By Karlene Sinclair-Robinson
Business owners have the monumental task of taking their ideas and dreams and turning them into profitable enterprises. Being a financially successful business should the big goal, but how do you accomplish this? In order to become a business enterprise that delivers on the ideas and dreams that birthed it, many milestones must be achieved before you can claim success.
Succeeding in today’s business arena is a daunting endeavor. Some of the factors affecting this effort include: competition, the cost of goods or services, employment issues and the current economic fears, to name just a few. Whether you are worrying about the “Fiscal Cliff” or do not give much thought to it, you have to plan for success.
Business planning is an important factor to future success. There are many areas to consider when defining your methodology for moving from where you are today to entrepreneurial success. Knowing what success means to you is crucial to realizing your goals. Here are a few planning strategies to consider:
1. GOALS – Setting short and long term goals is necessary. I cannot say this enough. These goals should be realistic, having a clear direction that will assist and benefit the company’s future growth potential.Timelines can be a valuable tool to help you be more effective in goal setting.
2. FINANCIAL REVIEW – As part of your goal setting process, you must get real with your finances and business financial reports. If you need training or need to hire a bookkeeper or CPA, then get to work on it. When you are in sync with your financial situation, it will help you make better decisions.
3. MARKETING PLAN – Once you have set your goals and defined your financial position, you will want to address how you are currently marketing and promoting your goods or services. Look at what you have done in the past, what worked and what did not. Pay close attention to new marketing opportunities happening now, e.g.: using social media to help drive online traffic.
4. ACCOUNTABILITY PARTNER – There are times when you need to have someone strong enough to tell you like it is; someone who will not sugar-coat their responses and have nothing to gain or lose for being honest with you. Select someone who is closer to their success than you are, even if it is only from your perspective.
5. ACTION – If you followed through on the first four items above, then you have already taken action. If not, what are you waiting for?
Wanting to succeed but not taking action gets you nowhere. Take the necessary steps today and you just might surprise yourself. Be sure to share your success in using the above strategies in your business.