GETTING INTO BUSINESS is not difficult, even if you do have to make some serious decisions and commit some capital and effort.
Making it in business is a bit more difficult because so many businesses fail in the early years. However, getting out, moving on, and riding off into the sunset can be the most stressful and costly phase of all.
How do you become successful? Overnight success is not something many of us achieve. Success comes as a result of a few simple disciplines practiced every day.
If we look at a success formula:
Decisions x Actions = Results
AGAIN AND AS MENTIONED IN THE LAST ARTICLE “if you fail to plan you plan to fail”. While some individuals do indeed achieve their goals and objectives, more often than not this is through sheer luck rather than planning.
YOU HAVE PROBABLY heard it before but as the old saying goes “If you fail to plan – you plan to fail”. Like it or not, you have to plan. This involves establishing clear objectives and deciding the appropriate actions to achieve them.
For a business to be successful, it must have a strong leader. Leadership can make or break a company. This is why public companies pay several million dollars for a new chief executive officer. Below are nine characteristics of successful business leaders. It is therefore important to ensure you are equipped to manage the situation in the best way possible.
To identify strengths and weaknesses in your business.
To analyse the financial impact of decisions before making them.
To get a health check of current and future financial position.
To look for ways to improve cash flow and bottom line profitability.
Have you got one? How long is it since it was reviewed? If you do not have a business plan, or if yours is out of date, it may be time to consider drafting a new business plan.
Benefits of Business Planning: