9 Super-Slick
Secrets to Boost
Your Business Performance
William A. Ward once said, "Four steps to achievement: Plan
purposefully. Prepare prayerfully. Proceed positively. Pursue
persistently". Use Ward's advice while pursuing the following tips.
1. 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!
2. 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!
3. 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.
4. 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. Or, hire a business coach.
5. 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.
6. 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.
7. Discipline/Motivation
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.
8. 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.
9. 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. Remember success is more attitude than aptitude and
never forget that failure is only the opportunity to begin again
more intelligently.
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