business is in, communication is pretty much the one non-negotiable thing that you <\/span><i><span style=\"font-weight: 400;\">have <\/span><\/i><span style=\"font-weight: 400;\">to do well. Think about it: How often will you be communicating with your customers, prospects, employees, and partners? It\u2019s safe to say on a daily basis. The last thing you want is to get cut off during an important phone call or lose a sale due to an unreliable communications system.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Get your hands on a communication tool that is reliable and mobile-friendly, so you can manage your business from anywhere. A <\/span><a href=\"https:\/\/www.ringcentral.com\/solutions\/office\/call.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">phone system<\/span><\/a><span style=\"font-weight: 400;\"> is an obvious must-have, but what about <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/free-video-conferencing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">video conferencing<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/free-messaging-apps\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">messaging apps<\/span><\/a><span style=\"font-weight: 400;\">? Look for a complete, unified communications system that can offer all three\u2014one that\u2019s easy to set up and manage and makes your employees more productive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consider leveraging AI receptionist technology to enhance your customer service and streamline operations. Small businesses can use <a href=\"https:\/\/www.ringcentral.com\/ai-receptionist\">AI receptionists<\/a> to handle routine inquiries, schedule appointments, and route calls 24\/7, freeing up human staff for more complex tasks. This not only improves efficiency but also ensures that your business is always available to customers, even outside of regular business hours.<\/span><\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><b><br \/>\n\ud83d\udca1\u00a0Pro-tip:\u00a0<\/b><\/div>\n<p>Do you want a reliable communication tool that is rated #1 by industry experts and trusted by more than 350,000 small businesses? Take a test drive of <a href=\"https:\/\/www.ringcentral.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">RingCentral<\/span><\/a><span style=\"font-weight: 400;\">, a single app for messaging, video meetings, phone calls, texts, and faxes. With 99.999% uptime, your business will even stay connected during outages and disasters.<\/span><\/p>\n<\/div>\n<hr \/>\n<p><span style=\"font-weight: 400;\">\ud83d\udd79\ufe0f\u200a Get a hands-on demo at how RingCentral works by booking a product tour:<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><button data-href=\"#leadform-popup\" class=\"js-open-popup-activator btn primary\" >Choose a time<\/button><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\ud83d\udcb0\u200a You can also<\/span><a href=\"https:\/\/ringcentral.valuestoryapp.com\/roi-calculator\/\"> <b>use this calculator<\/b><\/a> <span style=\"font-weight: 400;\">to see roughly how much your business could save by using RingCentral to support your team&#8217;s communication with each other, clients, freelancers, and more.<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">From nonprofits and dental practices to law firms and financial firms, business owners are achieving small business success with RingCentral\u2014without the need to be in the office. Take a look at <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/steve-rice-financial-firm-customer-story\/\"><span style=\"font-weight: 400;\">Steve Rice &amp; Associates<\/span><\/a><span style=\"font-weight: 400;\"> for example. After switching to RingCentral, the financial firm is able to save 60% in annual telecom costs and automate its workflow with a new CRM integration.<\/span><\/p>\n<p><center><iframe src=\"https:\/\/www.youtube.com\/embed\/9xaL89hYeFs\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" sandbox=\"allow-same-origin allow-scripts allow-presentation\"><\/iframe><\/center><\/p>\n<h2><span style=\"font-weight: 400;\">3. Line up your essentials\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before opening the doors to your business, line up your essentials: customers, money, and inventory.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Work your sales magic and gather as many interested customers as you can early on. You can\u2019t rely on customers to always come to you\u2014you need to go to them. Line up your list of interested customers, so when you open your doors, you already have business to work with.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to money and inventory, you need to remember that you\u2019re starting off small (and not big like an enterprise), so every penny counts. Line up your money and inventory on a regular basis, so you know exactly<\/span> <span style=\"font-weight: 400;\">what you\u2019re working with at the start of every day. Learn how to become a pro at cash management, budgeting, and worksheets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cash flow can be a big issue as a business owner, so remember to calculate your costs and prioritize your spending on needs over wants. If you\u2019re unsure where to start, check out our blog post: <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/startup-costs\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">Calculate startup costs: What business owners need to know<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">4. Be frugal\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a small business owner, you need to be frugal. Money is the oxygen for your business, so think twice before you make a big purchase. If you\u2019re still in the first or second year of your business, it\u2019s especially critical to watch and track every nickel you spend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What are some quick and easy ways to be thrifty? Here are some quick tricks:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ditch the file cabinets and go paperless by turning to the cloud.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Connect with your audience through free channels, such as social media and virtual networking events.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make your office at home, or consider a <a href=\"https:\/\/www.ringcentral.com\/2021_state_of_hybrid_work_report.html\" target=\"_blank\" rel=\"noreferrer noopener\">hybrid work model<\/a>, to avoid being in the office full-time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use free apps. Sometimes we forget that there are so<\/span> <span style=\"font-weight: 400;\">many free apps available to take advantage of, like this entire list of <a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/free-business-software\/\" target=\"_blank\" rel=\"noopener noreferrer\">the best free business software for small and medium-size businesses<\/a>.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">5. Surround yourself with good company<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When your business goes through ups and downs, you want the right people by your side to help you get through it all. Make it your priority to surround yourself with good company. This includes your employees, customers, peers, and inner circle. You want to build a supportive and positive environment where everyone can thrive together\u2014not butt heads.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hire amazing employees that are dedicated to your small business success and retain your happy customers. When your customers are happy, they become loyal buyers and brand ambassadors.\u00a0<\/span><\/p>\n<div class=\"tip\">\n<div class=\"tip-heading\"><b><br \/>\n\ud83d\udca1\u00a0Pro-tip:\u00a0<\/b><\/div>\n<p>How can you guarantee every new hire is the right one? Learn <a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/startup-hiring-tips\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">how to find the best talent for your business<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Make the effort to connect with other small business owners and form a community together. You can learn from another and share management best practices. Even get a mentor that can offer you valuable business insights and advice.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">6. Grow your confidence<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Did you know small business owners are battling underconfidence? According to a recent <\/span><a href=\"https:\/\/newsroom.kabbage.com\/news\/research\/new-kabbage-data-reveals-small-businesses-revenue-growth-is-stronger-than-they-perceive\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Kabbage study<\/span><\/a><span style=\"font-weight: 400;\">, 60% of small business owners ranked their revenue growth below the fiftieth percentile of similarly sized small businesses. Yet, when comparing their true cash flow and revenue data, it\u2019s revealed that the vast majority have healthy revenue performance. In fact, 74% met or exceeded the overall index revenue growth of small businesses over the three-month period prior.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a small business owner, confidence is key. Believe in your business, your team, and yourself. It\u2019s not always going to be a smooth road ahead, but that comes with owning a business. Don\u2019t let one setback make you doubt your ability to succeed. Keep a close eye on your revenue growth and celebrate your wins, both big and small, to boost your confidence.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">7. Avoid burnout<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Managing a business is not easy and it\u2019s no surprise that burnout sometimes comes with the territory. It\u2019s ok to work late hours every now and then, but don\u2019t let burnout become a norm. Severe burnout can damage you and your business more than you might think.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, <\/span><a href=\"https:\/\/www2.deloitte.com\/us\/en\/pages\/about-deloitte\/articles\/burnout-survey.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">91%<\/span><\/a><span style=\"font-weight: 400;\"> of workers say having an unmanageable amount of stress negatively impacts the quality of their work, and 83% say burnout negatively impacts personal relationships. You can\u2019t be a successful small business owner if you can\u2019t take care of yourself first.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">No matter how busy your schedule is, set aside time to take breaks and focus on your well-being, both mentally and physically. If your mind is clear, you will be better prepared to tackle the everyday business challenges that come your way.\u00a0\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">8. Engage your employees<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Did you know <\/span><a href=\"https:\/\/www.synchr.com\/resources\/engaged-employees-bring-engaged-customers\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">40\u201380%<\/span><\/a><span style=\"font-weight: 400;\"> of customer satisfaction is directly affected by employee attitudes? There\u2019s a reason why people say the <\/span><a href=\"https:\/\/hbr.org\/2019\/08\/the-key-to-happy-customers-happy-employees\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">key to happy customers is happy employees<\/span><\/a><span style=\"font-weight: 400;\">. Take care of your employees and make sure they\u2019re not only satisfied, but also <\/span><a href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/leadership-employee-engagement\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">engaged<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, according to <\/span><a href=\"https:\/\/news.gallup.com\/poll\/241649\/employee-engagement-rise.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Gallup<\/span><\/a><span style=\"font-weight: 400;\">, high employee engagement leads to better customer engagement, higher productivity, better retention, fewer accidents, and 21% higher profitability. Try out these tips to get a little extra boost in engagement:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Listen to and act on employee feedback.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recognize and reward your employees on a daily basis.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Invest in your employees\u2019 career growth and development.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Lead by example and coach your employees.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide your team with robust tools that make their job easier.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Your team represents your business\u2014make sure they\u2019re happy to come to work every day by providing an <\/span><a href=\"https:\/\/www.greatplacetowork.com\/resources\/blog\/6-elements-of-great-company-culture\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">amazing culture<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">9. Streamline growth<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every day, there are new trends emerging and new tools being released. Build a business model that is flexible and adaptable to turn these changes into opportunities. For example, if your customer base grows exponentially, consider adding a <\/span><a href=\"https:\/\/www.ringcentral.com\/contact-center\/overview.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">contact center<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.ringcentral.com\/digital-customer-engagement.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">customer engagement platform<\/span><\/a><span style=\"font-weight: 400;\"> to the mix.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As your business gets bigger, try to streamline growth. How can you accomplish this? Start by choosing versatile tools that aren\u2019t one-trick ponies. This way, you can have one solution to meet all your business needs vs juggling multiple tools (that can become hard to manage and expensive).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019re already one step ahead of the curve if you have tools in place that are scalable and can easily grow with your business. Bonus points if you\u2019re able to get tools that integrate with your existing software and equipment\u2014this helps increase efficiency in the long run.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">One step closer to small business success\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You\u2019re one step closer to small business success with these top tips by your side. Embrace every aspect of owning a small business, both the good and less-than-desirable aspects. Once you set up shop with an unbeatable communications system, assess your essentials, establish the right support network, and implement scalable tools, you\u2019ll be ready to tackle any business challenge thrown your way.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Achieving small business success is no easy feat. Business owners are faced with multiple challenges on a daily basis\u2014they wear multiple hats, never have enough time, and carry the responsibility of the company\u2019s financial success. And the numbers aren\u2019t exactly encouraging, with 70% of new businesses failing by the end of the tenth year.\u00a0 If &#8230;<\/p>\n","protected":false},"author":29,"featured_media":46389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901],"tags":[162],"class_list":["post-46385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","tag-small-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Small business success: The secret ingredients | RingCentral Blog<\/title>\n<meta name=\"description\" content=\"What is the secret to small business success? 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