How you analyze competition will vary between sectors. If you’re a restaurant owner, you may simply be able to dine at your competition’s restaurants, ask other customers what they think, and gain information that way. However, you could be a company with much more limited access to your competitors, such as a chemicals company. In that case, you would work with a business professional and accountant to go over not just what the business presents to the world, but any financial information you may be able to get on the company as well.
How to Grow a Successful Business
Charles is a nationally recognized capital markets specialist and educator with over 30 years of experience developing in-depth training programs for burgeoning financial professionals. Charles has taught at a number of institutions including Goldman Sachs, Morgan Stanley, Societe Generale, and many more.
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.
You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success. Whatever type of business you want to start, using the following nine tips can help you be successful in your venture.
9 Tips For Growing A Successful Business
10 Things You Must Do to Be Successful in Business (and in Life)
There have been thousands of books written about what it takes to be successful in business, and a thousand more about achieving success in life as well. You can find another thousand articles on the web that discuss the topic, and a thousand more will be written tomorrow. With such a broad subject and with so many things that can play a role in making us happy, it can be difficult to boil it down to a short list of things that anyone can read and apply in their lives.
However, across those thousands of books and articles, among the countless legends and stories, you’ll find some common themes woven throughout. You’ll find principles about us as human beings that many of us think about but never try hard enough to achieve. You’ll hear about ideals and decisions that we all wish we could aspire to but often fail to understand. Here are ten of those things you’ll find among the tales of those who achieved success in business (and in life) – which ones do you currently have and which do you need to obtain?
Want to know why becoming successful in a business venture is considered such a daunting feat by society? While there are obvious hurdles to face, one of the biggest challenges is in overcoming the fear of jumping into a business in the first place. Most people dream all day about launching a successful business while watching the clock tick at their mundane day jobs. The reason they never quit the security of a paycheck is because they are too scared by the unknown that comes with starting a business. If you want to separate yourself from that crowd, you need to learn how to manage your own fears. Don’t worry, you’re not alone. When I quit my job to start my business, I was making double my salary outside my day job than I was inside working my eight hour job. I still had that huge fear of failure.
However, this is only the beginning of the road for those who want to be truly successful in business. Overcoming your fears and getting started is noble, but the true tests of a fearless entrepreneur will be constant, from initiating a conversation at a networking mixer, asking for the sale on a major deal, severing ties with a partner who is causing harm to the venture, and perhaps the most frightening of all situations – watching a business fail (it happened to Henry Ford twice before he designed his famous assembly line!) One who can fail miserably and not be scared to dust themselves off and try again and again until they are successful is truly fearless.
Now, people all the time will talk about how a well known business brand started at one time in someone’s basement or garage, so much that it’s become a romantic notion of sorts that going from rags-to-riches is what really identifies a true entrepreneur. The reality of most successful businesses ventures couldn’t be farther from the truth – if you want to make it, you’re going to need money. However, that doesn’t necessarily mean you need to have a lot of it when you’re just getting started, but more importantly understanding how finance works and how to use your money to grow in the smartest way.
Robert Kiyosaki is most famous for teaching the world about the importance in how financial literacy plays such a crucial role in the lives of successful entrepreneurs. Those who live from paycheck to paycheck are also those that fill their lives with liabilities – car and house payments, credit cards, and other materialistic things that cost them money. Those who are financially literate, however, understand the importance of building assets – things that make them money instead. Once you start having a positive asset column, you can then learn how to make even more money through investing. To be a successful entrepreneur you need to know how to take money and make it work for you.
Once you harness your fears and make the leap to starting a business, you’ve already begun the journey of becoming a leader. As we’ll discuss shortly, your ultimate success will have a lot to do with how you help others find their own. Many of us hold successful entrepreneurs on a pedestal much like football fans hold a star quarterback or wide receiver in high regard. However, there’s always a team that these individuals lead that ultimately leads to their success. You must learn how to be a leader on some kind of level in order to motivate others to join you in your venture, believe in what you preach, or give you money for a product or service that you offer.
Just because you need to possess leadership qualities does not mean that everybody successful in business has to be the CEO, face of the company, or person "in charge". When Google started to really grow, the company’s founders brought in a successful CEO in Eric Schmidt to come in and run their company – they were engineers, not CEOs. The ability to lead a team or lead the masses can sometimes come down to just having the right charisma and message to get the right people to do the things that need to be done in order for the entire thing to just work. A great soldier may be good at leading troops on the field, but not managing the entire war. An amazing product designer may also be a lousy salesperson. But a great leader will discover what they do best and where their weakness lies, and know who to put where in order to ensure that their company is one that achieves real success.
Update Your Business Plan
You did make a business plan before starting your business, right? A business plan is vital for startup businesses for many reasons, including testing the viability of your business idea and securing debt or equity financing.
The financial health of your business is summarized by the income statement, the cash flow projection, and the balance sheet, which are contained in the financial section of the business plan. From there you can determine ways to make your business more profitable by increasing sales, reducing losses, or cutting expenses. If you want your business to be more successful, you need a plan for how to get there.