Info-graphic: 5 golden rules and habits to be successful in business
These five priorities should become your business foundation.
June 08 -2020, 5 min read
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| 5 golden rules and habits to be successful in business |
Every businessman must wear a large number of hats, that is, deal with a constant barrage of problems. Chances are that daily tasks and priorities are a jumble that changes as new obligations emerge. To be successful in what you set out to do, you must adapt quickly to the least important changes, but you must also have a very clear vision of your objective, which will serve as a basis for making daily decisions. If you don't stick to your priorities, your entire strategy runs the risk of falling apart. These five "golden" priorities should become your business foundation.
1. Innovation
Innovating should become your number one priority. This quality has the most weight at the beginning of your business career, during the brainstorming and planning phase. The vanguard must be at the forefront of all your business development; Without it, there is nothing that sets you apart from competing companies. Innovating does not imply creating a completely new idea; it can mean taking an old model and updating it for a new environment, or combining two previously independent ideas.
Innovation must take precedence over convenience. If you can choose between giving up what makes you unique or moving on to taking a higher risk, go for the risk.
2. Profitability
Many entrepreneurs enter the game with monetary objectives, and there is nothing wrong with that. But, while on the road, some lose sight of the importance of making a profit to grow their business. They are the ones who channel all of their income towards purchasing new equipment or hiring staff, focusing on growth rather than sustainability. In some cases, this bet may work ... but it's usually a bad business strategy.
Even if you started your business for non-monetary reasons, profitability is still vitally important; Without profit, you will be unable to improve the business, support yourself, or invest in your own future. Choosing to have short-term losses could be a necessary sacrifice, but from a broader perspective, you should never stop focusing on profitability if you want to be successful.
3. Cash flow
Cash flow should be the financial priority of your business. Simply put, cash flow is the amount of money you currently have and how that money will change in the near future. For example, you could have 10,000 pesos in the bank, but be waiting to pay an invoice for 15,000, and expect to pay a check for 20,000. Knowing how to manage your cash is vital to ensure that all accounts are settled on time. Just because your business makes a profit doesn't mean you're debt-free. Many businesses have run out of cash and have closed, even though they seemed profitable on paper.
Manage your money flow tightly by dedicating at least one person to monitor it. Think critically about your cash before making any major financial decisions, and implement interim measures to help you keep it. For example, you can delay bill payments until the last day, and ask your customers for credit vouchers to avoid non-payment problems.
4. Culture
Your business culture is what will keep your team working hard. If it begins to decline, even if it's in favor of promising opportunities, you could alienate your core workforce and end up with a disheartened crew that won't do their best to drive your business forward.
Let's say you get a new client and are concerned with how you will manage the job. Establishing a series of cultural changes, such as a stricter work schedule or more bureaucratic processes, will harm your company's morale more than making processes efficient. You must think carefully about the cultural impact.
5. Improvement
Last but not least, improvement should also be one of your top priorities. Businesses, customers, and economies never stay the same for long, so you will need to work hard to gradually adapt your business to new conditions. As you gain more experience as an entrepreneur, you will learn how to make significant and constant improvements to your products, services, infrastructure, processes, brand positioning, and marketing strategy. Only those who know how to adapt survive a constantly evolving landscape.
Remember: never sacrifice any of these priorities to correct or pursue a minor goal. The most successful entrepreneurs of our time are those who uphold these priorities regardless of the circumstances. If you can do this and handle the chaos of everyday life
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