What does it take to make your business successful?

Why do some businesses take off and others just go on without growth or worse, go away?

 

What does it take to make your business successful in the business world today?

 

Today, I will share what I believe to be the “Top 5.”

 

 

1/        Target Market – you must understand your customer.  Who are you going after with the product/service you supply?

           

So many businesses think everyone is their customer.

Wrong.

Perhaps everyone could potentially buy your product, but you do not have the time or resources to market to everyone.

Pick a niche and go after that and let the rest come if they choose to do so.

 

If you look at successful companies, many times, you will be amazed at the tightly defined niche they go after and the great success they experience.

 

 

2/        A Written Plan with priorities – you must have a roadmap on how you will get where you are going.

You must know how, when and where you are going to do things.

So many small business owners I know have it all in their heads.

It will never get you where you really want to go.

Plus, most people have no sense of priority.

What are the highest playback items I must focus on?

 

It need not be a complex plan; in fact, I recommend very simple 2-3 pages.

Make sure you define:

What you are selling.

To whom you are selling.

How you are selling.

How you are servicing.

How and when you are going to get paid.

And the most important priorities to close business.

 

 

3/        Money/Financial Backing

Don’t run out of money, because when you do, you are done.

This is regardless of how passionate you are or how good your product/service is.

The worse thing is that it usually happens when the process just starts to take off.

A good friend of mine once gave me a great tip, which I always follow when helping organizations deal with cash issues.

“Whatever you think you need, double it.” 

Then, go get the financing.  Better to ask for too much than not enough.

 

One option for financing is a company like Fundera.  They help small business owners get the funding they need by offering a variety of loan options.” 

 

 

Always have money in hand and access to additional funds when you need them.

Do not wait until you need it to ask for money – few will give it to you when you are on the fall.

Build those relationships and connections every day.

Get a line and use it, pay it off, and keep it current.

 

 

4/        Sales and Marketing

You have to know how to sell or have a trusted partner who does.

Today, you have to understand social media and you have to get involved with it.

You must know how to generate leads.

 

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You must have a follow-up process and have an effective CRM system to help you track prospects.

You have to know how to close.

Business is built and grown on the top line.

You cannot build a business by saving money.

Selling is a skill; it is worth every penny you pay for the good stuff.

 

 

5/        Relationships

You cannot do it without others, no matter how good you think you are.

You must have and build relationships with vendors, prospects, and others in the business world.

You have to know whom to go to when you need something.

You have to have people you can trust.

You must have a coach and a mastermind group.

You need strong personal relationships, both inside and outside your organization.

Never guess, instead, build relationships that will help you today, tomorrow and when you become big.

 

 

There you have it.

Some of you will argue, what about this or what about that.

 

These are what my years of coaching have taught me are the keys.  I simply want to share them with you because I know they work.

 

To learn more.

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