Economic changes have occurred and business will never be the same. Business owners have needed to adapt and change. Being different helps to survive. The fundamentals are the same however.
Here are seven tips for success:
1. Have a written plan. Going into business without a written plan is just a dream. Outline specific objectives, strategies, financing, a sales and marketing plan, and determine the amount of cash you need. Create a proforma to determine cash for future needs so you have enough cash on hand.
2. Set out your plan but don’t be married to it. A plan is necessary to lay out your path but you need to stay flexible and adjust as needed. Be open.
4. Account for everything. Stay on top of your systems and numbers. Train your people to do the same and be consistent. Make good business decisions based on the documented facts and numbers. Do not go into business until you know how much cash you need and you have it available.
3. Listen to others. It helps to have friends and other business people to discuss things with. They will challenge and support your efforts and propel you to be successful. Have people around you who will hold you accountable. Follow through and be committed, especially when things are difficult or challenging. Be honest and do what you say! It’s about the business not you personally so keep emotion out of the picture.
5. Delegate. Delegate and track progress. Continue to train and hold people accountable. Don’t micromanage!
6. Use the Internet. Your competition is using social media outlets and so should you! Stay active on social media and keep people informed. Learn new ways to stay on top of it and be seen!
7. Reinvent your business. Focus on the net profit, not gross revenue. At the end of the day the business is as good as the PROFITS. You could be bringing in a million dollars and the company is eating every bit of it. So keep your eye on the bottom line and document everything appropriately. Stay lean but reinvest in the business to stay fresh and competitive. Make sure improvements will bring in more profits.
Have an FNBC business intermediary provide you a free business valuation so that you know what your business is worth. They can help uncover some areas of improvement to help your bottom line so that if the times comes that you want to sell or need to sell your business it will be in the best position to maximize your return! Contact us today to schedule your free and confidential business valuation. ($2,500 value).