Everyone wants to build a profitable business with a good reputation. However, the journey of creating and developing such a venture is not an easy, quick or simple one. A lot of efforts, time and resources need to be invested in the process of turning your business into a better business. There are 6 steps that outline the main areas you need to work on and the stages you will pass on your way to the top.
Mastery is simply the first step on the ladder to success. Getting to that level is often an overwhelming experience, accompanied by a lot of stress and physical and mental tiredness. But once you’ve achieved mastery all that will stop. The very meaning of the step translates into eliminating chaos in your business. You have to grow the ability to organize and delegate. Trying to do everything yourself, spending long hours trying to hit targets, because you are not sure others can is a very hard way to run a business. Not only it’s the hard way, it is also the wrong way. This would mean the business runs you instead of you running the business. Your first step towards a better venture is getting rid of disorganization getting everything under control. Your control. Here’s how you do that.
Once you’ve achieved mastery and are well-organized in your business, you need to start looking for ways to increase your cash flow. More cash flow means more rapid growth. For this to happen you will need to create a niche for your business and that’s done through marketing. 7 out 10 businesses who don’t invest in marketing fail within a year. 10 out of 10 within 5 years. You will need a detailed and well-executed marketing plan in order to predict your cash flow. This will help you build a good case in front of investors if you need some extra money to support your expansion:
● Know your target market
● Talk to them
● Analyze how they respond
● Predict your cash flow
When you know what you are doing it’s time to think how can you do it efficiently. What you need is to put systems in place, which will help you run your business with the same (or even better) quality but spend less time on it. Efficiency is your business leverage. It means that you can create more value with fewer resources, but in order to do that, you will have to craft your systems very carefully. This is the bit that will save you the extra hours at work and the stress over the holidays. Reaching this point will allow you to enjoy your business to a greater level.
● Analyze business processes
● Create an efficient system
● Implement the system
● Monitor the progress
Do you want to drink cocktails on the beach while your business makes you money in your absence? Then you have to build a brilliant team. The people who work for you must be capable, knowledgeable, trustworthy and able to comply with the systems you’ve put in place. A good team of workers is the foundation of a large and successful business that runs without the owner’s presence on daily basis. Indeed this is the freedom every entrepreneur is after when they start a venture. Your employees can either make or break your organization, but it is your responsibility to select them, train them and make them feel appreciated by rewarding their efforts accordingly.
● Identify the right people
● Familiarize them with the work and systems in place
● Earn their trust and loyalty
● Monitor performance
● Reward your team
When you have managed to establish and perfect all of the above steps your business starts to look a lot like a well-oiled machine. At this point, you will be able to not only spare yourself long hours in the office performing tasks, but you’ll also be able to outsource the supervision of your team to a manager or even higher a general manager to control and support more than one departments. Now you have money and time on your hands to do whatever makes you feel good.
● Inspire your team
● Put training and development programs in place
● Create a system for staff covering at any point
● Create a vision for the future of the business
● Outsource the management of people and processes to a general manager
You are now bearing the full fruit of your hard work from day one. Results are the stage where absolutely every business owner should be aiming at. For different people, this may mean different things. For some getting to the last step of Results means more free time to spend with family and friends while staying assured their future is taken care of or simply taking on a hobby they’d dream about for a long time. For others, it is the freedom to travel and experience new cultures. The third group of people, also known as serial entrepreneurs, see the Results stage as the opportunity to expand or embark on a brand new business venture. Most who reach this level have put it as their goal since the very inception of their business.
● Free yourself from mundane tasks
● Request, read and analyze executive reports
● Think of expansion or new business opportunities
Did you know that there are 3 types of people who set goals in a different way and that directly impacts their success
● No written or verbal goals – Shockingly, 84% of people do not write down or even say out loud their goals. They are usually at the bottom level of the pyramid of success
● Verbal goals – 13% of people who want to get successful speak out their goals. Verbal goals increase the efficiency of the Law of Attraction, therefore, those people find themselves in the middle.
● Written goals – Only 3% of people write down their goals. A written goal is a constant reminder and something that holds you accountable, hence it increases your motivation and productivity. That 3 % is at the top of the success pyramid and remarkably, they have 10 times the wealth of the remaining 97% combined in just 10 years time.
Fulton Abraham Sanchez, CPA, the founder of FAS CPA & Consultants of Miami, FL, is a Certified Public Accountant specializing in international business and taxation. You can email him to firstname.lastname@example.org
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FAS CPA & Consultants
9000 SW 137 AV Suite 224 Miami, FL 33186 T: 786-462-7899 E: email@example.com
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