This document outlines 9 key elements for running a successful small business: 1) Delegate tasks and trust employees, 2) Communicate across teams, 3) Embrace obstacles as opportunities, 4) Organize data in one system, 5) Be efficient and avoid waste, 6) Innovate to stay ahead of competitors, 7) Foster accountability by measuring progress, 8) Network with other businesses for support and referrals, and 9) Customize tools to fit the specific business. Following these elements can help streamline operations and lead a small business to success.

1. 9 Key Elements for a
Successful Small Business
Brought to you by InsightSquared

2. Running a small business is challenging.
These 9 key elements will help you
streamline your organization and lead
your team to success.

3. 1. Delegate
Don’t try to do it all. Acknowledge that you need
help.

4. 1. Delegate
Look for people with different skill sets and
experiences. Hire people who are better than you.
Then lead them to success.

5. 1. Delegate
Remember, delegation is not the same thing as
micromanagement. Give your team tasks and trust
them to follow through.

6. 2. Communicate
Work across teams to make sure everyone is on the
same page.

7. 2. Communicate
Make sure that your communication stays organized so
that all pieces of information reach the intended
recipients.

8. 3. Embrace obstacles
When facing a challenge, use it as an opportunity to
work smarter and harder.

9. 3. Embrace obstacles
Let these obstacles motivate you to take action.

10. 4. Organize your data
Data should be an asset, not a hassle. Try to get all of
your data in one system.

11. 4. Organize your data
Get out of spreadsheets. Start modeling your data
with graphs so that you can understand what it means
just by looking at it.

12. 5. Be efficient
If you run a small business, you can’t afford to waste
anything: time, money, or manpower.

13. 5. Be efficient
Standardize whatever employee processes you can. It
will cut down on time spent on less important things.

14. 5. Be efficient
Make a point to meet regularly with your teams to
make sure that no two people are working on the
same task.

15. 5. Be efficient
Ask employees to report any unnecessary expenses or
wasteful spending they notice. Check the company’s
expenses yourself for business justification.

16. 6. Innovate
If you don’t want to be beaten out by big
corporations, you need to offer something different.
Small businesses are flexible; take advantage of that.

17. 6. Innovate
Improve your service, but maintain the quality of your
product.

18. 6. Innovate
Find new ways to stay ahead of your competitors.
Become a champion for change.

19. 7. Foster accountability
Every member of each department needs to be
meeting their goals for your business to reach overall
success.

20. 7. Foster accountability
Everyone needs to be held accountable for their own
work, not just the sales team. Measure everyone’s
progress, regardless of their department.

21. 7. Foster accountability
Use data to track everyone’s progress fairly and
accurately.

22. 8. Network with other businesses
Other small business owners can become your
valuable friends. Learn from them and share your
own tips for success.

23. 8. Network with other businesses
Develop symbiotic relationships where you can each
refer customers to the other and help in other ways.

24. 8. Network with other businesses
Help others before looking for help. You will never
develop strong relationships if you are only looking to
help yourself.

25. 9. Customize your tools
Your online tools should be formatted to help you and
your business specifically. Look for software with
customizable options.

26. 9. Customize your tools
Take advantage of the latest tools to stay ahead of
your competitors.

27. Thank you for viewing our presentation!

28. You can visit our website at
http://www.insightsquared.com/ and our blog at
http://www.insightsquared.com/blog/

29. Photo Credits
“Keys” Courtesy of Taki Steve
“Delegates infront information point” Courtesy of NHS Confederation
“Old Fashioned Telephone” Courtesy of Images Money
“Heat 1 of the Womens 100m Hurdles Semi-Final” Courtesy of William
Warby
“filing cabinet” Courtesy of Kiran Foster
“King Midget Assembly Line” Courtesy of Alden Jewell
“Bean Sprout” Courtesy of Brandon Giesbrecht
“Signing Ceremony for New Power Facility at NSF Indian Head, Md.”
Courtesy of NAVFAC
“Webbed” Courtesy of Anita Ritenour
“old tools” Courtesy of spinster cardigan
“Salman Ahmad inspires the audience to sing and clap along” Courtesy
of M. Elizabeth Williams, Girl + Camera LLC, and TEDx NJLibraries