Welcome to Day 2 of 7 Days of Thanks

7 Secrets of Business Success

I guess technically this is day 2 although my day was so busy that I’m sitting here at 11:35 PM writing what I set out to put down about 12 hours ago. I’m sure no one else has busy days like I have (sarcasm intended). At this point I am just too stubborn to give up and go to bed. Maybe there is a lesson for me to learn.

Before we get started on some great business ideas for today’s market (Day 3), I want you to think about these 7 Secrets of Business Success.

1. Set goals. If you are starting out in business, real estate or any new venture, you must have a plan. The example often used is getting into your car on a new journey without a road map or plan of where you are going. The point is you must plan out this journey, plug it into the GPS system, tell a close friend or loved one where you are going, and think about how long this journey will take. Will you need help along the way? Is it best to have two drivers? What supplies will you need? Business is one of the ultimate journeys in life. Plan ahead.

2. Find a partner. I alluded to this a moment ago. Business is not easy and although you may live in a land of opportunity, no one is going to help you along the way. Because it is so complicated and you may have strengths in only a few aspects of what you plan on doing, oftentimes a partner is crucial. A good partner can balance your weaknesses. A good partner can provide you with financial and emotional stability. A good partner is a sounding board for ideas. On the other hand, a bad partner can destroy your hopes and aspirations. If you plan on going into business together, take the time now to prepare an agreement and make sure you describe in detail what happens if this happy union goes awry, if one of you has to quit or even if a death occurs. No one can imagine that these issues will happen until they happen.

3. Hire professionals. One of the smartest things I’ve ever done is to hire an accountant from day one of my business. Although I knew how to prepare simple tax returns, this is one part of business that is best left for the pros. Your job is to make money, not to do the bookkeeping or review contracts all day long. If you are in business for the first time, don’t get caught spending days learning Quickbooks when you could be making a deal or marketing your product or service.  At a minimum your professional team should consist of an accountant, attorney and an insurance specialist. If you are buying and selling real estate, you will more than likely need a real estate agent and some trustworthy contractors. 

4. Employees, be careful. You can’t do everything, so the time will come when you make the decision to hire out some of what you’re doing so you can focus on the core of growing your business. The solution may be to hire an employee or two or maybe that will become the new problem. Like partners, a good employee will make your business and a bad employee will ruin your life. All I can say here is it is much easier to hire than it is to fire. Hiring is a crucial decision and it should not be done lightly. Before making the decision, consider hiring on contract or on a trial period. 

5. Evolve or Die. Business and the marketplace are fickle. Just as you get your momentum and your systems in place, everything changes. You can either adapt or die. This concept is not new. It is true in natural systems. In business, you solve this by being dynamic, understanding your industry and having multiple streams of income. If your business only has one way to make money, then you are in for some tough times. Make sure you have multiple streams of cash flow and assets that will appreciate in value. 

6. It’s all about sales now. Whether you like it or not, you are now a salesperson. Regardless of what you’ve told yourself about how you can’t sell anything, that is rubbish. From the time you first started communicating, you have been selling to your parents. You’ve been convincing others about yourself and what you believe in.  You’ve spent a lifetime persuading your family, friends, and significant others about everything from the best movie to why you should recycle. Now you are talking about your product or service, and you should believe in it or don’t bother faking it. Anyone can sell what he/she believes in and when you think about it in this manner, it is not really sales.

7. Become an expert. Whatever you are doing, become a recognized expert. You become an expert by learning your industry, interacting with others in the industry and educating yourself. You can never educate yourself enough. Learn so much about your industry that, if put on the spot, you could stand up and lecture on your product or service for 45 minutes. Write about your business or get help writing on blogs, newsletters, or social networking sites like Facebook or Twitter. When you become an expert clients and customers listen and they buy from you.

All the best,

Michael Williams

1-913-381-4520

P.S. Stay tuned tomorrow for day 3 of 7 Days of Thanks…