Staying successful in today’s business world is a rough proposition. Layoff victims may consider opening their own business. The best way to insure the success of a business has always been careful planning. Recent unstable times have made thorough planning an even more vital part of owning a successful business. What follows is a general step by step guide for planning measures that will keep a business successful in uncertain times.
Continued success is never accidental.
It takes perseverance and constant maintenance to keep a business successful. Much like parenting, business ownership is a continual and hopefully uphill struggle. Check out the chart pictured. It leaves nothing to chance. When times are uncertain, this is a wise method to follow.
Have a clear picture.
Know the type of business you wish to open. Do some research on this type of operation. Take a part time job in the field. Test the waters to be sure this is the opportunity with the best fit. Spend a little time planning now to save a lot of pain later.
Know the business atmosphere you want to create.
Does the atmosphere lend itself well to the chosen business? Are other partners or employees in agreement with a more casual atmosphere or are they more comfortable with a more professional business approach? Get together and do some brainstorm planning with all concerned parties.
Successful salary planning requires a certain amount of balance.
Decide upon salaries which will keep the bills paid at home, while not taking too much away from the business. Be fair to partners and employees when considering salaries. Planning a full years salary for all employees in financing set up is a successful approach.
Iron out all the details on paper, no matter how small.
- How will goals be accomplished?
- Who will be responsible for which duties?
- What type of equipment is needed?
- Should we rent, lease or buy space and equipment?
- What will hours of operation will be most successful?
Planning successful financing for the business is vital.
Even already successful people are not sitting on a small fortune these days. Before talking to lenders or investors have a professional business plan drawn up. Be sure to include all business planning details. Include information about the demographics in the business area. It will be necessary to convince lenders that this is a viable and potentially successful business.
As the business grows, plans will need to be modified occasionally.
Be conservative about business planning modifications. Only change what isn’t working. As the saying goes, “If it aint broke, don’t fix it”. When time comes to expand, take it slow and easy. Many businesses have failed by going into needless radical growth.
Never forsake employee or customer needs.
Loyal customers and employees are the most valuable asset of any business. They are on equal ground. Neither can exist without the other. Back up employees and customers at all times and they will do the same for you.
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