I’ve been coaching for almost 20 years now and there’s five activities that successful entrepreneurs Implement regularly to be successful. Here are 5 Tip for Business Success I share with my clients over coffee.
1. Having a well-defined purpose. The purpose is essential because it’s the fuel, the passion that keeps you going when times get tough. And times will get tough. It is important to remember why you started this business. If you want to learn more you can read my book, Make a Difference.
2. Build a great set of business advisors. This team should include: your accountant, commercial insurance agent (to makes sure you are protected from unexpected litigation, a lawyer, your estate planning attorney, your banker, financial planner, fractional CFO, business coach (I include a coach because most business owners need someone to hold you accountable for working the high impact activities,) just to name a few. Trust them and use them. Business is tough these days; it’s hard work and it’s impossible to be an expert in every area of business. That’s why a great team is essential to success
3. Make sure you’re well-funded. Most new businesses fail within the first 3 years because of money problem. It is essential that our company have enough money to get you through start up. Managing cash flow is king. There are hundreds of ways to finance your business: banks, life insurance, hard money, family, factoring, third parties, lines of credit, and so on. One of these strategies can make the difference between success and failure of your business. Let your accountant and/or financial planner, CFO help. I’ve seen businesses so deep in debt because of bad planning and easy money, the only recourse was bankruptcy. I’ve seen well-run companies use other people’s money to support and finance business growth. It is important to use this money wisely and be held accountable for the correct use of this money.
4. Have a great business plan and stay focused on your plan. It is difficult to write a great plan and when done correctly it reduces the risk of failure significantly. It allows you to stay focused on your core business and not get distracted, especially when you use it as a living document (update it frequently.) A poor business plan well executed is more powerful that a great plan that sits on the shelf. I find when I keep people focused on the business plan, they get their time back. make more money and better decisions. I am currently taking several companies through this process and it is one of the best tools to get a family member ready to run the business. I found they learn so much about the business they are ready, when the time is right.
5 Execute your plan by failing forward quickly. What I mean by that is test different aspects of your plan to see how effective they are. If it works then build on it and if it doesn’t use what you learned and try something different. That’s what I mean by failing forward.
If you want some help just let me know.
330 990 0788