Top tips for a successful business

1. Get Organised

To be successful in business you need to be organised. Organisation will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day – as you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records

All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome the obstacles that can prevent you from being successful and growing your business.

3. Analyse Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards for your business.

5. Be Creative

Always be looking for ways to improve your business and to make it stand out from the competition. Recognise that you don’t know everything and be open to new ideas and new approaches to your business.

6. Stay Focused

The old saying that “Rome was not built in a day” applies here. Just because you open a business doesn’t mean that you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals and give the rest time to come together on its own.

7.  Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else. In turn, you have to make sacrifices, such as spending less time with family and friends in order to be successful.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be Consistent

Consistency is key component to making money in business. You have to consistently keep doing the things necessary to be successful day in and day out. This will create long-term positive habits that will help you make money over the long term.

10. Get Started

Make today the first day that you change the way you view and run your business.

Posted by Nick Bulfin on 02 Feb 2012