Friday, April 4, 2014
What Would It Take to Build a Successful Business?
Building a successful business is like a puzzle. You must gather the right pieces and find how they link together. That may seem intimidating, yet the longer you put in the neccessary effort it just becomes another day at the office. In my own experience, I have seen a consistent formula that privately owned companies typically use to stay in the game. Perhaps this will be of some use to you as you develop your company.
1) Successful businesses know what their bread and butter is. This is how you will generate the consistent cashflow necessary to keep the lights on and expand into other areas. Be careful if your cashflow is tied to only one large client though. If they decide to go with someone else or just stop working with you, your business (and livelihood) will be in a world of trouble.
2) Successful businesses hire great talent and/or bring in the right partners. At some point, hopefully, your business will grow too big for you to manage alone. You will need to bring in people who compliment you that will be able to take your company to the next level.
3) In successful companies, everyone is a salesman to some degree. Selling is the way that everything moves in the business world. We are always selling whether we know it or not. The people in your firm should believe in the vision and be willing to tell others about it freely.
You may feel like you are a long cry from having these types of resources. But if you take a mental posture of "what would it take" as oppose to "I don't have", you will position yourself to find what it is you need. So, what would it take?