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Entrepreneurs dream of success in business. But it’s not an easy undertaking.

“Starting a business is not for everyone,” said the world’s richest man, Elon Musk. “Starting a business — I’d say, number one is have a high pain threshold.”

Indeed, most businesses fail in their first five years, according to the U.S. Bureau of Labor Statistics. Furthermore, only 25 percent of businesses last 15 years.

So for success, here are 10 Biz Coach proven strategies:

1. Business plan

The first step is to plan well. Use best financial strategies.

In this way, you’ll get started on the proverbial right foot. It will also give you the ability to keep track of your progress.

It’s often best to plan and grow organically. But some businesspeople seek funding. Certainly, any angel or banker will want to see your business plan.

The business plan structure:

  • Executive summary
  • Business description and structure
  • Market research and strategies
  • Management structure and personnel
  • Financials
  • Optional appendix (additional details)

All of this means you must plan at least for your first five years. You can be concise but be specific. Explain your approach using quality research. Seek advice from an expert mentor. Stay flexible. Be prepared to periodically update your plan.

2. Organizational skills

It’s paramount not to get overwhelmed. Daily, create your to-do list. But stay focused on your long-term future with recordkeeping.

There’s an old saying important for entrepreneurs: Cash is king, so take control of your cash flow.

3. Recordkeeping

Effective recordkeeping of your finances will help in your success. Effective financial management and controls must include the policies and procedures for maximum efficiency.

You will always need to know how you’re doing financially and to meet all your obligations including taxes. So plan on electronically keeping records of your sales and business deductions for easy access.

Important records:

  • Bank statements
  • Invoices
  • Office expenses
  • Vehicle and mileage expenses
  • Marketing expenses
  • Miscellaneous receipts
  • Tax returns

4. Know your target audience

You must know your target market and find needs to fill. Become knowledgeable about your prospects — their desires, habits and needs. In other words, learn the answer to this question: “What do prospects need?”

In learning your prospects’ needs will make for marketing success. This also means using the 11 marketing strategies that matter.

5. Creating opportunities for growth

You’re more likely to succeed if you stay flexible and creative.

You’ll experience rejection. The key is to learn from it and use it as an opportunity for growth.

Preparation is key. Marketing is expensive for startups. Many entrepreneurs productively leverage the news media. They avoid pricing mistakes. They also manage their growth at the right pace.

6. Risk-taking

Regarding risk taking, perhaps Mr. Musk said it best: “When something is important enough, you do it even if the odds are not in your favor.”

Many factors are at play when it comes to risk-taking and embracing change to take advantage of opportunities.

After you’ve learned about your audience and industry, you still need to be bold. Learn to take educated risks to capitalize on opportunities.

7. Know your competition

To best understand your standing in the marketplace, learn about your competitors and how they compare to you. You need to know their services, marketing strategy, reviews, and profitability.

You might even want to use some of their strategies. So if you’re a business seeking the spotlight and staying ahead of the competition, look for opportunities to embrace change and act quickly to create a disruptive business model.

8. Customer service

Poor customer service is a salient reason why consumers aren’t loyal to businesses. True, today’s consumers are very demanding. It’s worth noting they’re demanding because they constantly encounter poor customer service.

For initial and long-term success, you must take the necessary steps to enhance your customer service image.

9. Human resources

With sales growth comes the need to hire help in your business. You’ll never keep customers by trying to do everything yourself. Besides, a great employee often will provide creative ideas, and have the skills you lack for growth.

 

Increase Profits by Hiring Talent with the Best Trait

 

Be careful. Don’t hire the wrong person.

Success comes by hiring people who fully understand your goals and the products and services you provide. There are essential steps in hiring the best person.

10. Importance of a work-life balance

It’s true: Starting a business and succeeding will be one of the toughest tests in your life. Work hard but play hard.

You’ll increase your odds for success if you’re refreshed and rested. You’ll be more productive. Therefore, don’t neglect your family and your mental health.

Invest in your future and make money by saving time and reducing your stress.

From the Coach’s Corner, see these related tips:

Marketing – Artificial Intelligence for Your Business — Artificial intelligence can deliver solutions to create happy customers by generating insights into data and consumer patterns. In essence, here’s how:

Successfully Launch a Business Startup in 6 Steps — Entrepreneurs launch their small business with big ideas. Certainly, the business and the owner are synonymous – everything is based on the person’s personality. At the minimum, there are six key questions to ask yourself before you start.

Leadership in Entrepreneurship: 10 Emotions, 10 Processes — Successful business owners are different because they take positive approaches that help them emotionally, physically and financially.

HR — Avoid the 10 Most Common Background Screening Gaffes — In human resources, all background checks are not equal. “An organization that runs background checks on all of its incoming employees is already doing a lot of things right,” writes Michael Klazema, marketing director of Backgroundchecks.com.

How To Build The Most Effective Creative Team — A stellar creative team is crucial for business growth. Here’s how to develop a systematic and creative approach in hiring people for your creative department.

“The future belongs to those who believe in the beauty of their dreams.”

-Eleanor Roosevelt

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Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.