The High 5 of Business Success

Every business is unique and yet they all have similarities. There are best practices that will lead to success for any business if carried out properly. There is no such thing as a business owner who is an expert at everything. It's important to know when you're in over your head and equally important to be willing to call on outside expertise for help. Here are the 5 areas of every busienss that must be monitored and understood in order to succeed.....

1) Creating a good Business Plan - this is without a doubt one of the most important things any business owner can do. Often referred to as the "road map" to the future, a good business plan will provide a firm foundation from which to measure progress, track assumptions and identify areas for future success. It should be written before launching a business and updated regularly.

2) Establish a Group of Advisors - be sure to focus on your own needs when choosing this group. Each individual business owner will bring their own expertise to the table when they start their business. The more you know about your own abilities, the better able you will be to identify areas where you might need help. Some are obvious (accountant, lawyer, business consultant..). Other areas may be less obvious (graphic designer, human resource support, marketing consultant...). Remember - get help before you REALLY need it.

3) Identify Effective Sales & Marketing Opportunities - knowing your customer well and having a presence in the area where they are likely to look for your product or service is key. You must do everything you can to understand your customer, then, develop a marketing strategy to reach them and finally, track the results to make sure your strategy is achieving the desired goals.

4) Manage Cash Flow - knowing how the money is flowing in and out of your business is essential. Even if your knowledge of accounting is limited, this knowledge will help you to negotiate terms with suppliers, control your inventory, decide whether or not to purchase equipment, strategize for expansion or hire others. Pretty important decisions I'd say.

5) Invest in Knowledge - often the best investment that a business owner can make is an investment in their own learning. Things are constantly changing and it's necessary to keep up. The information age and the accomanying growth in on-line activitiy is really driving this need. Stay informed.


The fun and the challenge is found in juggling all of these needs at once and knowing when to reach out for help.