Commit to these 5 things to keep Your Business Alive!
Every entrepreneur actually starts out with the big picture-success in mind but majority do not hit the mark eventually. No matter what kind of business you have, if you are not committed to a “failure is not an option” mindset, you are setting yourself up for failure, says Neil Anderson, president of The Courage Group, a consulting firm for entrepreneurs.
Research has it that only two-thirds of new small businesses survive at least two years, and just 44 percent survive at least four years. To avoid becoming another start-up casualty, the right mental state is crucial. So when the bills begin to pile up, and customers are few and far between, don’t be tempted to throw in the towel. Instead, keep your mind and mission on track.
If you address the common reasons for failure up front, you’ll be much less likely to fall victim to them yourself. Opinions abound about what a business owner should and shouldn’t do to keep a new business afloat in the entrepreneurial voyage. Here are five important steps to take in order to avoid business pitfalls and keep your business ALIVE.
Be a problem solver
The reasons why you started your own business matter much in determining its success. Could the sole reason why you started your own business be that you wanted to make a lot of money? Do you think that having your own business would give you more time with your family? Perhaps you think you wouldn’t have to answer to anyone else. If so, you need to do a rethink, because your business must be solving a need in the marketplace, otherwise you will burn out.
Be a good manager
Neglect of a business can also be its downfall. You must ensure that you study regularly, organize, plan and control all the activities of your business efficiently. Ensuring efficiency sometimes include outsourcing necessary operations to qualified hands.
A successful manager is also a good leader who creates a work climate that encourages productivity. He or she has a skill at hiring competent people, training them and is able to delegate. A good leader is also skilled at strategic thinking, able to make a vision a reality, and able to confront change, make transitions, and envision new possibilities for the future.
Stick to your business roadmap
It is critical for all businesses to have a business road map, often termed Business Plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future. Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, strategic planning and hard work success would not have followed. The same could be said of most business successes.
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Never stop Exploring!
You will almost guarantee your business failing if you don’t invest time and funds exploring more opportunities to take advantage of your market, or grow your customer base or make your product or service more appealing to meet customers’ needs. Even staying ahead of competition needs more exploration. Be determined to find something new and better for your business.
Sprout not Spout
Business growth and expansion take as much careful and strategic planning as managing day-to-day operations. Growth also places a demand on resources that is key to business survival. Even well-established and successful commercial franchises such as fast-food restaurants and convenience stores conduct careful research and planning before opening a new location. The same is applicable to you; conduct thorough research to ensure the time is right and the funding is available for expansion. Ensure that when it comes to growth do it sprouting and not spouting, that leaves you gasping and unable to finish!