Most of us set up our company with great excitement. We are very motivated to do well by it. Most of us find ourselves overwhelmed very early. The priorities of our time and where we spend it is very challenging. Often we are going around in circles, achieve far less than we hoped for. This is where most of our learning curve normally. Looking back on my own experience I know 9 important key to success.
1. be competent in the area of our expertise and experience.
We need to be recognized that know our stuff, to be current and up to date, moving with the latest ideas, thoughts and methods. This means that we need to be reading the latest journals, magazines and on-line information about professional or industry in our area. We need to be engaged in ongoing professional development and training. Most importantly, we need to have the skills to communicate it if we are in an area where we are training and developing others. We can get information very easily nowadays, but to be able to make related professional lives so it is important how we work requires communication skills, good people skills, good “soft skills”.
Most business people will say they do not have time to do this, but it is particularly important in these times of great change to be a leader in our industry.
2. Learn the skills – Grow and develop them.
Many people come to trade because they are passionate about what they do and want to have more control over it. Be good at what we do not automatically translate to running a successful business. To do that we have to give as much time to work on our business in it. Many people do this with a coach; others will attend training and workshops – both live and on-line. Joining professional and industry groups also helps here that ideas are shared. Take time out to do the work focus to marketing and promotion, planning and implementation, among other projects business development is vital to its success.
3. Be Innovative – coming up with new ideas and approaches.
We have to step outside our comfort zones and try what we can not have tried before – new approaches to the way we do things, for example. This is especially important in these challenging times. More importantly, we need to always be thinking ahead where our industry is. What could interfere with my industry? This is an important question to ask. A long-term industry like car manufacturing, is to disappear from Australia. Company some Car Parts’ saw it coming and diversified their business for some so they are not now feel the impact of it all. Others put their heads in the sand and did nothing and are now having to close their businesses. We are seeing a trend in our industry and diversify before our company becomes irrelevant?
4. be aware of the big picture.
Building on what has been said above, if we stay within the ambit of the narrow area of knowledge and experience we may miss the boat. In this global village we live now, we need to be aware of what is happening in trade or industry in our area of the international environment. With technology we can build a global small business. Through social media can participate and connect with people around the world. This is one very important way of staying at the forefront of current trends and thinking. It also offers the potential to take our business outside Australia.
5. Being digitally Aware and Technological literacy.
The fact that I even cited this as a team how to succeed, the revelation of my age and vintage! It is taken as given that Gen X, Y Z. So if you are in the baby boomer generation make a commitment to learn all you can and take this digital environment. A few years back I was a technophobe and walks where I am now was quite difficult and painful than the older business people can do and be. We can engage the younger generation in our company in reverse mentoring role, helping us to understand the technology they are hard wired.
6. Having a good support structure.
This is absolutely necessary. Having a partner who supports what I do, will back me in their time, energy – and even finance the start – has been crucial. Minority parents to our children old was also crucial. Have the courage to join the staff when we do not feel that we have the money, instead of trying to do it all themselves, can pay off big time! Starting with a personal assistant or a book-keeper to do all the paper work so we can get on with building a real business can make a huge difference. I have built up a team of reliable people support around me – web developers, graphic designers, computer technicians, marketing people – I can call on to support my initiative. Most of these activities are outsourced.
7. Development and Maintenance Networks.
There are people who we know also help us to grow and develop our business, our profile and reputation. It is very important to develop and grow the network. I am committed networker with absolute confidence that our network is our wealthier. We need to be selective about where we network, we are to meet and build relationships with people who will help us to develop professional and grow our business and where we can make a contribution to their businesses as well. Maintaining those relationships is equally important.
8. To have a flexible Business Plan.
Knowing what the short and long term, our goal is for our professional life or business is important to clarify. Plan to achieve that is important. Brew step by step action plans on how to get there is very helpful. It needs to be simple tables rather than pages of detail. With the world moving at the speed of it and things change rapidly our plans need to be flexible and we need to be agile managers, able to change quickly should circumstances require otherwise we get left behind and stuck in the past.
9. Maintenance Cash Flow.
This is the greatest challenge in any business which is probably why I’ve left this to last. As the business grows, as our business is implemented, this will be less of an issue. It can damage the company if not managed in the early stages. It will also break a relationship if we find ourselves working long hours in our business to maintain cash flow while neglecting important to our family members. Get advice, training or education in this right from the start can be very useful.