Sometimes it’s easy to see a successful business and when it’s a failing business. But can you tell what made one successful and the other fail? More importantly, do you use the practices that keep successful businesses in business?
Successful businesses we notice share some of the same characteristics. Some of these are common sense, but others are habits that have to be learned. Common sense ones? Well, the first is having an open mind and being willing to adapt when things change. How many businesses went under because they didn’t adapt to the new recessionary markets? You just can’t do business the old ways anymore. The second one is staying on top of your finances. Are you aware of the state of your profits, cash flow and payables? If the first two decline, knowing early is the line between success and failure. Early changes to make cash flow improve takes awareness of the cash flow problem. Waiting will not make those kinds of problems disappear.
Other habits need to be learned, especially if they don’t come naturally to you. The first of these is asking advice from experts. This doesn’t mean just experts in your business field, but also advice from accountants and lawyers to be sure you are following all the right tax laws, and are not violating other laws or regulations. Another great source of advice is a business coach. All of these people will give you the knowledge you need to grow your business. Second, take advantage of technology. Use it to your advantage to make your business competitive. Take advantage of training opportunities for sales and marketing. Everyone needs sales. Even those lawyers and accountants. How do you think you get clients? Third, create a system that makes your business flow seamlessly. If you have systems in place you can focus on growing the business, not just making it work. Lastly, make sure you encourage and provide a culture in your business that encourages communication and free flow of ideas.
A business coach can help you with all of these areas of success. So don’t be a failing business, practice the habits of a successful business.
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