Unfortunately there is no magic wand that can guarantee the success of your business; however a review of our most successful business clients reveals many common traits.
How does your business measure up?
1. Risk Taking is OK
Particularly in the start-up phase it is necessary to accept that some degree of risk is required. But make sure that you take the right risks. As you become more successful, the risk taking should reduce and a more conservative approach is warranted.
2. Start With a Great Idea
Be aware of trends, being ahead of the pack is usually a good place to be. Make sure your product or service offering is innovative. Also, resist the temptation to stray too far from your core business, diversification is overrated and can bring a good business down. On the other hand, knowing when to give up on a product or idea is important too.
3. Spend Wisely
Your goal to attain great wealth is achieved by making lots of money and then being smart with it. Reinvest in your business or other appreciating assets. Toys don’t count! It’s ok to be frugal every now and then and try not to give too much to the taxman.
4. Be Confident
A positive and relaxed attitude can make a difference to your success. Be confident in your own abilities, it will help to motivate others. Remember if you think you can’t or if you think you can, you’re right.
5. Get the Right People
Your team should share your goals and share in your success. Get the best people you can and then pay them well. Analyse your own weaknesses and then bring in the right people to compensate for your deficiencies.
6. Aim for Growth
Many successful businesses experience rapid early growth. Growth can also be an important strategy in attracting and retaining great people – a growing business is an exciting place to work. But remember that rapid growth often places pressure on people, systems and resources. This is where planning becomes a critical survival tool.
7. Just Do It
Many people have great ideas but very few actually do anything about them. If you don’t try, the likelihood of serious wealth is remote. If you fail, learn from your mistakes, then ‘get back on your bike’ so that next time your chance of success is greater. Many profitable business owners experienced failure before they ‘made it’.