Six Steps To Guarantee Your Business Success
By Rhiannon Williamson, Wed Dec 7th
Many of us slave away for years for one uninspiring companyafter another and dream of the day when we can sack the boss andgo it alone. If you’re contemplating starting your own business then I’m herecheering you on from the sidelines because the best decision Iever made was to walk away from my well paid but oh sofrustratingly boring job and start my own business from scratch. I’d always believed in Bob Dylan’s definition of success - “aman is a success if he gets up in the morning and goes to bed atnight and in between does what he wants to do.” And it was thesewords and this sentiment that drove me to seek out businesssuccess on my own.
While I was in the planning stages of things I read around a lotand discovered that there are six main steps that you can followto give your business the best chance of survival and success.With hindsight I can confirm that these six steps do guaranteeyour business success, so here they are for you, use them asyour guide: - 1) Plan to Succeed “Action without planning is the cause of all failure. Actionwith planning is the cause of all success.” - Brian Tracy. You need to establish an intricate business plan that will guideyou through the start-up hurdles and ongoing development of yourbusiness. Whether you’re planning on establishing a globalcompany that will eventually employ many individuals or you’reintending to establish an on-line business from your bedroomthat will employ only you, you must spend the necessary time andeffort plotting out how exactly your company will beestablished, who your customers are, how you will reach them,how you will finance your ongoing operations and where exactlyyou’re headed with your business. “Genius is 1% inspiration and 99% perspiration. Accordingly agenius is often merely a talented person who has done all of hisor her homework.” - Thomas Edison Be a business genius, remember the planning stages are criticalto the future success of your business - don’t rush them. 2) Money Matters “Before you can really start setting financial goals, you needto determine where you stand financially.” - David Bach You need to look at your own personal financial situation anddetermine exactly how much money you will need to live on, howmuch money you have to invest in your business, how much moneyis required to start up and run your company and how exactlyyou’re going to fund the future of your business. Get down tothe financial nitty gritty before you get down to business andyou will avoid the number one reason why businesses fail –namely, lack of capital. Crunch those numbers and be realistic rather than fatalistic oroptimistic! You can and will succeed, but first you must armyourself with the boring facts and figures and then you can putin place the financing you need. 3) To Score Goals You Have To Set Goals “Most people struggle with life balance simply because theyhaven't paid the price to decide what is really important tothem.” - Stephen Covey Having mapped out your business journey intricately, having putin place the financing you will need to travel the path towardssuccess you have to begin setting yourself business and personalgoals. If you have nothing to aim for you will never achieveyour target! Where do you want to be in one month’s time, wheredo you want your company to be in one year’s time? Set stage goals for you, your company, your employees, yourfinances and your success. Follow your progress closely, keepone eye on your goals and you will never fail to succeed. 4) Sure Up Support and Understanding “Getting things accomplished isn't nearly as important as takingtime for love.” - Janette Oke No man is an island therefore
your hopes, dreams, ambitions andgoals should be shared with your loved ones and they need togive you the support and understanding required for success. Starting a business is always challenging, it is at timesstressful and it can take up a very large part of your life. Ifyou explain what you’re doing and why you’re doing it to yourloved ones they will give you the time, love and support youneed to succeed. At the same time it is critical that you do not lose yourperspective and fail to take the time necessary to love and carefor your family. All too often you hear tired and stressed outbusinessmen and women complaining of a lack of spousalunderstanding, whining that they are working so hard directlyfor the benefit of said spouse – this creates disharmony andacrimony on both sides – what a waste of a great life! Get everything in perspective and keep everything in perspectiveat all times, and bring your family and friends on board forguaranteed success. 5) Protect What’s Important “Happy is the man who can endure thehighest and lowest fortune. He who has endured such vicissitudeswith equanimity has deprived misfortune of its power.” - Seneca To further deprive misfortune of its power you can put in placevarious insurance policies to protect yourself, your family,your current situation and your business from undue risk.Because there are no two ways about it, starting out on your ownis a risky business – focus on the success of your business andfollow these six steps and you will achieve all you want to. Andin the interim protect what’s important to you – for example,think long and hard before mortgaging your family home to fundyour company! Get business and personal indemnity insurance inplace, make sure health and life insurance policies are in placeprotecting you, your family and any key employees. But - don’t get hung up on this point because worrying undulyabout risk will blinker your vision. Deal with this point andmove on! 6) Face The Enemy - Deal Directly With Accountants & Lawyers “Money is plentiful for those who understand the simple lawswhich govern its acquisition.” - George Clason Every single business has to act within the laws of thecountries it operates in and deals with and every singlebusiness has certain reporting and taxation requirements. Theseare definite hurdles designed to restrict the visionary, butthey are necessary hurdles to protect a company’s consumers, abusiness’ partners and a country’s economy. Take the time to establish a good working relationship with yourcompany’s accountant and lawyer. Make sure your company isproperly structured from the start and that you fully understandand adhere to taxation and reporting deadlines and rules. Know what is expected of you, understand why it’s important tofollow the rules and structures that have been put in place andhave a system to deal with tax returns, pay runs, companydisclosure and contract negotiations and remember: - “Taxes are not good things, but if you want services, somebody'sgot to pay for them so they're a necessary evil.” - MichaelBloomberg Use these six steps as the guide towards your business successand always strive to keep your vision alive because “vision isperhaps our greatest strength…it has kept us alive to the powerand continuity of thought through the centuries, it makes uspeer into the future and lends shape to the unknown.” - Li KaShing About the author:Rhiannon Williamson is the co-creator of Shelter Offshore -an innovative and exciting company which is specialist ininternational real estate, the offshore financial world andstarting a brand new life or business overseas for expatriates,international investors and anyone dreaming of escaping the ratrace and living an unrestricted life to the full. |
