Useful Tips 3 – Reflections

As 2009 come to a close, and we look back at our life that has just passed us by, and a new year of oppurtunities lie ahead of us. We wonder and our mind races at 1000 kilometers an hour..as we start reviewing our goals, our dreams in life. It is a good thing to have some quiet moments by yourself as you review your vision and mission for your business and where you want to go.  Write down some high level action steps and some dates when you want to complete them by.  Get a friend or your business associate to check on you to establish some accountability. Think outside the box and look at friends or other businesses where you can partner to help your business to move to a different level of success.

Whatever you plan to do for 2010 as a small business enterprise, be willing to start small…and have a plan.  If you fail to plan, you plan to fail.

Every oak tree starts as an acorn

So take all that you have and all that you are, place it into God’s hands and ask Him to bless your business as you start 2010

Wish you a very successful and God blessed 2010.

Useful Tips 2 : The success factors of business

As I continue reading Secrets of building multi-million $ Business by Adam Khoo, research has shown that about 40% of all business fold up with the first year of starting the business and 80% fold up within the first 5 years. To avoid being in one of the 40% that wind up, here are some of the critical success factors to keep your business kicking and alive. Success is not to do with age, the level of your academic education, the amount of money you have.  The 3 key ingredients are :

The Entrepreneurial Mindset

• Every disappointment is an oppurtunity to find a solution to resolve that challenge. The ability to succeed is 70% psychology and 30% strategy. The successful entrepreneur takes responsibility and ownership of whatever the situation may be.  It is not the economy, or the competition or difficult customers, or incompetent staff that affects the state of the business. It is not the victim mindset but a “Victor Mindset ” that gives the entrepreneurs the power and the ability to control their fate.  It is their thought pattern that enables them to take actions to change their circumstances and thus their results.

• Take a stop check and examine areas in your business to  turn the problem area into a list of actions to take.  Draw a table of  3 columns, with header title – challenge areas and action steps – what I need to do as a business owner to resolve this challenge”  and when I should complete this action steps.

Failure Leads To Success

• Success never take a straight line.  Life throws curve balls and it is how you manoeuvre the ball and the ability to stay calm, optimistic and reject failure and deal with setbacks, before you can achieve your dreams. There are no failures.  There are only Learning Experiences. Entrepreneurs believe that if they do not achieve their desired outcome, they change their strategy until they succeed. The only possible failure is if they give up.

• It is often important to have faith and the belief that things will work out when you are determined to find a way.  Your faith and belief give you the inner strength to overcome life’s challenges.

Constant and Never Ending Innovation

• Successful Entrepreneurs are always on the lookout for ways to improve their business operations, marketing, services and their products. Ask your customers how you can improve your service.  They will support you if you are adding value to your products and services.

Look out for Useful Tips 3.

Useful Tips 1 : The making of a successful business

I have been reading and researching on how to help small business to improve your bottomline and I came across this book : Secrets of Building multi-million Dollar Business by Adam Khoo. I have found the book very easy to read and have included some tips that could be useful.

The making of a successful business requires the following:

• An open mind to learn, an insatiable desire to succeed and the willingness to put in the hard work.
• Taking ownership, accountability and the responsibility for everything that happens in your business, then can you have the power to create the successful business you desire.
• Love the idea of selling.  To achieve anything in life, you have to get out there and sell! You are meeting their needs and adding value to their lives through the sale. You are helping solve a problem , meet a need or help them achieve their vision or company goals.
• Be resourceful.  Gather around expertise that can provide the support that you require. People are your greatest wealth resource. It is who you know not what you know.
• Build a system that is independent of individuals. Processes – streamline. Keep it simple.
• Have a compelling reason why you are in business.  If you do not have a reason, then stop right now, and write your story. What do you want your  business to do for you!!!  What is your key motivation? When you have found the WHY, you will be able to find the HOW. So, take time to write down WHY do you want to be a a business owner? What do you want the business to do for you?

Watch out for Useful Tips 2.

Apply simple Project Management principles in running your business

When you are managing your business as a small business owner, you are often wearing many hats. You could be the person planning the budget, marketing, sales, technician, and bookeeper, etc, therefore it is essential that you follow a simple methodical approach to handle your day to day business activities. Running a successful business requires a lot of planning and organisation to shape it to what your goals and vision for your business or the questions is : Do you have a vision of what you desire for your business?  If you don’t you should be!!!

Some simple project management principles that you can adopt are:

• Create a weekly task list in an A4 exercise book. As you complete each task, you give it a tick. Put some dates on each task so that you have created a schedule for yourself.
• Try to delegate tasks that can be done by someone else. All administrative duties should be delegated.Identify the role that you play in your business and focus on activities that will generate sales. Look at your sales figures nad break these sales figures by product groups/services.
• Do some risk analysis, i.e. be on the lookout for competitors, watch the local supply and demand for your products/services and its impact on your business, be alert to the businesses around you, talk to your clients.
• Look after your clients.  Provide regular updates of your services /products via newsletters, special offers, educate your new clients on your products/services.
• Systemise your processes, so that a consistent way of doing things is followed by your staff.