Five critical items for business success.

Posted on November 17, 2011

Start your business for the RIGHT reasons.
-You have a passion and love what you’ll be doing. You strongly believe that your product or service will fulfill a real need.
-You never give up. You have drive and determination.
-You thrive on independence and can tackle problems head on.
-You learn from your mistakes. You will make plenty of them.

You are a good manager.
-You pay attention to details. You never drop the ball.
-You understand how to organize work flow so that the right things get done on time everytime.
-You know where you are financially at all times. You plan accordingly.
-You know how to get the best from your staff. You enable them to love their job as much as you do.

You have six months of operating expenses in the bank.
-Before you buy that new BMW, you make sure you have adequate cash flow to weather any downturns.
-You don’t distribute profits until you have adequate capital.
-You quickly cut expenses if you see a downturn in the near future.

You know who your potential customers are.
-You understand what makes your business attractive to your target customers.
-You build brand preference constantly by using marketing tactics that are right for you.
-You add value to your offering through free or enhanced services and discounts for repeat customers.

You take it slowly.
-You don’t expand until you know there will be continued demand for your services.
-You remember that “tall trees don’t grow to the sky.” Knowing when to exit a business is more important than knowing when to expand.
-You know that patient money always wins over fast money.

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