by Cat Matson
Q: What is the purpose of business?
A: To stay in business
Too simplistic … a little pessimistic even? Not really. If you can’t stay in business, then all your dreams and goals of building a ‘successful’ business are irrelevant.
Regular readers will know I comprehensively reject any notion of a ‘one-size-fits-all’ approach to business success (and therefore avoiding failure), however there are some business fundamentals every business owner should have ‘checked off’ to ensure the best chance of survival.
1. Be clear on your business model – that is, how you make money.
While this seems pretty obvious, I see many business owners who know how they ultimately make money, but they don’t know the steps for getting there.
2. Be strategic
Think ‘strategy’ is only for large corporations? Not so – in fact small businesses need to be even more strategic as they have fewer resources with which to achieve their outcomes. Being strategic is about being clear on your outcomes, who you serve and how you serve them … and strategically integrating all your activities to best achieve those outcomes while serving those people.
3. If you don’t know ‘how’ to do something … find out ... or outsource it
Doing your own bookkeeping is a great example of this – knowing how to ‘work’ MYOB is one thing, knowing how to manage the financials of a business is something else all together.
4. Get the ‘right’ help
Too many business owners wait until they’re drowning before they seek professional help … and by then it’s too late. Surround yourself with trusted advisors who have a good track record – both in advising clients AND running their own business. You might think the cost of their advice is high … but what is the cost of not having that advice when you need it?
Survival is often discarded for loftier goals … but sometimes it’s the pursuit of those goals that distracts us from the essentials.
Igniting your business performance
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Exellent example of how the "simple" and basic things get left behind in the pursuit of a successful business. I see this more often than I should.
Wow! This one is amazing... For successful businessman we need this....