Five Keys For a Successful New Business

Five Keys For a Successful New Business

Five Keys For a Successful New Business

How can your business overcome its struggles and become more profitable. There are steps everyone can take to ensure they get the maximum return from their business and you can start working on them straight away. Here are five things you need to have to succeed.1. A clear grasp of the financials.If you don't understand the financials of the business you are flying blind. You may not have accounting experience but there are key numbers you must understand - turnover, profit, aged debtor and creditors, and above all cash. And you need to know these numbers for the current month and not just the statutory accounts produced at the end of your accounting year. In the end they only tell you what has happened and you need to know what is happening so that you can make changes that improve the numbers you are looking at. Don't forget too to collect all the money! Have a clear and consistent credit control policy with a system that happened every week without fail.2. Clear and specific aims and goalsIf you aim at nothing you will certainly hit it, goes the saying. It's a common saying for a reason. We all have a limited amount of time and need a clear sense of direction and purpose in order to make sure we do the important things first in order to get us to where we want to end up. But if we don't know where we are going, then we are inevitably going to waste a lot of time on projects that take us no-where. So stop for a moment and think about what success looks like and what has to change in order for you to get there. Time spent doing this will provide excellent returns so don't delay.3. The ability to learn quickly as you goYou will make mistakes and they can be immensely valuable if you take time to reflect and learn from them. Most people who appear wise and knowledgeable have made thousands of mistakes but have used them to improve their businesses and their lives. The main requirement is the humility to accept that you were wrong! If you are always right, you will never learn and are doomed to continue in the same cycle. Face the facts quickly; accept responsibility; and discover how to do it differently next time.4. Finding good advisorsNo-one knows everything about everything so you need to find capable people who have strengths where you do not. You will need professional advisors such as a solicitor and accountant, and it is usually a false economy to do it all yourself without any expert advice. You may also benefit from business advice and there are government schemes to help you out when you start. Depending on your current experience you may need IT, HR or other advice, at least at the start of the business. As ever, the best way to find any advisor is usually to find a recommendation from the friend.5. Being able to maintain a business like attitudeWhat do I mean by that? Well many small business owners treat their business in the way they would a family member. They are constantly available, always on duty and take every criticism personally. Running a business like this ensures that you never make businesslike decisions because you have lost the ability to see the broader business perspective. So make sure to keep a clear separation between your business and the rest of your life, and limit your availability to your customers by a clear sense of business priorities. Make sure your customers are profitable or they are not good for the business no matter how much you like them. Of course all successful business owners work hard and think about their business outside business hours. It's getting lost in the details by being constantly available that becomes draining and counterproductive, so please don't do it.I am sure there are lots of other desirable qualities that make up a successful business owner, but if you start by taking notice of these, you won't go far wrong.

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