Hitting the Three year Mark in Business
Hitting the Three year Mark in Business
Here are the top 5 rules to follow if you want to get your business to the three year mark (and beyond!)
1) Commit to Commitment- Being a huge fan of the show Fraiser, I remember a particular episode where Niles advises his relationship shy brother to “Commit to Commitment.” If you are truly serious about seeing your business succeed-I suggest that you take this first rule to heart. Once you decide that you are in it for the long haul, you are much more likely to see eventual business problems as challenges to overcome. Don’t run your business with one foot in the boat and one foot on the shore.
2) Love thy numbers- I will be the first to admit that I was never a fan of math class. History and English were much more my cup of tea. However, when it comes to business-I love the numbers. There can be no way around this rule. Can you delegate this task? Sure. Is it advisable? No. Especially not in your first three years of business. If you need help understanding and managing the numbers-get it. But at the end of the day, make sure you are the one tallying your numbers. I am not talking about complicated formulas here, but if you don’t keep a detailed expenses sheet you are bound to get into trouble. Here is a quick test. See if you can answer these questions OR have the means (meaning papers somewhere) that can help you answer them. What were your total business expenses for last month? How many clients/customers do you need this week to help you reach your revenue goal? What is your revenue goal?
3) Be Value Driven- Make sure that what you are providing has real value to people-your people. If your products and services are valuable to your target market-it is just a matter of time before the business takes off. The world is full of people trying to make a buck and while that is the way of society, just be sure you are making that buck by providing a service people can benefit from and feel good about. If every day for three years you focus on improving your services rather than on making money-you will naturally increase your profits. People are happy to pay (and pay well) for products and services they enjoy.
4) Take Time out for Yourself- Running a business can challenge you in ways that you had never thought possible. If you are in it for the long haul (and if you are reading this far-I am assuming you are), take time out to recharge your batteries. Bill Gates is known to regularly take time away from his business in order to catch up with himself. If Microsoft can be okay without him for a while, your business will be okay without you for a few days as well. Often when small business owners are starting out they wonder if they can afford to take a vacation. My rule is-If you can’t stop thinking about taking a break for two straight days, it’s time to take that break.
5) Get a Support System- If you choose to ignore every other rule in this post, go ahead, but please pay attention to this one. Every small business owner needs a support system. Who do you turn to when you have questions? Need advice? Want to share a successful moment? A word to the wise-look beyond your significant other and family for business advice. While they may make ideal cheerleaders, they aren’t always the best people to go to for business advice Make sure you have a good mentor. The prerequisite to starting every business should be the creation of a solid support system. You can’t get through the first three years without it. I have never seen any entrepreneur do so and please don’t take this statement as a challenge. Get yourself the strongest team you can find and onwards you go!
Hitting the Three year Mark in Business - To learn more about this author, visit Shama Hyder's Website.
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Only 1 out of 5 businesses survives the first the three years. The majority of these businesses go under due to poor business decisions and lack of support. Once a business hits its three year mark however, the chances of it failing dramatically decrease.
Here are the top 5 rules to follow if you want to get your business to the three year mark (and beyond!)
1) Commit to Commitment- Being a huge fan of the show Fraiser, I remember a particular episode where Niles advises his relationship shy brother to “Commit to Commitment.” If you are truly serious about seeing your business succeed-I suggest that you take this first rule to heart. Once you decide that you are in it for the long haul, you are much more likely to see eventual business problems as challenges to overcome. Don’t run your business with one foot in the boat and one foot on the shore.
2) Love thy numbers- I will be the first to admit that I was never a fan of math class. History and English were much more my cup of tea. However, when it comes to business-I love the numbers. There can be no way around this rule. Can you delegate this task? Sure. Is it advisable? No. Especially not in your first three years of business. If you need help understanding and managing the numbers-get it. But at the end of the day, make sure you are the one tallying your numbers. I am not talking about complicated formulas here, but if you don’t keep a detailed expenses sheet you are bound to get into trouble. Here is a quick test. See if you can answer these questions OR have the means (meaning papers somewhere) that can help you answer them. What were your total business expenses for last month? How many clients/customers do you need this week to help you reach your revenue goal? What is your revenue goal?
3) Be Value Driven- Make sure that what you are providing has real value to people-your people. If your products and services are valuable to your target market-it is just a matter of time before the business takes off. The world is full of people trying to make a buck and while that is the way of society, just be sure you are making that buck by providing a service people can benefit from and feel good about. If every day for three years you focus on improving your services rather than on making money-you will naturally increase your profits. People are happy to pay (and pay well) for products and services they enjoy.
4) Take Time out for Yourself- Running a business can challenge you in ways that you had never thought possible. If you are in it for the long haul (and if you are reading this far-I am assuming you are), take time out to recharge your batteries. Bill Gates is known to regularly take time away from his business in order to catch up with himself. If Microsoft can be okay without him for a while, your business will be okay without you for a few days as well. Often when small business owners are starting out they wonder if they can afford to take a vacation. My rule is-If you can’t stop thinking about taking a break for two straight days, it’s time to take that break.
5) Get a Support System- If you choose to ignore every other rule in this post, go ahead, but please pay attention to this one. Every small business owner needs a support system. Who do you turn to when you have questions? Need advice? Want to share a successful moment? A word to the wise-look beyond your significant other and family for business advice. While they may make ideal cheerleaders, they aren’t always the best people to go to for business advice Make sure you have a good mentor. The prerequisite to starting every business should be the creation of a solid support system. You can’t get through the first three years without it. I have never seen any entrepreneur do so and please don’t take this statement as a challenge. Get yourself the strongest team you can find and onwards you go!
Hitting the Three year Mark in Business - To learn more about this author, visit Shama Hyder's Website.
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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