Stay Current
Join an industry association
related to your product or offering. Subscribe to all the magazines that
cover your business. (They are tax deductible!) Look at joining an
organization like NASE ( National Association of Self employed). They have
great sources of advice and information as well as great discounts on
insurance, rental cars, and other business expenses. Read and constantly
be researching topics about your business. It's easy on the internet!
Make sure you
have a financial plan
Also a budget and a
measurement process to keep track of how you are doing monthly If you
don't know where you stand financially and have no short term and long
term financial goals, then you are just letting fate dictate your success
and we know those odds aren't too good. Control your own destiny!
Cash
forecasting
It sounds boring and
difficult, but it's not. Keep it simple. Look at your next 3 months
projected income or revenue, then just lay next to it all the expenditures
you need to keep the business running. The difference is your cash flow.
You must do this to avoid surprises. Most businesses hit the brick wall
because they fail to understand their cash flow.
Get an
advisory board or a mentor
Sounds crazy for a small
operation? It's not! The board can be family members that you trust, or
friends. Ask them to be your board of directors and review your business
plans and results with them. Having someone to bounce ideas off and get an
objective opinion is critical.
Maintain a
balance between work, play and family
This is critical for long term
success. We all put in crazy hours on a short term basis to get a hot
project done or the product out the door, but if you do this on a long
term, regular basis it is a dangerous sign that you are losing
perspective. You need to be able to step away on a regular basis and get
your batteries re-charged. And also have time for family because if they
suffer it is almost a sure bet your business will suffer too.
Network
It's easy to get isolated in a
home business or your own small business operation. Force yourself to get
out and meet with others that can provide a business support structure for
you. One of the benefits of a corporation is the workings of teams and the
on going support structure it provides. You need to create that for
yourself. Don't think you can do it all by yourself; By talking to others
in business you will find out great ideas and it will help motivate you.
Stay Motivated
One of the hardest aspects of
a small business or home based business is creating the discipline or
motivation to work each day. It is so easy to get distracted and put off
the essential tasks that need to get done. Keep your work place and hours
separate from the rest of your responsibilities. Develop a to-do list
EVERYDAY. Set goals for the week. Review how you are doing against them.
We all struggle with this and it is one of the key elements of success
when starting a business.
Don't rest on
your laurels
Be prepared to always change.
Force change. Look for things to do more efficiently or how to improve
your offering or product. Constantly evaluate your competition and
benchmark yourself against them.
Do something
you love
If you are in a business that
you hate, then it is a good bet you won't be successful. Find where your
true talents and skills are and get in a business that exploits them. The
saying," if you do what you love and the money will follow" is
so true, especially for people considering starting a business . Remember
success is more attitude than aptitude and never forget that failure is
only the opportunity to begin again more intelligently.
