3 Fundamentals For Business Success

Here are the 3 Fundamentals I have followed to create my success in my businesses.
These tips will help you take your business to the next level...

1. Make a Plan; Start with your end goal in mind and Plan backwards;

Visualise the long term goals of your business, plan out what you want your business to look like, then plan backwards creating baby steps and mini goals. This will enable you to concentrate on what needs to be done that day, week or month. Then should the economic winds or other factors slew you off course it is easier to shorten sail and correct your course.
Once you have developed a really good picture of what you want your business to be, you need to work the plan. Remember this is your route map to success or in these modern times maybe it should be your GPS.

2. Know your Financial Position; Make Numbers your Friend

Too often I come across businesses that have no understanding of the fundamental factors that drive it.
Here are the 3 key fundamental numbers that should be constantly reviewed;

• Income
• Expenses
• Profit and Loss

Others to consider are

• Conversion Rates;  Knowing the volume of footfall - traffic per head that become Sales
• Footfall - Traffic;   How much are you going to need to meet your goals, where are you going to get more and where is it going to come from
• Average transaction value and Cost of Sales;   what is average sale worth to you and how much does it cost you to make that sale.

If you learn to read and make these figures your friend, planning and success become much easier to attain.

3. Research; Know your market

Before going into any business research your market
Be sure you know.

• Is there a demand for your chosen product or service
• Can you secure a constant and reliable supply of Quality product or service
• Who and What Are your Competition
• Can you make a profit
• How much it will cost you to make a sale
• What laws or regulations may apply to the product service you supply

Not researching your marketplace leaves you open to being scammed or can be very costly;
For instance you buy red widgets when with research you would have found that the market only wants blue widgets unless you have them on sale or return you are left with a stockroom full of useless stock, or worse still you may find yourself on the wrong side of the law by buying into something be it product or service that is illegal.
Research will keep you ahead of your competitors and out the hands scammers,

If you follow the 3 steps above and constantly review and adjust then you can build a successful business. These are the same fundamentals that I have used to build my  offline business and am using in my online businesses.

There is one other Ingredient that my dad called his code and he impressed this on me it came from a tapestry sampler on his office wall and has served me well it is;

May I Deal with Honour
May I act with Courage
May I achieve Humility

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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Comments

Louise Venison   TE owner, affiliate marketer Sound advice. I couldn't have put it better myself! Oct 22nd 2010 10:53

Philippe Moisan   Tutorial videos, sci-fi writer Hi Sean, I like it when you say "Make numbers your friend". I never thought of that. I will follow your advice and offer them a beer. :) Just kidding. Numbers really are not my friends. Yet. I will use your statement, for my own personal needs, if you don't mind, like printing it and putting it in front of me. Let me know if I can use it in my ads too. I really appreciate your blog. Thumbs up ! Oct 22nd 2010 10:59

Sean North   Business Hi Phillipe, feel free too, I use the verbal version in teaching business enterprise to young people Oct 22nd 2010 11:05

Philippe Moisan   Tutorial videos, sci-fi writer Good ! Thanks a lot, Sean. Oct 22nd 2010 11:08

Philippe Moisan   Tutorial videos, sci-fi writer I almost clicked on the yellow ad, at first, I thought it was by you. Hey, now that I think about it, I will take a look at your profile. I hope you have a business center. :) Oct 22nd 2010 11:09

Paula van Dun   Retired I agree with the article. However I want to add something. If there is one field with huge competition than it is online advertising and services to generate traffic. There are many starting a business with that, but I do not see them all as competition since a lot of them are conducting their business very poorly. For getting revenue faster is can also help to use the principles of a stacked income. I learned that from OBA. Oct 22nd 2010 11:10

Sean North   Business Hi paula, Compettition is only as good as you let them be, when you research your market properly it enables you to be stronger and better than your competition, Oct 22nd 2010 11:16

Paula van Dun   Retired Yes Sean, I understood that. In that reference I also feel people should choose a product or service they have a passion for. This will make it easier to stay focussed, overcome hurdles, to learn more and to "never give up". I fe. would not dream of setting up a business about make up or perfume. It does not interest me. I know I would give up after a while although it is a product that most woman (and some man) want. Oct 22nd 2010 11:32

Sudeepa Sujata Bhatt.    Yes Sean, That's right, Business can't prosper with your three listed fundamentals Oct 23rd 2010 01:47