5 Keys to a Successful Business

Business owners are some of the most optimistic, and frequently the craziest people in the world. We’re all absolutely convinced that our idea is an excellent one, that we’ll be successful (where others have failed) and that this business will change our lives for the better. If we did not think that way, we would never take the risk to spend our own money or borrow from others to begin our business.

The truth is, however, that, according to the SBA, many businesses eventually fail and more than 50% don’t survive past the initial 3 decades. Even if you are able to get that far, things can still go horribly wrong, as many experienced business owners discovered during the recession that hit us from 2009 So, does this imply that you shouldn’t begin a business whatsoever?

I feel that your business may be an outstanding achievement, if you approach it in the perfect way, avoid repeating previous mistakes and impose discipline on yourself as the owner. Here are some of my suggestions on how you can make sure that your business succeeds: Successful business owners are disciplined people and more frequently than not, businesses fail because their owners neglect. There’s always somebody out there, trying to win over as many of the clients that you’re targeting.

Business is competitive and if you don’t intend to work hard and subject yourself, then do not get in the arena. You might have the most unique ability or the ideal product idea, but your business won’t ever reach its full potential, should you not have discipline. Discipline is a decision to work hard to get it right. It isn’t settling for mediocre results but instead working until you attain the qualities and outcomes that you will need to compete.

No-one will purchase your product if it’s substandard, or employ your services in the event you can’t deliver what you promise. I learned a valuable lesson very early on in my career. I was required to perform a financial presentation to a senior executive and believed that because I knew this stuff, I could get by with a minimum amount of I went into the meeting and had my own demonstration ripped to shreds.

I wasn’t able to answer questions which were clear and fell way short on the detail required to be credible and persuasive. I left that meeting mad and angry, not with the executive, but with myself and vowed that this won’t ever happen to me again. As a business owner, you won’t get things right every time. However, if your product or service fails, let it not be for lack of effort and discipline on your part, or that you’re too lazy to do it correctly.

These old sayings are attempting to warn us that not what we believe is an opportunity or a fantastic business idea, is very likely to succeed. There are various con-artists on the market, whose sole purpose in life is to fool you into making financial commitments and who don’t have any difficulty in robbing you blind. It’s therefore foolish on your part to not do appropriate due diligence on any business idea, franchise or thing you would like to purchase or invest in.

Due diligence is a significant matter for start-ups in addition to on-going businesses. Substantial successful businesses are constantly performing”due diligence” on their internal processes (systems inspection, business process improvement, strategic and financial planning) and on any expansion thrust or acquisition they might consider. Start-ups will need to do this too before they invest substantial funds.

Be cautious of taking advice from those who have vested interests in your choice. By way of example, you might be considering investing in a franchise. Don’t rely only on the help of the franchise seller with its shiny website and a persuasive narrative, to let you know what a terrific opportunity this is and Get unbiased advice and do your homework before you invest.

Lots of folks start businesses based on a personal fire. While this a great plus factor for success, because your passion drives you to overcome obstacles, it will carry the risk of earning business decisions with your heart rather Sometimes we are too near the job to be objective and we become emotionally committed too early. This is where an independent specialist like an experienced business coach or advisor is useful.

Some would-be business owners will need to listen to the brutal truth (in a compassionate manner ) until they move on to make the error of their lives. “Faithful are the wounds of a friend” (Proverbs 27:6). Lastly, do not be taken in by people who pressure you into investing in”a once in a lifetime, limited space available” chance.

Anytime somebody says that to me, I take a step back, and take a good hard look, to find out what I am missing about the deal. It’s much better to lose out on a”limited supply” chance than to rush in and lose your money. A well thought out and researched marketing strategy is among the most essential ingredients that you have to succeed as a business owner. Unless you happen to get the only source of water in the desert, do not expect people to automatically think of you and come back to your doors to I worked at a corporate career as a CFO for several years before going off on my own.

Among the biggest challenges I faced when I decided to start my own consultancy business, was the way to advertise my services. That’s because, for several years, my job was about cooking and cleaning the fish that somebody else caught. All the businesses I worked, had big, well-recognized marketing departments, whose jobs it was to go out there and win clients.

My job was to handle the cash and make business decisions. That works fine if you’re part of a large well-structured business. If however, you’re the proprietor of a small business, marketing isn’t a secondary pursuit to be left to other people, it’s your principal point of focus. You can have a brilliant product or service to offer, but should you not have a winning marketing program, nobody will understand your business or care about what you’re selling.

So, whether you’re a small or large business owner, you must get involved and frequently drive the marketing function. What special need does my product or service fulfill? Who are my customers, what do they need and how much are they willing to pay for this? How sustainable is the demand for my products or services? What’s it about my product/service which makes it unique? Who are my competitors and what are they able to do better than me? How do I reach out to prospective clients to convince them to buy my product /service? How much cash do I have available to promote my business? What special marketing/promotion activities will work best for me?

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