Creating a successful business is difficult no matter where you are or what resources you might have at your disposal. To become successful in today’s business environment one really needs to have a well thought-out and proven approach to building their business. Today business is so complex because of the speed at which things are moving, the constant addition of new and powerful technology tools including the internet, and increased levels of competition forcing every business owner to consistently fight for market share.
Entrepreneurs like Jason Boreyko understand the factors that greatly impact building your business, and take an approach towards their companies that allow them to not only survive in these conditions, but to thrive.
Here are a few of the core elements that successful entrepreneurs apply to their companies to ensure their good health and to make sure that they can succeed no matter the market conditions.
Make Sure You Have Enough Capital
Having adequate capital is arguably the most important element for having a successful business. Most businesses fail because they do not have the capital to execute their business plans. When an entrepreneur claims that they can cut corners, have no advertising, change on the fly, or make unrealistic strides in their business with a very tight financial budget, they are dreaming. The truth is that capital supplements your business efforts.
If your business does not meet your financial expectations, you will need additional capital to help you get through that tough period and hopefully become profitable. If your business surpasses your financial expectations and your company is in a position where there’s more business than you anticipated, you will again need additional capital. So the only situation where you would not need additional capital is likely one where your business plan goes perfectly. In other words there is no better than a 1 in 3 chance that you will not need additional capital.
Smart entrepreneurs play the odds and line up additional capital before they launch their companies. This might mean having available lending or explaining to your investors that you will need for them to prepare additional capital in the case of your not meeting your financial plan. You should negotiate share terms for this additional funding up front as opposed to when you are in a tough situation and cannot say no to any terms proposed by an investor.
The Customer is Your Boss
If you ask the owner of a company who that person’s boss is, the smart ones will tell you that it is the customer. The reality for an entrepreneur is that everything that is done at company should be aimed to please customers. Customers should determine your product mix, the services you offer, the way and look your business feels, the style of marketing and sales that your company utilizes, and how you bill. If you get all of this right with your customers, your company will have success, no matter the industry or the marketplace. This is why the truth is that the customer is your boss.
In order to keep your business healthy, focus on doing these things two very important things.