The Keys to Business Success | 20-Point Exhaustive Checklist

Attaining business success is a difficult yet rewarding journey!

The road towards finding the keys to business success can be long and complicated and requires careful planning and hard work to conquer. It’s no secret that there are many successful companies globally, but this doesn’t mean that it’s easy to achieve greatness. We often associate business success with large corporations like Apple, Microsoft, or GE. However, small businesses also enjoy a high level of success and can be tremendously rewarding.

What is the secret behind their achievements? The answer to this question varies from one company to another, but there are some common threads that successful companies share. Before we delve into how to achieve business success and the various keys to business success, let’s look at why businesses fail.

What Is The Major Reason Behind Business Failures?

There are two main reasons that cause business failure:

Lack Of Planning And Preparation.

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Sometimes companies fail because they don’t have a proper plan of action for their new business. They tend to jump into the market without doing any research or simply ignoring current industry trends. Or, on the other hand, they overestimate their capabilities and resources and don’t plan accordingly for future roadblocks and problems.

Not Adhering To Market Needs.

The second reason that leads to business failure is the lack of customer orientation. Businesses that fail tend to ignore market needs and preferences and try to sell unsuitable products or services, thus getting a low demand for their offerings.

Both of these reasons are closely related, but one of the major aspects of business success is the ability to offer products and services that are on-demand in the market. This not only helps you get your first customers easily; it also helps your business stay alive despite tough competition or changing times.

How Can You Run A Successful Business?

The keys to business success elude most business owners, and it’s not really a surprise – the road to success is complicated. Believe it or not, even well-known companies like Apple and Microsoft faced difficult times before getting through their early years.

It is widely known that, on average, 20% of new businesses fail during the first two years of start-up, 45% fail during the first five years, and 65% shut down during the first 10 years. Only about 25% of new businesses make it to 15 years or more. So how can your business be among the 25%? Let’s explore the “how”! Don’t ignore these keys to success!

“The road to success and the road to failure are almost exactly the same.” – Colin R. Davis.

Keys to Business Success – A 20-Point Exhaustive Checklist

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Small Business Coach Associates
  1. Invest in Your Education

As an entrepreneur, you need to arm yourself with the knowledge to learn how to achieve business success and handle tough situations and complications that will inevitably arise. You should take up courses, seminars, or webinars related to your field of business and can also read books on entrepreneurship and management. Successful business owners invest in their education and keep themselves updated with the latest trends and market demands.

Perhaps the most important of the keys to business success is learning. While it may not always be a prerequisite to running a successful business (and the examples are numerous), don’t pass an opportunity to learn whenever you can. Whenever the opportunity presents itself, take it up and acquire as much knowledge as you can. That includes management, business start-up strategy, organization or financial management, etc. It may not even be an immediate skill/piece of knowledge you need right away. But having it in your toolbox will pay dividends when you need it.

“The best investment is in the tools of one’s own trade.” – Benjamin Franklin.

  1. Be Action-Oriented: Number 1 of the Top Keys to Business Success

Taking action is the key to success – it’s as simple as that. It doesn’t matter if you’re just starting or your business has been established for some time now – one of the keys to business success is taking action and delivering results.

When learning how to achieve business success, you can study all about marketing, management, and organizational skills over the years, but what will actually make your business grow is taking action. Without doing something, you will not get any results, and your business won’t be successful.

You’ll need to take a step (or two or three) back and put in the hard work required to achieve the goals you set for yourself and your business. Successful individuals are often described as hardworking and action-oriented, so if you want to succeed in business, that’s one of many keys to business success.

Gaining knowledge and new insight or relevant skills is critical in running a business, no doubt. However, knowing how to achieve business success means your plans and goals should be action-oriented – be swift to act. My coaching clients understand this is one of the most important keys to business success. Business coaching clients who take action get spectacular results!

Many persons have imagined and envisioned themselves owning and running a successful business. However, most rob themselves of their dreams because they fail to act on them. Don’t hide behind the research of how to achieve business success each day to delay and procrastinate in starting your business or moving it to a realm of greater success. Many people suffer from “paralysis by analysis.” Don’t do that! Take action now. Apply the knowledge you already have on how to achieve business success. You’ll have more opportunities to learn on the way, both from experience and from other structured learning programs.

No matter how much knowledge you may have on how to achieve business success, it’ll matter very little to your goal of a successful business if you fail to act. Dreams are dreams and will remain imaginary until it is accompanied by a corresponding action. Turn a dream into action by setting a due date and telling others about your goal.

There’s no shortage of remarkable ideas; what’s missing is the will to execute them.” – Seth Godin

“The way to get started is to quit talking and begin doing.” – Walt Disney

  1. Present Relevant Products to Help You Attain The Keys to Business Success
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Many businesses fail because they sell the wrong products and services to the wrong people. For instance, if you are selling weight loss supplements but your target market comprises persons suffering from heart diseases, it will be a waste of time for both clients and yourself. You will not make any money or have any happy customers either.

 

The process of product development is about serving people, listening to them, and providing the things they actually need. It’s not just about inventing something that you think will be cool or interesting – it has to present value to someone, and that is how to achieve business success. I’m sure you all remember the story of James Dyson, who was convinced by his wife to keep on working on his vacuum cleaner design. Prior to its launch, the market was already saturated with several competitive products.

People who took action succeeded; people who did not fail. There are many reasons why people fail in business, but this is one of the main reasons (if not THE reason) why businesses fail: they sell what they think people need, not what they really want. There is no how-to achieve business success doing this.

Many businesses fail because there is no real demand for their products. The business idea might be great, but if the product or service does not solve a problem or meet a need of someone out there, then that business will end up failing. Make sure to do proper market research before launching any products or services.

Don’t get me wrong; I am not saying that you should never invent your own product. In fact, you can invent a new product or service by stumbling upon an unmet need in the market and then selling a solution to it. If there is a gap in the market for a specific problem, you can become an entrepreneur overnight.

However, you need to realize that new products and services are usually very risky business ventures, so make sure you know what you’re getting yourself into before taking any steps in this direction.

“Far and away the best prize that life offers is the chance to work hard at work worth doing.” – Theodore Roosevelt

“Play by the rules, but be ferocious.” – Phil Knight

  1. Build a competent team

Many people fail in business because of poor teamwork. Working on your own is somehow easy, but working with others can be hard. However, you should not be selfish and work alone to achieve success. Work with others who have abilities that complement yours. Play to each individual’s strength so that the whole team becomes strong. This is how to achieve business success easily.

Build a team of people who are more talented than you are. So many entrepreneurs fail because they’re bad at their job, but because they lack the strong team behind them to get things done.

The business idea may be great, but success will not be attained if the entrepreneur lacks competence or has no good relationship with their employees.

A bad team will kill your business even if you have a fantastic idea because your idea can only go as far as your competence and the competency of those who work with you.

“If you want to go fast, go alone. If you want to go far, go together.” – African Proverb.

Most often than not, small businesses thrive when there is teamwork. As such, one of the important keys to success in your business, you must carefully select those you want on your team. Being the business owner, especially in small- to medium-sized businesses, you’re most likely in charge of making hiring decisions. As such, strive to hire those who have the necessary skill set to fit your business to accomplish the set goals. Create the ideal employee profile in advance, and then compare your candidates to the profile.

When we speak of a team, we referred to those serving in various business areas: accountants, consultants, business attorneys, or sales agents. Their effectiveness in their delegated responsibilities will reflect on the overall success of the business. Consider those who have the necessary experience, including working in similar businesses or industries, before hiring them.

“The successful warrior is the average man, with laser-like focus.” – Bruce Lee.

  1. Learn from Others – One of the Most Important Keys to Business Success

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Along with formal education, one of the keys to business success is not being afraid to learn from others. While you may have experience in your industry, it pays to learn from others who are ahead of you. This is how to achieve business success.

It doesn’t matter if they are well-known or not, study them carefully and try to understand their moves. Learn what makes them successful and implement those strategies in your business to avoid mistakes they made. But remember at the same time that you must be careful not to copy them.

That’s because it is very much easy to be successful copying others, but in the long run, your prospects for continued success are slim. The reason is simple; you will never have a new idea or path of your own if you do not create anything original. Furthermore, competitors may see your work, read between the lines, and get ahead of you.

“Instead of comparing our lot with that of those who are more fortunate than we are, we should compare it with the lot of the great majority of our fellow men. It then appears that we are among the privileged.” – Helen Keller.

When you study how others have achieved success in their businesses, you can learn from their mistakes or challenges that gave them sleepless nights. You can then use this information when planning your business strategy, which will help make it easier to achieve success.

Learning from other peoples’ failure

To learn how to achieve business success, connect with other business owners, and try to learn a thing to two from their experiences and how they’ve been successful. Of course, you can only learn from someone who has something to give. You can’t achieve success by learning from a failure, can you? You can! Learning from other’s failures can be very instructive.

There are two lessons that you can learn from every failure. The first is if the other person could have avoided it, so can you! And second, what should they do differently next time? If you only take the first lesson and ignore the second one, then your brain will try its best to avoid making the same mistake.

Now, imagine how much you can learn from other’s failures? Obviously, a lot!

Also, don’t be shy or afraid to share your successes and failures, and challenges you face, as it creates more opportunities for learning and growth.

You can also find yourself a mentor or business coach. These people can help navigate you through the ocean of business and guide you on how to achieve business success as you venture into your own business. Having these contacts with others can be important. Their wisdom, successes, and even failures can guide you and keep you from making similar unnecessary mistakes.

But be mindful, “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau.

  1. Have a well-strategized business plan when seeking the keys to business successkeys-to-business-success

You can have the most skilled managers in your firm, but it will be difficult for you to achieve success without a well-strategized business plan.

“Every child is an artist. The problem is how to remain an artist once he grows up.”

Having a formal business plan that includes detailed information about your business growth, expenses, and revenue is very crucial. Not having a set business path could lead to chaos in your business. It can be disastrous if you are unable to achieve the milestones you have set for your business. And this can result in you losing clients or not being able to attract investors at all.

Another important thing about formulating a good plan is that it forces you to think. Many businesses owners view having a formal plan as unnecessary work. They just jump straight into their businesses without ever considering how to achieve business success or goals or what kind of obstacles may be in their way.

These plans will show you where your strengths and weaknesses lie. If you lack in an area, you need to find someone who can fill the gap or hire another person, for that matter.

Your business plan also defines how to achieve business success, how a business will function, and with what strategies. This plan maps out the target market in view. You want a clearly established and attainable vision as well as the methods to achieve that vision. The business plan also defines financial and staffing projections and the goods/services rendered.

A well-strategized business plan will keep you and the team well organized, focused, and motivated. Business plans aren’t for show. All decisions and steps you take should be in line with the clearly defined plan. You should also create plans for activities like meetings, exhibitions, or even promotional activities.

Continually Revise And Tailor The Business Idea For The Keys to Business Success

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It is, however, important to note that you will continually revise and tailor the business idea as you develop the plan. This plan will be updated and amended as you engage in the business and deploy the plan. The strategy may need to be modified, staffing projections altered, and even goods/services rendered changed to meet consumer preferences. The keys to business success greatly hinge on the business plan, so carefully strategize your plan for success and stay focused on it.

“There are no secrets to success. It is the result of preparation, hard work and learning from failure.” – Colin Powell

  1. Expand Your Financial Knowledge

Finance is a very crucial aspect of your business. Your effective management and mastery of it are another of the keys to business success. Even when you have a great plan with a committed team, how you manage the business’ finances will determine how to achieve business success.

So, invest and learn basic aspects of finance, including creating a budget, saving, and accountability in business. At some point, you will invest in a finance person, accountant, or bookkeeper. But it’s great to handle and review financial statements and have enough knowledge to fully understand the profits the business is generating. For example, balancing out income and expenses from the business can enable you to make statistically sound and strategic decisions. Errors in cash flow can pull even a successful business into the pit of failure.

Also, as part of the keys to business success, it is important to understand the types and amount of taxes you pay, when you pay and how those balance in your balance sheet. Knowledge of insurance and loans will go a long way to boost the keys to the success of the business, so be wise to invest in your education.

Having the right financial information can also help you maintain a good cash flow, fund important opportunities, and save the business from sinking. This allows you to maintain the road to success. If you are planning to expand your business or just starting, then knowing the basics of finance is great for making better decisions. This is how to achieve business success.

“Finance is a language. And like all languages, you need to master it to be able to speak and understand it fluently.” – Robert Kiyosaki.

“The best investment is in the tools of one’s own trade.” – Benjamin Franklin.

  1. Have an effective working process

Small businesses often have a small staff and struggle with getting things done and on time too. As such, there is often the feeling there isn’t always enough time to accomplish all designated tasks, and that can be true. To manage this, you create systems.

To be successful, your business needs to be well organized; this is one of the vital keys to business success you must understand to succeed. For example, you can lay down a process for handling taxes monthly or even handling invoices. Such processes spell out every action at every step of the activity chain, thereby reducing the chances of mistakes. This will save time and enhance the chances of achieving success in the business. And when you delegate these tasks to your staff and ensure the processes are followed, you can rest assured they’ll get the job done right. Doing this will allow you to focus on other aspects of the business for growth and ultimately achieve the keys to business success.

Not only that but having a system in place for hiring employees is important. It can prevent you from hiring the wrong kinds of people who cannot contribute to the business. This is another important process on how to achieve business success.

“An ordinary mind can only think of one way to do things. A creative mind has unlimited ways.” – Anonymous

“Even if you are on the right track, you’ll get run over if you just sit there.” – Will Rodgers

  1. Take advantage of targeted advertisingkeys-to-business-success

Another of the keys to success comes with increased profit, which comes from increased customers. Now, how do you get more customers to know and demand your goods/services? Marketing, that’s how. You can’t get customers to a business they don’t know about. It doesn’t matter whether you have a physical sales point or use e-commerce facilities. You should have targeted marketing/advertising strategies to expand your customer base.

When you advertise, don’t just go with the flow. Your marketing campaign should be well thought out and consistent in delivery. Have your budget ready to handle this exercise before embarking on it. Analyze the cost of advertising per unit. Also, for online or social media campaigns, track individuals who shared or retweeted your post/advert to identify your target market. You can then develop a more targeted marketing strategy that will help you capture the customers who are most likely to buy from you.

You must find types of marketing and advertising that are most effective and would make the greatest impact on your particular business. When you have good marketing and advertisement strategies implemented, more people will know your business. More customers will be added, thereby increasing the scope of the business and ultimately tending towards success. This is a great tip on is how to achieve business success sooner than expected.

“Advertising is the art of convincing people to spend money they don’t have for something they don’t need.” – Will Rogers.

“If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.” – Jim Rohn.

  1. Build Customer Loyalty- Important Keys to Business Success

One of the important keys to business success is loyalty to its customers. Building loyalty to and from customers can take a significant length of time. But once established, it can ensure consistent revenue and referrals by satisfied customers. So, be diligent and consistent at what developing relationships.

To build customer loyalty, you must consistently provide good customer service. People remember good customer service and easily get attached to such a business. People want to be treated well. When you achieve this consistently, customers will feel comfortable frequenting your business, being confident that they’d be treated well. With this, you can build customer loyalty to your business.

Communicate the business vision and mission to customers:

When customers can understand your vision, what you stand for, and your policies, they can easily decide if they want to align themselves to your business to become part of what you’re building.

Communicate the value of the goods/services your business provides. Sometimes, people may not fully understand why what you sell is of any importance to them. It is your job to enlighten them if you want to make a profit. Make customers see the importance of choosing the goods/services you offer, and they’ll get “hooked” on your products when they do.

“To succeed, we must first believe that we can.” – Nikos Kazantzakis

  1. Build on your interests- Important Keys to Business Successkeys-to-business-success

On an individual level, what are your interests? What do you enjoy doing? What do you like to do? One of the most important keys to business success is engaging your interests in business. Getting involved in what appeals to you will go a long way to define your enthusiasm and devotion to the business venture and, ultimately, the success of the business. Don’t just do what you have to; do what you want to! When you engage in what interests you, you’ll be more devoted, working harder at it with passion, and ultimately, you’ll reap the rewards. When you engage in what appeals to you personally, you’ll easily find ways to succeed at it.

For example, if you’re drawn to phones and gadgets, then dealing in mobile phones or consumer electronics may be of more appeal to you than engaging a clothing line. You’ll be more likely to passionately engage the former and find more ways to be successful than the latter.

“Stop chasing the money and start chasing the passion.” – Tony Hsieh

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” – Albert Schweitzer

  1. Create Business Networks

In business, you can’t and shouldn’t try to be an island; that is not is how to achieve business success. Be open to creating networks in your business. Even when on vacation, when you attend social events or personal interactions, keep your eyes and ears open to every opportunity. Connect with people for the betterment of your business. This might include other business owners, potential clients, or partners. Such connections can happen at any time. Be keen to make the most of every opportunity and talk business.

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” – Thomas Edison

  1. Maximize Profit for the keys to business success

The ultimate goal of every business is to reduce costs and maximize profits. So be open to new ideas to maximize available resources to profit. Brainstorm with your employees to find better approaches. Develop new ways to save on costs that do not conflict with your values and mission. These keys to business success will positively impact the profits generated by the business and steer your business on the path to achieving the keys to success.

“Would you like me to give you a formula for success? It’s quite simple, really: Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.” – Thomas J. Watson

  1. Protect Yourself

As a business owner, you should have protective measures in place for your assets. For example, you should function in such a way that you don’t lose your house or car if someone sues your company. Liability insurance can, thus, be useful. Also, have a legal team to work this out and keep them posted on the developments and changes in your business to better shield you from any fallouts in the business. Regularly consult with them to ensure you make the right moves legally about your business.

“Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don’t quit.” – Conrad Hilton

  1. Keep Detailed Records

When it comes to record-keeping, successful business owners understand its importance, and they keep good records. Records help you keep track of the progress of the business, the financial standing of the business, and existing challenges in the business. Records highlight trends in the functioning of the business. They help the management to make statistically accurate decisions based on facts. Knowing is half the solution.

“The only limit to our realization of tomorrow will be our doubts of today.” – Franklin D. Roosevelt

  1. Know Your Competitionkeys-to-business-success

If you are determined on how to achieve business success, it is of utmost importance to know what your competitors are up to. This is one of the keys to business success that will enable you to have the upper hand in the industry. So, keep a close watch on their products, marketing strategies, pricing schemes, new initiatives, or advertisement campaigns so that you can stay one step ahead of them.

Competition brings out the best in a business. Know your competition. Study them and learn from them. When you have competing businesses in the same domain as you, it pays to know them and possibly their modus operandi. It is possible to learn from your competition, especially when you feel the competition is fierce. They might be doing something you aren’t that is getting the results you desire.

Don’t be afraid of the competition. Embrace it and use it for the advancement of your business. “Every problem is a gift—without problems, we would not grow.” – Anthony Robbins

  1. Don’t be afraid to take risks or fail for the keys to business success

Another of the keys to business success is owners who are not afraid to take calculated risks for the growth and betterment of their businesses. For every venture you intend to engage in, you must clearly establish the worst-case scenario, accept it, and strategically proceed. Some risks are necessary to succeed, and some are unnecessary, but you must not be afraid of taking risks. There are no guarantees of success, but you can do your best to assess the risks. Accept the risk and roll up your sleeves for action.

Well-calculated risks can also include the timing of starting or expanding your business. When is it the right time to make a move in advancing your business? What is your perspective when others see impediments and setbacks?

“Almost everything worthwhile carries with it some sort of risk, whether it’s starting a new business, whether it’s leaving home, whether it’s getting married, or whether it’s flying into space.” – Chris Hadfield

  1. Be Creative and Innovative to gain the keys to business success

When learning how to achieve business success, you must be innovative. Creativity and innovation go a long way when trying to find new ways to do things in business. Just as every other living being evolves, so does business. If your business remains stagnant, it will die a slow death – this is one of the greatest keys to business success you must understand. Thus, you must be open to constructive criticism and embrace change to better your company or business. While change is difficult, it can be a good thing if done for the right purpose.

“Be not afraid of growing slowly; be afraid only of standing still.” – Chinese Proverb.

In other words, to be successful, you must constantly be innovating, making out new opportunities for an increase. Also, be open to ideas from any and every source. You’re not omniscient, so pay attention to ideas and innovations from others towards your business. Paying attention doesn’t mean you’ll commit to those ideas, but be open to consider them carefully.

“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” – William Durant

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  1. Stay Focused and Consistent

The mark of successful business people is how they stay focused and consistent on a path to accomplish their goals. Business owners must align the purpose of the business with a higher vision, whether it is personal or cultural. They know that for them to be successful, others must succeed as well. They focus on keeping their business aligned with the purpose and vision of why they started it in the first place. Income is a bonus, not an end goal.

When it comes to business, you’ll not likely become a success overnight. As such, be patient, focused, and consistent in what you do. Consistency will put you on the map of many customers. You must keep at it, day in and day out, to establish long-term habits and loyalties that will pay dividends in the long run. This is how to achieve business success! Remember, “Rome wasn’t built in a day.”

“If you really look closely, most overnight successes took a long time.” – Steve Jobs

  1. Be ready to make the necessary sacrifices when seeking the keys to business success

To make how to achieve business success easier, a lot of sacrifices are required to be made before you see the results from your business. Sacrifice time, money, and effort – these three things must be given up for a successful business. You need to have the right balance between all three – find it and cling on to it until you’re successful! Be ready to do anything it takes to make it in business.

The last of the keys to business success, ‘sacrifice’ isn’t always a cakewalk, and you must be ready to endure what it takes to be successful. It may entail cutting back on your leisure activities, sleep, personal expenditures, etc. You must be ready to make the necessary sacrifices and establish a balance in all things. At the end of the day, your business is important and should be given due diligence. The sacrifices will be well worth it.

Sacrificing is difficult, but the results are always worth it. Once you make the necessary sacrifices, take hold of your business and ride out to success. This is how to achieve business success – You can do it!

“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired and success achieved.” – Helen Keller.

Conclusion:

Success is a wonderful and exciting thing to achieve, but it isn’t for the faint of heart who are not ready to learn how to achieve business success the best way. If you aren’t ready to make many sacrifices along the way, then you may want to rethink your goals. It’s work; nothing worth achieving comes easy! However, if your ambition is high enough and you’re willing to take hold of the reins, then you are sure to succeed beyond your wildest dreams. Just remember that success can’t be achieved overnight, nor should it be. Instead, it is a journey, one that must take place day in and day out. Make the right sacrifices, focus on what you need to do, learn from your mistakes/failures, stay consistent in your endeavors, etc., all along the way so you may succeed!

I had a lot of fun writing this article for those searching for how to achieve business success and the keys to business success. I know it’s easier said than done, but everyone has chops deep down inside of them. You can be successful if you are willing to make the necessary sacrifices and learn how to achieve business success by staying focused on your goals and taking action when opportunity knocks. Just remember these keys to business success!

Have a great day, my friends!

Cheers,

Whether you think you can or whether you think you can’t, you’re right!” – Henry Ford

 

Interpret Your Income Statements in 2021

Small business owners must take on different roles to keep costs down – whether as a designer, copywriter, marketer, or accountant and being able to interpret income statements is included in the must-knows. You have to apply all the skills you have, or get the training to fill in the gaps.  

One expertise that tends to be particularly difficult for small business owners is creating and managing income statements. Two primary financial documents that a business owner must have are a balance sheet and an income statement. On the balance sheet, you can see what you own (assets), and what you owe (liabilities) at a specific moment in time. Income statements show – by month, quarter, or year – what money is coming in and going out, and whether you made a profit or had a loss.

Owners use this critical document to analyze profit and loss, and to then make strategic decisions on increasing sales or reducing expenses. It’s also a required document to show to inventors and lenders.

What is the Story That Your Income Statements Tell?

Your income statements tell a story. They tell a story of how you grew or didn’t grow your sales. How much you spent to get sales. How much you spent to pay yourself and your employees. How much you spent on rent, phones, insurance and other expenses. And then finally the story of how much was left in profits or losses after sales minus expenses. Whether the story has a happy ending is up to you!

To help you, we’re giving you some tips on how to interpret your income statements:

A Reality Check For Your Financial Reports

Even though your income statements may be done on the computer, it’s a prudent idea to verify the data. One wrong number or an error in a calculation could make the statement virtually useless.

  • Do you have all the needed categories for your industry (retail, manufacturing, personal services, etc.)?
  • Are any figures missing (costs like association fees, licenses, or legal bills or income like earned interest, rebates, or sold equipment)?
  • Are all the Excel formulas (like Sum) correct?
  • Do the actual numbers make sense for each category? 

Ensure you’re tracking all the right categories, and that the data makes sense.

The Income Statements Sources

It’s imperative to closely look at each one of your income sources. Ask yourself if this revenue is sustainable or not.

Analysis will show whether your current business model is working. If not, determine what can you can do to improve it, such as:

  • Develop procedures or process flows to help your team become more efficient and, thus, faster
  • Join a trade group like an industry association or community club like a local Chamber of Commerce to meet peers and potential clients
  • Increase your online advertising to drive traffic to your website
  • Hire a professional to help with weak areas like social media, copywriting, or sales

The Expense Categories on Your Income Statements

Most businesses share common expenses like rent, insurance, staff salaries and benefits, interest, taxes, and supplies. Keep an eye on these expenses to determine if all expenditures are shown, and if reductions can be made in areas like insurance premiums, inventory, or loan rates.

Consider whether expenses are appropriate for your industry; for instance, in a manufacturing business, supplies and materials should be your two largest costs. If you have a service business, you should see a bigger expense in salaries.

It’s also a good time to think ahead to planned future expenses like training or advertising, and to make adjustments as possible in other categories.

The Bottom Line: Your Profits

Particular focus will be on the number at the bottom of your income statement:  Net Income value. When it’s a positive number, you have surplus income; when it’s a negative number, you have a loss for that period.

A positive number here indicates your business is making more money than what it’s spending for that period. It shows you’re doing a great job in managing business costs and generating sufficient income to be profitable. Congrats!

Positive income gives you the option to spend money on new equipment or software, advertising, or bonuses, or even pay yourself! 

If the Net Income value is a negative value, it means that your expenses are higher than your revenues. The negative number can show enclosed by parenthesis, in red, or simply have a minus before the value.

When you see a negative value here, it doesn’t imply that your business is failing. Many businesses operate in the red for up to 3 years due to the numerous start-up expenditures like facilities, hardware, software, training, websites, and licenses.

A negative number can also be due to lower revenues or higher costs due to:

  • ramping up your customer base through networking and word-of-mouth
  • development of advertising, social media, and online content
  • seasonal work such as farming, snow removal, roofing, or landscaping
  • time for training and certification of staff

Assess the root causes for negative Net Income and make the moves toward improvements in the period that follows.

If you continue to have a negative Net Income, you need a deeper analysis to know where efficiencies and changes can be made.

Comparing Income Statements Side-by-Side

While looking at an income statement from a single period is important, it’s even more important to compare it to the previous ones. This is the only way that you have to see major trends in costs and sales.

Ideally, use an income statements template that will show a column with your last numbers. Use the comparison to become aware of any trends, seasonal affects, unnecessary costs, or other key information. 

Once you can see the ups and downs in your numbers, you can address how to maintain the ups and to avoid the downs. If sales have declined, you can hire more staff. If insurance rates have increased, you can shop a better rate. If inventory is top-heavy, you can sell off the excess.

Reviewing the numbers in an income statement may not be the most exciting task of your day, but you should now recognize its importance in growing a successful business. You’ll know what is earning money, where your losses are happening, and how to get to the fun part – making more profit so you can expand your small business and fulfill your dreams.

For more information, here’s another article entitled “Why Measuring Results in Small Business is Crucial.” What are your thoughts about this topic? Is this helpful information? Reply in the comments below.

How to Succeed in Business Without Really Trying

The Movie: How to Succeed in Business Without Really Trying

If you’re a Baby Boomer, you might know the title reference to a 1960’s movie. The story centers on an ambitious young man, J. Pierpont Finch, who reads a book about how to succeed in business and uses it to rise at a dizzying pace from mailroom to executive suite. (More recently, it was adapted into two Broadway musicals, one starring Nick Jonas and the other with Daniel Ratcliffe.)

This is our take – without the romance, drama, and musical numbers – on the things that might make it easier to succeed in business.

How to Succeed in Business Without Really Trying

Stay open to trying a new approach or considering a worthwhile suggestion, and go further than you expected to succeed in business without really trying hard.

Choosing Your Small Business

If you’re 100% sure that you want to start your own business, but not 100% sure of what business you’ll choose, then we’ve got some suggestions for how you can succeed in business with minimal agony.

Loving The Business You Start

For those starting out, the best advice for an easier path to succeed in business is to do what you love … or at least enjoy a lot. Maybe you’d adore making a living by creating art sculptures, recycling furniture, or running an animal rescue. Maybe you yearn to start a business doing landscaping, graphic design, or blacksmithing. 

From the following story, it’s not hard to understand how much more successful you can be if you really love your work.

It’s also about feeling real passion for an occupation. After years of the corporate grind, many people want to create a business to help others – which could center around specialties like counseling, environmental conservation, or coaching.

Here’s a story about how a passion became a path to succeed in business.

Paul Tima of Solutions-4-You – Industry: health & wellness products.

Along with his wife Cheryl, Paul sells natural personal care items, vitamins, and organic foods. Their business sprang up from years of research which disclosed how commonly used household products and foods are poisoning us “one cell at a time.” Their long quest began after Cheryl contracted scoliosis (which causes the spine to “collapse”). As they learned more, Paul was shocked by the fact that 85% of their household articles (from soap & makeup to cleansers & sprays) contained carcinogenic ingredients. He felt as if “God was hitting me on the head” to do something about it.

This all turned Paul into a man with an intense passion for educating folks about the damaging effects of common household goods on our health, and for providing new and time‑tested natural therapies, food, and household products that puts prevention before prescriptions.

“We still need our medical community of nurses and doctors,” he says, but we also need “to understand the body and how to take care of it.” We should make a choice to know what’s in the products we eat, drink, inhale, and use on our skin, and what it’s doing to us.

Take Advantage of Neglected Business Markets

One way to succeed in business without really trying is to choose a business without a lot of competition. Are there no acupuncturists in your town? Very few event planners? Not enough DJ’s, nutritionists, or life coaches? Is your area lacking an upscale restaurant, dance studio, delicatessen, or winery? Improve your chances of success by providing a business that’s in demand but lacking in your community.

To succeed in business you could consider offering a less common service:

  • Concierge for high-end clients. Executives, politicians, and TV stars don’t want to waste their time or energy on tasks like lining up concert tickets, finding handymen and contractors, or making reservations for a weekend getaway. There are 10.8 million U.S. millionaires out there who could be your next client.
  • Providing expert witness services for legal cases. Maybe you have skills that a lawyer might want in court – like a physician, security pro, or forensic scientist. You could also be a broker of expert witnesses – locally, nationally, or globally.
  • Services for seniors. As the Baby Boomer generation (born 1944-1964) ages, there is high demand for in-home companions and care providers. This group of 76 million Americans is also seeking an assortment of services to navigate:
    • Medicare, Social Security, Veteran Benefits, Long-Term Care
    • HHHousing, Downsizing, Reverse Mortgages
    • Legal Help (will, power-of-attorney, medical directive)

What Businesses Are in Demand?

Alternatively, consider providing products or services that are new or emerging. Changes in technology, lifestyles, and our stress levels are constant. We’re listing a few industries that seem ripe for the pickin’. If these aren’t just right for you, let it be a jumping board to discern what fits you in particular.

  • CBD or Hemp Oil. Become an online distributor of health-related trends. These oils are free of THC (the hallucinogenic stuff) and have become very popular.
  • Everything pet-related. When I heard a co-worker say she was building a $30,000 sunroom just for her four cats, I was shocked and dumbfounded. I then heard about a nearby restaurant just for dogs. Fido can play with his new buddies on Astroturf and have a doggie birthday party. Amazingly, I read that owners spent $69 million on their pets in 2017.

This industry is open for pet sitters, walkers, and trainers. You can start a mobile pet grooming business or a doggie daycare.  Or, start your own pet bar.

  • Tiny houses. There’s a growing trend toward downsizing and living more simply. From singles to retirees to young millennial families, people are choosing to move from their large suburban homes into a 300-square-foot tiny home on an 8-foot wide trailer. They not only want to reduce their “footprint,” but also have the flexibility to move when and where they’d like.
  • Selling alternative energy sources. Solar, wind, bio-fuel, photovoltaic, geothermal. As research, technology, and costs make environmental-friendly energy more attractive, business- and homeowners are wanting to become more “green.” Opportunities can be found in design, sales, distribution, repair, installation, and maintenance.
  • Personal coaching. This field has boomed in recent years due to society’s increasing struggles like divorce, layoffs, stress, and addiction. People are also looking for answers in the areas of spirituality, health, relationships, and self-improvement. Life coaches, business coaches, and marital coaches are needed to fill the demand.
  • Healthy fast food. Quinoa, free-range chicken, tailored juices, and tofu burgers. It’s a thing. The calorie-rich burger, fries, and soda just aren’t cutting it for everyone. Not only do we feel guilty eating that kind of food, but our waistlines grow proportionately with each happy meal. You could open a drive-thru restaurant, operate a food truck, or become a personal chef.
  • Virtual assistants. Every year, more people go into business for themselves. The owner may have a great product or service, but they need help with the office work:
    • logging appointments and checking email
    • finding suppliers, contractors, or vendors
    • making or fielding calls
    • ordering goods and equipment
    • tracking data like invoices, customer information, or budgets

This is an attractive option for a work-at-home business.

  • Software developers. According to the U.S. Bureau of Labor Statistics, the demand for software developers is expected to increase by 17% each year through 2023. The median pay in 2017 was slightly over $100,000 per year.
  • Skilled trades.  Masons, electricians, plumbers, and carpenters are recession-proof jobs. A significant portion (40%) of current tradesmen will retire in the next few years, so this field will be open.

Pressing the Easy Button In Your Business

There are other easy ways that your business can be a joy rather than a job.

Using Your Business Network

A great way to succeed in business without really trying is by leveraging your network of friends, business contacts, family, relatives, clubs, and other alliances. Connect with neighbors, social media lists, and former co-workers.

Build a community of support, word-of-mouth, and referrals through people you already know. Send them emails and social media posts to forward on to their network. Give them business cards and brochures to share. Sweeten the pot by offering discounts or gift cards when they refer someone who becomes a client.

Make a point of talking to members of groups you’ve joined such as clubs, associations, networking groups, masterminds, or meetups. Ask the group host if you can set up a table in the back of the room, or give a 5-minute pitch. Offer a free showcase event, e-book, or video about what you do and how it benefits the audience.

You can expand your network by joining a trade group like a barter exchange. Members provide products and services to each other cash-free. The work you perform for other members accrues credit to purchase services within the exchange. You not only save on expenses for services like website design, coaching, and marketing, but you also are now a part of a strategic community.

Apply Your Business Talents & Gifts

Instead of setting up a business just to rake in the cash, consider following your calling instead.

Are you artistic and creative? Then you can start a graphics design shop, photography studio, or art gallery. These pursuits may certainly make you money, but you’re using your artsy talents and fulfilling a dream.

Do you hate clutter? The world is looking for organizers to help purge, sell, donate, and re‑organize the things accumulated over the years.

Are you someone who loves to write? So many people need help to make their content clear, well-organized, useful, and compelling – from blogs and web copy to magazine articles and books.

Settling for a high-paying job might bring in a healthy paycheck, but may make you feel as if you sold out. You know what you were really meant to do.

Follow your intrinsic talents. A business won’t be hard work if you do something that comes naturally.

Become the Business Go-To Person

If you prove yourself as the reigning expert in your field, then to succeed in business will come easier. Our suggestions for establishing yourself as the guru for any particular job:

  • Do one job. A lot of entrepreneurs have many talents, but if you want to be that go-to person who known for one niche then stick to just that. You may be renowned as a business coach but can also do website design … keep that secondary skill under your hat because that can confuse your client and muddle your message.
  • Develop deep knowledge. Read books, take webinars, attend classes, and practice. Knowing your business exceedingly well will cast your reputation as the go-to person in your field.
  • Define your unique selling proposition. Take time to flesh out what makes your business stand out from the competition. Tell the story of how your company is different or better. These questions might help:
    • What customer problems are we solving and how do we do it better?
    • How do we compare to the competition – faster turnaround? guaranteed one-day service?
    • What do clients say is best about what we do or provide?
    • What are our distinguishing qualities – customization? open 24/7? American-made?

(Read the related blog about USPs on our website.)

  • Publish. Write a book, blog, or post around your area of expertise. Find the right magazines, newspapers, or trade publications, and submit related articles.  Keep the content appropriate and relevant for your intended audience. (Note: Make sure to have it edited; nothing kills credibility like typos and mediocre writing.)

Starting a business can be exciting and heady at the start, but can be a tougher path to follow than expected. You can succeed in business without really trying by doing something you love, know thoroughly, or that which comes naturally. It will also help to use your existing connections, to choose a market that’s in demand, and to establish yourself as an expert. 

Finding and Training Great Employees

Part 1 of 3.

The people you hire to work for your business can be your biggest assets and your biggest headaches; finding and training great employees can be a challenge. They can support and help you to achieve the vision you have for your company – but they can also prevent you from reaching that vision.

Finding and Training Great Employees

Too many businesses overlook the role of employee recruitment and retention when planning for the success of their organization. Staffing is an important exercise that needs to be purpose-driven and strategic, just like marketing.

Employees Think: What’s in it for Me?

It is vital to understand in today’s market that the relationship between employee and employer is a two-way street. Now, more than ever, employees have a “what’s in it for me?” attitude that extends beyond salary and benefits expectations into incentive and rewards programs. The days of simple compensation structures are over.

Now, this may sound like a big headache, but it’s actually a good thing! With some simple systems and open dialogue, you will be able to effectively create – and keep – your dream team.

The Power of Your Dream Team

How much of your own personal time has human resources – staff hiring, firing, issues management, etc. – taken this year? No doubt staff recruitment and retention is one of the biggest challenges facing any business owner today.

The truth is, if you spent half as much time on human resources as you do on marketing, I guarantee your sales would increase dramatically.

Employees Treat Customers Exactly the Way You Treat Them

Customers know the difference between happy employees and disgruntled ones, and it makes a difference when it comes to purchasing decisions. I’ve heard it said that your employees will treat your customers exactly the same way that you treat them. Would you rather have your car serviced by a grumpy mechanic who doesn’t feel his good work is rewarded or a pleasant one who just stepped out of a weekly team meeting?

A successful business owner has confidence in the people who work for him because he believes they are the best people for the job. Employees who know their employer believes in their skills and abilities will go over and above to get the job done, to make the sale.

Successful Business Owner Invest Time and Money in Employees

Successful business owners invest time and money in finding and keeping the right people. These are the people who share and support the collective vision of the company.

I’m not talking about a complicated formula or magic concoction. I’m talking about some careful thought and a proactive strategy that will make your business shine from the inside out.

Finding Your Dream Employees

Building a dream team starts by finding and hiring the right people for the job. Sounds simple enough. You post an ad, find someone who has the necessary qualifications and hire them on.

Not so fast. Recruitment is a complex process that can dramatically impact your business operations. Just like finding and securing the right customers, finding and hiring the right candidates requires pro-active planning and careful evaluation.

Create an Internal Recruitment System

If you currently work with a recruiting agency to build your team, now may be a good time to stop and evaluate the effectiveness of their service. While a recruiting agency can save you the time and hassle of working through the hiring process, it can also cost more money in the long run.

I always recommend creating an internal recruitment system, not because recruiting agencies do a bad job, but because no one knows your business like you do.

Create an Attractive Business Culture

If you want to attract and retain the highest quality clients, you must have a culture that is attractive and a future that is compelling. Developing an effective strategic plan and including your employees in the process is a good place to start. Determine where you are going, what your mission is and how your organization will treat others. Once you have established your vision, mission, and values, then you must deploy them throughout your organization to ensure that you “practice what you preach.”

An internal recruitment system ensures that the true essence of your business culture is communicated – from advertisement to interview. You also have the opportunity to communicate expectations from the outset, instead of relying on the recruiter to relay this information. The middleman’s thoughts and impressions are eliminated, leaving you to make decisions based on your impression of the candidate and no one else’s.

Step One: Advertise the Opportunity

The first step in recruiting candidates is obviously letting potential candidates know about the opportunity with your company.

But before you pick up the phone to place a classified ad, remember that advertising for potential employees requires just as much consideration and planning as general advertising for your business.

Before You Place an ad ask yourself:

• Who is your ideal candidate?
• What are their skills and qualifications?
• What is their personality or demeanor?
• What are they passionate about?
• What are they looking for in a job?

Once you have a mental picture of your candidate, then you can begin to write an ad that will not only reach them but also inspire them to act (and submit an application).

When writing this ad, be as specific as possible and focus on the benefits of the job. Remember that potential candidates screen job postings with an eye for “what’s in it for me.” Tell them exactly that.

Here are a few sample job postings:

Are you the Marketing Assistant we need?

About You

You’re fun, friendly and have a keen eye for detail. You’re always two steps ahead of your colleagues, and eager to take on new and exciting challenges.

You’ll be the glue that keeps the marketing team operating in a seamless fashion, responsible for website updates, copywriting, event coordination and client relations. You’ll be punctual, responsible, and well put together.

You’ll ideally have an undergraduate degree in marketing or English, and some previous office experience, but a fast learner with a great attitude will also get our attention.

About Us

We are a collaborative team of young professionals. We offer a competitive salary, great benefits and performance incentives.

Think you fit the bill? Email your resume and cover letter to John Jones at jjones@your business.com by Friday at 5 pm.

Are Computers Your Life?

About You

You are smart, outgoing, and a wiz when it comes to computer programming. You’re on your friend’s speed dial for computer emergencies, large and small. Helping people understand the complex digital world is your passion.

You’ll be our Lead Computer Technician, managing our computer repair counter and five Junior Technicians. You’ll have great people skills, mounds of patience, and enjoy working as part of a dynamic team.

About Us

We operate Anytown’s leading computer repair store and are known across the region for our customer service. We work hard, play hard, and offer a competitive benefits package to our employees.

Tell us why this job is for you. Email your resume and cover letter to info@yourbusiness.com by Thursday, September 23.

Both of these job postings speak directly to a very targeted audience. They’re friendly, colloquial, and communicate the job requirements in an informal way.

Every job posting should:

• Be written in the way that you talk
• Be specific
• Describe benefits
• Include skills, qualifications, duties and job title
• Be written in the present tense
• Have a great headline
• Call the reader to action
• Be simple – in word choice and sentence structure
• Be more exciting than the competition

Now that you have a great ad to post, you need to decide where you are going to publish it. This depends on the level of the job (junior to management) and on the specific type of candidate you are looking to recruit.

Here are the five major places to advertise your opportunity:

Government Employment Center

These are great places to find blue-collar or junior level employees. Candidates register with the center, which keeps their resumes on file. Be cautious with this route – it can produce a wide variety of candidates who are not qualified.

Indeed, Ziprecruiter, Etc

This is a great place to post junior to mid-level employment opportunities. You’re looking for basic qualifications from local applicants, perhaps even for part-time positions, with minimal cost.

Linkedin

Senior employment opportunities that require specific high-level qualifications are best advertised with a broad scope. This incurs a greater cost but will return a greater variety of candidates.

Online

This is a cheap way to tap into a massive database of job seekers. Post your ad online on sites like www.monster.com or www.workopolis.com and watch the resumes come flooding in. A large number of highly qualified job seekers who do not wish to register with a recruitment agency will use these services.

Referrals

The most ideal way to find candidates is through your existing network – including associates, colleagues, employees, friends and family. These candidates come to you already vetted by a trusted source. You may also wish to consider giving your staff an incentive to refer their qualified friends and associates to you.

Other Niche Areas

You should also brainstorm a list of any other niche areas that your target market may look for a job. Consider vocational schools, colleges, industry publications, industry associations, small publications, etc.

Conclusion

Once you’ve posted your ad, your next step is to manage the inquiries that come flooding in. These are just a few steps in the process of finding and training great employees.

To read part 2 Finding and Training Great Employees.

Questions about our small business coaching services?

Call us at 1-888-504-0777,

or 

Enter your information below to start growing your revenues and profits today…

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What is the One Missing Key to Your Business Success?

Just like humans, every business has weaknesses. In some cases business owners simply need to work on one or two areas to propel their business to amazing growth and profits. What is the one missing key to your business success?

One of my business ventures was a small service company with 130 employees. Our largest customer was a Ritz Carlton hotel, and the hotel chain was involved with the Malcolm Baldrige Process, a way for organizations to achieve outstanding results. Our leadership team decided to get involved with this process at a state level, and we hired a business coach to help us identify areas of improvement. We grew our profits by more than one thousand percent!

What is the Missing Key to Business Success

There are seven keys to business success according to the Baldrige criteria. Over the next few blog articles, I will be writing about these seven keys. How is your business doing in these areas? Growth normally requires things like small business loans and access to business credit lines but without these 7 keys you will not be managing that growth as effectively and efficiently as you could.

1. Leadership.

Most small businesses are strong in the area of leadership. It takes strong leaders to start and run business. However once your business is going, how do you keep the momentum going? Do you communicate a clear vision, strong values and a compelling mission? Is your team growing, learning and adjusting to the business environment?

2. Strategic Planning.

In my work with small business owners, many do not have a current business plan. That is a huge mistake, especially in this volatile business environment. For example, you would be surprised how many businesses are fortunate enough to get a small business loan but then they don’t use the funds for revenue-generating initiatives and the end result is just more debt and no new clients or business. Every business owner should have short and long term goals, and every employee should understand the goals. Consider all your stakeholders during your planning.

3. Customer Focus.

This area is also a strength for many small business owners. But as a business grows it is easy to lose touch with customers, and without customers your business is dead! Do you have ways of measuring customer satisfaction or dissatisfaction? Are you improving?

4. Measurement.

Speaking of measurement, do you know your business “stats?” In the same way that sports teams know statistics about players, coaches and their offense and defense, you need to track important information. Nearly everyone tracks sale and profits, but do you know the value of your business? What are your key business success factors? Do know how your numbers compared to competitors? You should.

5. Workforce Focus.

Many business owners struggle with finding good employees. Your employees are critical to your business success. Cutting edge leaders believe that their employees are more important than their customers. How do you attract and retain good people?

6. Operations Focus.

The way you deliver your product or service can make you or break you. If you can provide excellent products and services consistently every time, your customers will likely stay with you. Otherwise, you are “rolling the dice.” Wise business owners develop measurable processes that ensure a great customer experience with few exceptions.

7. Results.

This, of course, is the bottom line of all your efforts in business. Once you have determined what is important to measure and have established measures, how are you doing? Are your “stats” improving? How do they compare with your competition or industry? Are your sales and profits growing, or are you struggling like many small businesses? Is your business value growing?

Conclusion

After reviewing these seven keys, what are the top one or two areas that could use some attention in your business? Focus your efforts on the area where your business needs to improve. If you need help, don’t be afraid to seek it out.

Questions about our small business coaching services?

Call us at 1-888-504-0777,

or 

Enter your information below to start growing your revenues and profits today…

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What is the One Missing Key to Your Business Success?

Just like humans, every business has weaknesses.  In some cases, business owners simply need to work on one or two areas to propel their business to amazing growth and profits.

One of my business ventures was a small service company with 130 employees. Our largest customer was a Ritz Carlton hotel, and the hotel chain was involved with the Malcolm Baldrige Process, a way for organizations to achieve outstanding results. Our leadership team decided to get involved with this process at a state level, and we hired a small business marketing coach to help us identify areas of improvement. We grew our profits by more than one thousand percent!

Seven Keys to Success in Business

There are seven keys to business success according to the Baldrige criteria. Over the next few blog articles, I will be writing about these seven keys. How is your business doing in these areas?  Growth normally requires things like small business loans and access to business credit lines but without these 7 keys, you will not be managing that growth as effectively and efficiently as you could.

1.  Leadership in Business.

Most small businesses are strong in the area of leadership. It takes strong leaders to start and run business. However, once your business is going, how do you keep the momentum going? Do you communicate a clear vision, strong values, and a compelling mission? Is your team growing, learning and adjusting to the business environment?

2.  Strategic Planning in Your Business.

In my work with small business owners, many do not have a current business plan.  That is a huge mistake, especially in this volatile business environment. For example, you would be surprised how many businesses are fortunate enough to get a small business loan but then they don’t use the funds for revenue-generating initiatives and the end result is just more debt and no new clients or business.  Every business owner should have short and long term goals, and every employee should understand the goals. Consider all your stakeholders during your planning.

3.  Customer Focus in Your Business.

This area is also a strength for many small business owners. But as a business grows it is easy to lose touch with customers, and without customers your business is dead! Do you have ways of measuring customer satisfaction or dissatisfaction? Are you improving?

4.  Measurement in Your Business.

Speaking of measurement, do you know your business “stats?” In the same way that sports teams know statistics about players, coaches and their offense and defense, you need to track important information. Nearly everyone tracks sale and profits, but do you know the value of your business? What are your key business success factors? Do know how your numbers compared to competitors? You should.

5.  Workforce Focus in Your Business.

Many business owners struggle with finding good employees. Your employees are critical to your business success. Cutting edge leaders believe that their employees are more important than their customers.  How do you attract and retain good people?

6.  Operations Focus in Your Business. 

The way you deliver your product or service can make you or break you. If you can provide excellent products and services consistently every time, your customers will likely stay with you. Otherwise, you are “rolling the dice.”  Wise business owners develop measurable processes that ensure a great customer experience with few exceptions.

7.  Results in Your Business.

This, of course, is the bottom line of all your efforts in business. Once you have determined what is important to measure and have established measures, how are you doing? Are your “stats” improving? How do they compare with your competition or industry? Are your sales and profits growing, or are you struggling like many small businesses? Is your business value growing?

Conclusion

After reviewing these seven keys, what are the top one or two areas that could use some attention in your business? Focus your efforts on the area where your business needs to improve. If you need help, don’t be afraid to seek it out.

Questions about our small business coaching services?

Call us at 1-888-504-0777,

or 

Enter your information below to start growing your revenues and profits today…

[contact-form-7 id=”5379″ title=”Post Form”]

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