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It goes with saying that astute planning is the key for business success. The keys are how — whether it be to cover all aspects of your company or just to improve specific areas.
As an entrepreneur, you must define your goals and the strategies needed to get you where you figuratively want to go.
This is accomplished by a stellar business plan. It’s important to identify what you’ve done, the remaining issues, and who in your organization is responsible. Typically, there are 15 reasons for a business plan.
Short of creating a business plan, here the 10 key questions to review:
1. How’s your passion for success?
Successful business owners have a strong, positive enthusiasm for their missions. They have fun and love what they’re doing.
“Choose a job you love, and you will never have to work a day in your life, ” — Chinese philosopher Confucius. Besides, “If you are not doing what you love, you are wasting your time,” said entertainer Billy Joel.
Success in business is a challenge, but don’t let it become a grind.
2. Are you associating with people who challenge you?
Do your best to be objective and consider both pro and con arguments in your decision-making. Business people usually succeed when they hire the best employees, and if they find and listen to successful mentor.
3. Do you show appreciation to your employees?
Show you care. Celebrate your employees’ accomplishments and their birthdays. Value their work and when you can offer them a work-life balance.
Write thank-you notes. When you’re able, give financial incentives, a rewards system and extra time off.
Incentivize them to power your business forward
4. Do you consider your customers’ points-of-view?
In all things, consider how your customers view your marketing and problem resolutions. They might not always be right, but “walk a mile in their moccasins.”
Always remember the Golden Rule. Treat others how you’d like them to treat you. That means kindness and respect.
5. Do you value your suppliers?
Treat your suppliers like you treat your great customers. Remember you need good suppliers as much as they need you.
Get to know them well, and act accordingly.
6. Do you really know your competitors?
This is important for a couple of reasons. You need to know your competitors’ strengths and weaknesses.
Plus, there is a strength in numbers. There will come a time when you need to form an alliance with them, especially to benefit your industry’s image and to deal with commong adversaries such as in business politics and regulations.
A quote by Sun Tzu, a Chinese military general, strategist and philosopher is important to remember: “Know thy enemy and know yourself; in a hundred battles, you will never be defeated.”
7. Do you have a strong support system?
Every successful business person has a support system. It starts with strong family ties.
Life happens. There are events we cannot anticipate or control.
8. Do you pick yourself up when you fail?
No one is perfect. Sooner or later everyone makes mistakes. Don’t blame others. Own your mistakes. Learn the lessons will make you stronger and wiser.
So recover as quickly as you can. The only way to success, is to keep on trucking whenever you fail.
9. Do you pay it forward?
As a new entrepreneur, you won’t have time and resources to donate to charity.
But when you’re able, bring yourself good Karma. Give back to your community to make it stronger. Your customers will love it. So will your employees and vendors.
10. Do you have an exit strategy?
Succession plans are vital. There will come a time when you need to sell your company or give it to loved ones.
So protect your legacy with seven lessons from big banks in succession planning.
From the Coach’s Corner, here are important tips:
Rules to Successfully Bring Your Kids into the Family Business – Naturally, in bringing your kids into your family business, the key to long-term success is to do it the smart way. Here’s how.
Business Blueprint to Grow Profits Stronger than Ever – Here are five steps for a blueprint to create building blocks for the challenges and opportunities in the new normal.
Plan for Business Profits Using the 7 Ps of Marketing – After 250 years in the various stages of marketing, the 7 Ps of marketing are the crème de la crème in checklists to earn optimal profits.
Here’s How to Hire the Best Person for Small Business – Whether you’re a new or an established business, there are essential steps in hiring employees in order to lay a foundation for success. Here’s a step-by-step process.
“Success consists of going from failure to failure without loss of enthusiasm.”
-Winston Churchill
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