Success In Your Business
Anyone can have success in their business. As a business owner of 15 years I tried many things that failed. But when it come to success, more than likely someone has already done what you are trying. It’s been said that success leaves clues. So I’ve put together 11 things that successful business owner do to create massive success.
Have a Vision or Passion for what you want
Before you start any business you should be able to see exactly what you want. Having a clear target of what you want your business to produce is critical. Often too many times people are starting businesses for the wrong reasons and because of this fact they’re unable to reap the benefits of success in their business.
Invest in their personal growth
It’s been said “As a man thinketh, so he is.” Investing in your personal growth should be the first investment you make, even if it’s before you start your business. The truth is, education is key in growing your life and your business and without making this investment success would come and go.
Have a Sales Strategy
The most important department in your business is Sales. If there are no sales you have no business. The most successful businesses and entrepreneurs have a consistent flow of leads and prospects, which leads to more sales. Your product or service might be the best but if you don’t make enough sales no one will ever know it existed.
Hire People to do what you can’t
Most business owners are very good at something. None aren’t good at everything. That’s the reason to hire others to do the work you don’t like. However It is recommended that the business owner do most of these jobs first. This will give you a better understanding of what to expect once you hire someone to take on the task. If you are good with technology you can use software and apps to streamline some of these tasks prior to hiring a physical employee.
Have systems in place
When you have the right systems in place it’s like having employees. Every business a CRM and an Accounting system. In today’s world being successful is much simpler because when you have systems working for you 24 hours a day you can get things done while you are sleeping.
Review your Cash P & L (Profit and Loss) Daily/weekly/monthly/quarterly
When you are growing your business you’ll need tools. One of the best tools the business owner can use is his Profit and Loss Statement. This report also known as the Income Statement is the measuring stick of your Sales and Expenses. When you review this report you can see in real time what’s taking place in the business. The business owner that doesn’t look at this information, won’t see the growth they are planning for.
Meet with Accountant Regularly
The truth is, you need an accountant. However if you have the right systems in place your accountant can provide more value than just doing your bookkeeping, payroll or tax returns. So when you meet with them they will be able to focus on helping you have more time to do the things you want or make more money and grow your business.
Pay Themselves First
I’m sure you started your business to solve a problem you saw in the marketplace, however you didn’t start it so you could work for free. All successful business owners pay themselves. When you’re starting this amount is going to be low. You should have a formula or a percentage of the sales. Doing things this way your pay is directly tied to the amount of sales generated. If you have a slow month, your pay would be commensurate to what you collected.
Set aside savings before bills
Like many people that live check to check, there are many businesses going month after month with no money set aside. Like you pay saving should be systematic. It should be a percentage of sales so that when things are small it doesn’t seem to hard of a task to do it. Successful businesses always have a plan to have money in the bank.
Set aside money for taxes
There are two constants in this world “Death and Taxes”. Most businesses ask how they can save on taxes. That’s a valid question. However most focus on not paying taxes before they make money or have profits. No need in worrying about taxes when you haven’t made any money. Setting aside money for taxes is the same as paying yourself and saving before you pay bills. Remember this Uncle Sam will always get his. Set it aside first!
When you live by the golden rule you will never want for anything. We all should aspire to give more because it make life better for others. The truth is, if we had more people focused on helping others and giving back what they have been blessed with, no one would have time to complain about what they need. Success is Giving.
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