Build the business on a real opportunity – find a niche.
Create and maintain a competitive advantage – do it better – be unique.
Remember: Competitive advantage is temporary – constantly search for new opportunities – welcome change – if you are not different in 5 years you probably won’t be there at all.
Don’t try and be the biggest – be the best.
Seek and use professional advice – it is an investment, not a cost.
Manage all your resources: People – Cash – Time and Information.
Know the risk you take by being in business. Remember: If the business fails it will be you who wears the financial and personal consequences.
Build on your strengths. Do one or several things very well – you cannot do everything.
Continually update knowledge, skills and information.
Hire the right people for the job and then lead, motivate and reward them adequately.
Regard cashflow as the lifeblood of the business. Remember: You can run out of cash long before you are no longer profitable.
Maintain liquidity by effectively using budgets, controlling credit sales, maintaining effective stock levels, running on lean overheads and maintaining profitable margins.
To do this effectively you must keep good records.
Learn form past mistakes – and do not repeat them.
Watch for signs of personal stress - decide on the cause and fix it.
Keep a proper balance in all you do, your family and health are important.
Be decisive and assertive – decide on the best course of action and do it!
Above All – Believe In Yourself and Your Business Idea. Be Totally Committed To Succeeding – Or Don’t Even Start!
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