Ten years ago, I started a Successful Business. Or so I thought. All I did was go to the store and spend R4 000 to buy a printer and print a few words and Successful Business cards. And I declared myself self-employed.
I was armed with a degree, a deteriorating economy, and a keen desire to become an “one-man” auditor.
For the next 10 years, I still have a high degree of responsibility, economics in a recession and a lot of enthusiasm. The difference is that I have grown my business beyond the one-man-band I was thinking of. And I think I’ve learned a lot of valuable lessons over the years.
Some of this I have learned in a simple way – by watching others do it wrong and doing it better myself. And some of them were school fees that I had to pay. But they all made me better at what I did and hopefully can provide insight and fun along the way.
You do not need a 5-year plan to start a Successful Business
There have been a few times I have been asked “where do you see yourself in 5 years?”, And each time I just rubbed my cheek and said, “Well, whatever I say now, I will. you may be disappointed if it goes well because nothing exciting and new and different has emerged in the next 5 years ”. In fact, the past 2 years have taught us that we do not really know what is coming.
Instead of having a detailed plan for next year, I would suggest that the biggest tool you have at the beginning of your journey to become a business owner is flexibility. There will be curveballs and opportunities that are not in the system – and if you can adapt, you can succeed.
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The product does not need to be perfect – it needs to be sold
You can never have perfect products. Every single app in iStore or Google play is updated every few weeks.
Your product will change and change as technology changes or as you learn new things. You can spend years in R&D – but that doesn’t make any money.
Sell incomplete product – then while that generates revenue, improve packaging. Then you get a good label.
Say yes to things
There will be times when you are asked to do something you do not know how to do. And you will face two options – say no, and lose a client, or say yes and put it off.
So say yes – but make sure you get it done and deliver because your honesty is online. It will lead to heart-wrenching moments, but it will increase your skills and commitment. The need is a mother of adoption.
Read Me: Business Success Tips | Money Smart
Do not be wise in a penny but be foolish
Reducing costs is not always an option – sometimes, you need to spend on efficiency. It means buying your team a second screen to get things done faster.
It spends money on an inventory system that correctly prints your products and tracks the margins – because I can assure you that you are losing a lot of money on faulty errors than system costs. You may think you can’t afford it, but the truth is you can’t afford not being able to.
The client is not always ready
As a child, I saw a sign on the store that read, “Customer is always right, even when he is wrong”. I was confused and without hesitation, I still am.
The customer is not always ready. Sometimes, they will ask for something that you know is not the right solution for them.
Or they may say they can do it themselves, but you know they can’t. He’s an expert and the relationship needs to show that.
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A non-paying client is not a client (Successful Business)
We go into business to make money. Money goes into our bank accounts. And we use our rare resources to do that.
If clients do not pay or do not pay so late that this may have a negative impact on our revenue and capacity, it does not increase the value of your business
Spend your time and resources on producing new and better clients who will pay you. It doesn’t matter how much money they make (in theory) they make it. If they do not pay, it is not real money and it does not grow your business.
Read Me: Business Tips: 6 ways to sell your local business on a low budget
Get an accountant to get involved early (Successful Business)
There may be a slight bias here. And I know I’m lucky to have the skills to manage the financial side of my Successful Business.
But money makes the world go round – and if you don’t know what’s going on with your money, if you don’t comply with your taxes, then you’re digging a hole. And it will cost you a lot of money and tears to repair. See point 4.
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Hire a team that you can count on to get your back
Hewu! This took me longer to learn than I should have and both my Successful Businessand I suffered because of it. The power of a strong management team that frees me – mentally and physically – to grow the Successful Business.
Never underestimate the wonderful work that you can do for someone(Successful Business)
The disadvantage of hiring an HR manager and working with a hiring person is that I can no longer call people and offer them jobs. I can’t find the joy and excitement.
But I often see people grow in knowledge, confidence, experience and become better people around because of the work you give them. It is a wonderful privilege and should not be taken lightly.
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Managing a Successful Business is difficult – but let’s focus on fairness
I read a post the other day listing all the difficult parts of running a Successful Business – long hours, discounted friends, ungrateful employees, complaining customers – often, a list of how difficult it is to manage a company. Yeah Al that sounds pretty crap to me, Looks like BT aint for me either.
But it is also fun and exciting. There are happy customers. There are friends who support your Successful Business. There are amazing staff who work hard and add value and come into my office every morning to say “Hello”. I have the freedom and flexibility and I can choose where my office is so it is close to home and I should not be in a traffic jam. I can make decisions to change things that irritate or irritate me
