If you don’t take you team with you don’t expect to have one for long.
Understanding the business arena
A business cannot be truly successful unless it really understands the arena in which it is operating. This means knowing the basic dynamics and motivations at work in the marketplace.
- What are the hard economic facts the business must address?
- How can you help your customer to be more successful?
- How will your offerings help a customer be more successful?
Another facet of understanding the business arena is knowing your key customers well. In a large number of businesses, a handful of customers accounts for a substantial part of the businesses sales (the 80/20 rule). You should know the people personally; study their marketing materials, annual reports, and all similar information on them.
“Courage is being scared to death, but saddling up anyway”. John Wayne
We must get to know the basic economics of the market and the personal aspirations, laws, regulations or other pressures that could affect each business. How will your offerings help overcome the problems?
With individual projects getting bigger and bigger, the stakes going higher and higher, and negotiations becoming increasingly more complex, it is an imperative today to know exactly who speaks for the customer and what are the criteria for their decisions.
Here are ten simple rules for business success
Use the following to develop you own top ten rules for running your business well:
- Know what you want and like doing.
- Know the key numbers.
- Apply the 80/20 rule, focus on activities with a high positive impact
- Use a Daily to-Do-List and outsource anything that is not core business.
- Put people first and keep them healthy
- Learn to ask the right questions.
- Don’t aim at anyone.
- Get straight to the point, stop procrastination, find a need and fill it.
- Do one thing at a time and do it well.
- Keep your business in and Investor Ready
You’ve probably heard it said before that it will cost twice as much, and take twice as long as you think. If you apply your set of rules and keep learning from day one your chances of success will multiply.
If you want to build a successful business, start by building something you like doing and can believe in. Not everything will go right until you learn to run the business and that could take several years. So, build up reserves of money and energy for bad luck and mistakes.
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I often remind people that one is the loneliest number in business. One product, one service, one main client, one employee and having all your records and critical knowledge all stored on one computer hard drive without regular off-site backups is a recipe for failure.
Your focus should be to stay alive until you can have your business working well all day every day and without you involvement in the day to day activities. No fancy offices and flash cars, they can come later if you do things well. I have seen many people start spending on improving their status in the community as soon as the money starts to roll in. Keep your ego under control as it can ensure your early demise.
There is no doubt that those people who make their businesses fundamentally different have the highest chance of success, along with those who make full use of appropriate technology and advisors to help them.