Success, Inc
Whether you're planning to launch your own business, or already have one, here are some tips to increase your odds of success.
Stay current.
Read about and constantly research topics related to your business.
Join an industry association related to your product or service.
Get a plan.
Make sure you have a financial plan, as well as a budget and a measurement process to keep track of how you are doing monthly.
If you don't know where you stand financially and have no short-term and long-term financial goals, then you are letting fate dictate your success - or lack of it.
Understand cash flow.
It sounds boring and difficult, but it's not.
Keep it simple.
Look at your projected income or revenue for the next three months, and then compare it to all the expenditures you need to make to keep the business running.
The difference is your cash flow.
Many businesses hit the brick wall because they fail to understand cash flow.
Network.
It's easy to get isolated in your own small business world.
Force yourself to get out and meet with others who can provide a business support structure for you.
One of the benefits of a corporation is the teamwork and the ongoing support structure it provides.
You need to create that for yourself.
Talking to others in business will give you some great ideas and help motivate you.
Stay disciplined.
One of the hardest aspects of running a small business is finding the discipline and motivation to work each day.
It is so easy to get distracted and put off the essential tasks that need to get done.
Keep your workplace and hours separate from the rest of your responsibilities.
Develop a to-do list every day.
Set goals for the week, and review how you are doing against them.
We all struggle with this and it is one of the key elements of success.
Get an advisory board.
Sounds crazy for a small operation? It's not! The board can be family members that you trust, or friends.
Ask them to be on your "board of directors" and review your business plans and results with them.
Having someone to bounce ideas off and get an objective opinion is critical.
Don't rest on your laurels.
Be prepared to always change.
Look for things to do more efficiently or ways to improve your offering or product.
Constantly evaluate your competition and benchmark yourself against it.
Do something you love.
If you are in a business that you hate, then it's a good bet you won't be successful.
Find where your true talents and skills are and get in a business that exploits them.
The saying, "If you do what you love, the money will follow" is so true.
Stay focused.
Remember that success is more attitude than aptitude and never forget that failure is only the opportunity to begin again more intelligently.
Keep your perspective.
Maintain a balance between work, play, and family.
This is critical for long-term success.
You can put in crazy hours on a short-term basis to get a hot project done or a product out the door, but if you do this on a long-term basis it is a sign that you are losing perspective.
You need to be able to step away on a regular basis and get your batteries recharged.
Stay current.
Read about and constantly research topics related to your business.
Join an industry association related to your product or service.
Get a plan.
Make sure you have a financial plan, as well as a budget and a measurement process to keep track of how you are doing monthly.
If you don't know where you stand financially and have no short-term and long-term financial goals, then you are letting fate dictate your success - or lack of it.
Understand cash flow.
It sounds boring and difficult, but it's not.
Keep it simple.
Look at your projected income or revenue for the next three months, and then compare it to all the expenditures you need to make to keep the business running.
The difference is your cash flow.
Many businesses hit the brick wall because they fail to understand cash flow.
Network.
It's easy to get isolated in your own small business world.
Force yourself to get out and meet with others who can provide a business support structure for you.
One of the benefits of a corporation is the teamwork and the ongoing support structure it provides.
You need to create that for yourself.
Talking to others in business will give you some great ideas and help motivate you.
Stay disciplined.
One of the hardest aspects of running a small business is finding the discipline and motivation to work each day.
It is so easy to get distracted and put off the essential tasks that need to get done.
Keep your workplace and hours separate from the rest of your responsibilities.
Develop a to-do list every day.
Set goals for the week, and review how you are doing against them.
We all struggle with this and it is one of the key elements of success.
Get an advisory board.
Sounds crazy for a small operation? It's not! The board can be family members that you trust, or friends.
Ask them to be on your "board of directors" and review your business plans and results with them.
Having someone to bounce ideas off and get an objective opinion is critical.
Don't rest on your laurels.
Be prepared to always change.
Look for things to do more efficiently or ways to improve your offering or product.
Constantly evaluate your competition and benchmark yourself against it.
Do something you love.
If you are in a business that you hate, then it's a good bet you won't be successful.
Find where your true talents and skills are and get in a business that exploits them.
The saying, "If you do what you love, the money will follow" is so true.
Stay focused.
Remember that success is more attitude than aptitude and never forget that failure is only the opportunity to begin again more intelligently.
Keep your perspective.
Maintain a balance between work, play, and family.
This is critical for long-term success.
You can put in crazy hours on a short-term basis to get a hot project done or a product out the door, but if you do this on a long-term basis it is a sign that you are losing perspective.
You need to be able to step away on a regular basis and get your batteries recharged.
