Are You Business Savvy?
Are You Business Savvy?
Do your homework.
Many people decide to go out on their own and start a business either because they lost their job or because they’re tired of working for somebody else. Many people also go into business if they have been in a trade for a long time. For example, someone who mows lawns for a long time might decide to open his own landscaping business. There’s nothing wrong with any of these reasons. However, it’s one thing to start a business but it’s quite another to be successful at it.
While new businesses are opening up at a record pace, the ones that make it are still in the minority. That’s because many people lack business savvy — truly understanding what makes their business work. That’s not a reason to avoid going out on your own, but it does mean that you should plan on learning what you need to operate a successful business.
You’re going to need to understand about sales, profits, and cash flow. If you don’t have any sales, you won’t have any money. Sales don’t come to you. You have to go after them. If you don’t have any formal sales training, now’s the time to start developing those skills. You will be using it almost more than any other in your repertoire. Profits mean that you are actually making money off of what you sell. There is a natural tendency for people who go out on their own to try and undercut the competition to get business. If the competition has been in business longer than you, they’ve learned how to price their business so that they don’t go out of business. Don’t eliminate the profits from your price or your competition may eliminate you from the workplace.
Cash flow is the lifeblood of any business. It means that you have enough operating capital to keep your company afloat. It means you have the discipline not to spend as fast or faster than you earn. It requires long-term thinking and planning that you put into daily practice.
Anything worth doing is worth doing poorly… at least at the beginning. But if you’re serious about becoming a successful business owner, you owe it to yourself, your loved ones, your employees, and your patrons to learn everything you need to know to run a successful business so that you may enjoy the benefits for a long time to come.
“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
(This excerpt is taken from my seminar entitled Survive and Thrive IV: Shark-Proof!) I encourage you to click here to register for my exclusive live Survive and Thrive IV: Shark-Proof! Seminar on Thursday, July 14, 2022 from 9 AM to 12 noon Eastern Standard Time at the Comfort Suites in Manheim, PA. The seminar will also be available through live streaming.
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