Essentially, there are only four elements to being successful
in a business, but these four are absolutely indispensable.
1. Education.
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.
2. Technology.
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.
4. Mission.
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.
About the Author
Josie Ash has paid attention to the four things she
needs to succeed, and the results are a small business of
her own at http://www.retirequickly.com/16271