Award-winning business coach Gary Keating shares his 3 key things that new businesses need to remember.
It’s unfortunate that most business owners end up being driven by their businesses rather than the other way around. In fact, instead of directing their businesses, they simply have a job. Here’s another shocking statistic: less than one in every 100 business owners will ever create the wealth, lifestyle or level of success they are after.
Do you want your business to be the one that stands out from the crowd, or will it end up being left languishing with the other 99 that are continually struggling to get ahead?
Don’t stand still
In business, just as in life, you can’t stand still. You’re either getting ahead and growing or you’re in a downward terminal spiral. Just look at the statistics, which indicate around 80% of all new businesses will fail within the first few years. The key to long-term survival is to focus on the direction you want your business to move in, and then to gather momentum to begin the journey. There simply is no alternative if you’re serious about remaining in business.
New business owners tend to miss these crucial elements when starting out:
- Setting Your Future – If you don’t know where you are going, then how will you get there? You wouldn’t get in your car and start driving without knowing your destination – it’s the same in business. Establish your goals and your vision and build the foundation that will create your business. You need to write this vision and destination down and share it with others. That makes it real and tangible.
- Generating Cashflow – on a daily basis it is cash that runs the business, not profits. Focus on cash flow.
- Uniqueness – What sets you apart from the competition? What makes you special in business? What do you do that others don’t? It’s absolutely essential that you find your USP (Unique Selling Proposition) and you communicate that uniqueness to your current and potential customers.
Ask yourself now – are you doing these 3 things? Do you set aside time each work to work ON your business and not just IN your business. By setting aside time to work on your business each week then you will put yourself in the best possible position for success.