Essentially, there are only four elements to being successfulin a business, but these four are absolutely indispensable.1. Education.You may be able to start a business without knowing muchabout the p...
Essentially, there are only four elements to being successful in a business, but these four are absolutely indispensable.
You may be able to start a business without knowing much about the particular field you've entered, but you won't last for the long haul if you don't learn everything you possibly can about it. Getting educated will require reading, attending classes and seminars, and doing research - on and off-line. Not only do you need to learn everything you can about your particular industry, but you need to stay current in it, as well.
This need for education extends to anyone who works with or for you, too. Training is an essential component of whatever you have to offer an employee. With most industries changing at the speed of light, you can never be 'too' knowledgeable in your area of expertise - and everything you know about it may give you an edge over your competition.
You must have all the tools you need to succeed. Very few businesses can make it on 'brawn' or even 'brain' anymore. It is essential that you take full advantage of whatever technology is available to you today because if you don't, you can be assured that your competition will. And again, it will be vitally important to keep abreast of any changes in that technology, too, and be prepared to upgrade as you go.
3. Positive Cash Flow.
This is, of course, the one thing that everyone gripes about, worries about, and loses sleep over - and many people who are in business don't even know for sure what it means. Put simply, having a positive cash flow means that you have more money coming in than you have going out - not necessarily on any given day, but generally, over a month's time or even a year.
It also means that, sometimes, if you have to juggle from one area of the budget to make up for a shortfall in another area temporarily - you've got the cash to do it. Or, if you have to put out a great deal of money for seasonal inventory, for example, but you won't make it back in sales for several months, you can manage - if you have a positive cash flow.
You may think that your business will 'make it or break it' based on your cash flow, but equally important to the successful life of your business is its mission.
What is it that your business is setting out to accomplish? If you are not too sure about what your company's mission is, think of it this way. Your business - whether you are selling widgets or words - will not succeed unless it is filling a consumer need. Consumers have needs because they have problems that must be solved.
So, quite simply, if your business can provide a SOLUTION TO A PROBLEM, you'll succeed. Write out a mission statement detailing what the 'problem' is, and how whatever your company has will solve that problem - and you've got yourself a mission statement.
Keep these four things in mind throughout the life of your business, and you're bound to succeed.