Results 1 to 7 of 7

Thread: Some tips for business success

  1. #1
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,979
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12

    Some tips for business success

    I found something I wrote a while ago in response to the question - Is being a business owner worth it?

    Ultimately the answer depends on your return, so I thought it was worthwhile dealing with the issue of achieving business success.

    To my mind, being a business owner means you've got control over your own destiny. Job security is an illusion.

    Whether you succeed or fail is entirely up to you. Your decisions, your plan, your self discipline, your sacrifice (yes, there is always a price), your dreams and goals, your reward. You even get to choose the battle ground.

    Here are some tips that took me years to discover:

    1. SUCCESS IS NOT DETERMINED BY THE PRODUCT! This is just the business vehicle. Yes, it is important to have a good product, but even businesses with good products can fail against competitors with mediocre products.

    2. HAVE A DREAM! This will keep you going in the hard times and help you floor it in the good times.

    3. HAVE SELF DISCIPLINE! You are going to have to do things that you don't enjoy or don't want to do. Get out of your comfort zone.

    4. UNDERSTAND PEOPLE! Critical. You work with them, for them and you have them working for you. Important subcategory: Stay humble. You may meet the same people on the way down as you walked over on the way up.

    5. INVEST IN YOURSELF! Your business will only grow as big as you are. The good news is you can grow. READ. Not trashy fiction. Read books for big boys and girls. Leadership. Marketing. Motivation. Strategy. My library cost tens of thousands of Rands, but remains my best investment yet.

    6. FIND WISE COUNSELORS! Sometimes an outside perspective is critical. But choose who you listen to very carefully.

    7. HAVE A PLAN! Long term, medium term and short term. WRITE IT DOWN. Always accept short term pain for medium and long term gain. There is no shortcut. No free lunch. Revisit your plan from time to time. You also need some level of flexibility.

    8. EXPECT FAILURES. These are the stepping stones to success.

    There is so much more. Manage your resources, be true to yourself, take responsibility, have faith.... so much that the world is not prepared to do.

    The longest journey starts with the first step. At the end of the day it's up to you. HOW BIG IS YOUR DREAM!!
    The trouble with opportunity is it normally comes dressed up as work.

  2. Thank given for this post:

    Blurock (20-Nov-12), BusFact (03-Sep-10), Chatmaster (19-Apr-10), garthu (19-Apr-10), roryf (21-Nov-12)

  3. #2
    Gold Member garthu's Avatar
    Join Date
    Dec 2008
    Location
    Midrand
    Posts
    595
    Thanks
    39
    Thanked 65 Times in 55 Posts
    Nice to always have the reminders. As logical as they seem, easy to bypass. Especially the number 7, Business plan. Remember there was lots of discussion at one point. CRITICAL for me (or i believe anyway)
    Garth

    Electric fence Installation : www.midrand-electronics.co.za
    Free Classified Adds : www.bgone.co.za

  4. #3
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    20,979
    Thanks
    3,055
    Thanked 2,462 Times in 2,067 Posts
    Blog Entries
    12
    Quote Originally Posted by garthu View Post
    Nice to always have the reminders.... Especially the number 7, Business plan.
    Funnily enough, what struck me this time was the plan, too.

    I originally wrote this in 2004. At the time I'd only recently discovered the importance of people skills, so I guess that's why I stressed that point at the time.

    The other thing that struck me recollecting when I'd written it was how much simpler my life was back then - and there was this clarity of thought that comes with an uncluttered mind. Just reading it brought my current situation back into clear focus and perspective.

    Hopefully others will find it useful too.
    The trouble with opportunity is it normally comes dressed up as work.

  5. #4
    Suspended
    Join Date
    Oct 2007
    Posts
    2,346
    Thanks
    0
    Thanked 254 Times in 209 Posts
    all of the above...and one very important factor...cash flow...money in and out

    when i went to the bank to ask for an overdraft facilty or loan because i had no money to start my bussiness...i was told without a bussiness plan they couldnt help me...all i had was a desire to make money and be my own boss...they let me open a savings account...which i operated my bussiness from for the first couple of years.

    well it wasnt that simple 19 years later i still dont have a bussiness plan...i still dont have a goal and i still havent got rich but i have the most important thing that keeps me going "FREEDOM" to make my own choices...no boss jumping on my case all day telling me what to do and when to do it.

    my learning years and yearning years are finished now it time for the earning years...i only have 20 years left to make money and set myself up for retirement...i plan on setting some goals and a bussiness plan before my company is 20 years old...so it only gives me a year.

    a word of advice to any person wanting to start a bussiness...if you want to make money and be a succesful bussinesman think like one not a tradesman.
    or what ever proffession you do.

    make sure your paperwork is right and make friends with a good debt collector
    and your customer has signed over the families trust before you do bussiness with them otherewise you will fall hard...or do what i did and stay small so that your bad debts are also small.

  6. Thanks given for this post:

    Dave A (20-Apr-10)

  7. #5
    Silver Member
    Join Date
    Sep 2008
    Location
    Cape Town
    Posts
    464
    Thanks
    81
    Thanked 69 Times in 62 Posts
    My tip would be: margins, margins, margins.

    Lot of guys I've met are so besotted (for want of a better word!) about turnover, quite happy to tell how much the business took, but when pressed for profit, cannot even thumb suck a number.

    It's like asking a guy how fuel efficient his car is...and the reply "it's great, 700Km on a tank"...err, yes, that helps...

  8. Thank given for this post:

    BusFact (03-Sep-10), Dave A (20-Apr-10)

  9. #6
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    832
    Thanks
    180
    Thanked 176 Times in 145 Posts
    Quote Originally Posted by Pap_sak View Post
    Lot of guys I've met are so besotted (for want of a better word!) about turnover, quite happy to tell how much the business took, but when pressed for profit, cannot even thumb suck a number.

    It's like asking a guy how fuel efficient his car is...and the reply "it's great, 700Km on a tank"...err, yes, that helps...
    You're right. Many brag about turnover, but its not too often you hear of someone bragging about how much tax they paid!

  10. #7
    Email problem ava_camen's Avatar
    Join Date
    Nov 2010
    Location
    NH
    Posts
    35
    Thanks
    0
    Thanked 0 Times in 0 Posts
    I definitely agree with no. 1. success is not determined with the product alone, it comes side by side with pricing, marketing, target market and even location.

Similar Threads

  1. [Article] Tips to use telephone as an effective sales communication tool
    By BBBEE_CompSpec in forum Marketing Forum
    Replies: 0
    Last Post: 02-Dec-09, 09:39 PM
  2. How do success principle slogans work
    By Dave A in forum Entrepreneurship and Business Management Forum
    Replies: 21
    Last Post: 05-Sep-07, 06:12 PM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •