4 Keys To Long-Term Success For Small Businesses

By John-Paul Smolenski – Forbes Councils Member

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Forbes Finance Council

John-Paul Smolenski is the founder and CEO of MMP Capital, a leading commercial finance company helping small businesses grow.

You may read this article in its entirety HERE on Forbes’s website

When I was 29, I walked away from a job making over a quarter of a million dollars a year. It was a tough economy, my wife was pregnant, and I recently buried my father, but I decided to start MMP Capital out of my garage. Many would have said the time wasn’t right to take a risk, but I trusted my gut, my experience and my network of contacts and took the leap knowing that I could create a well-managed, successful small business.

Ten years later, our company funds nearly $300 million in equipment financing per year, with a strong following from medical aesthetic offices that must consistently purchase new equipment. The MMP family consists of 55 employees, and we are projected to grow by 35% this year, despite economist predictions that 2023 will be a particularly tough year for the economy.

Beyond my family, our company is my biggest achievement, and I would like to share some of the lessons I have learned over the past 10 years of growing it.

1. There is no shortcut on the path to success.

This is the one thing every entrepreneur will tell you, and my experience is no different. There is no such thing as an overnight success. Starting a business requires commitment—of time, money and effort. Are you ready for the sacrifices you must make?

If so, start crunching the numbers.

It is essential to know potential market share, expenses versus income and what value you will provide to potential customers. Be truthful with yourself when calculating all this data.

Ask yourself tough questions and whether you’re truly comfortable with your projections. Are you being too optimistic, or even too pessimistic, for any reason(s)?

When building your data projections, make sure you consider all factors, including:

What are the potential industry-related challenges?
Where are the immediate and long-term growth opportunities?
Are you fully factoring in the impact of the potential safety and/or insurance costs?
What are the projected staffing costs based on the area(s) in which you operate, and what level of experience will you need from employees?

Bottom line is do your research. Be willing to challenge yourself and adapt. Be prepared to work harder than you ever have before.

2. Keeping current customers happy is the best way to get new ones.

Keeping customers happy is essential to organic growth, which is typically because it is a lot easier to grow with current customers than to consistently go out and get new ones.

Happy customers drive organic growth—and they can serve as powerful advocates to help you attract new customers. A key part of keeping your customers happy in the B2B world is…