5 golden rules to succeed in business
These five priorities should become your business foundation. Every businessman must wear a large number of hats, that is, deal with a constant barrage of problems.
Daily tasks and priorities are likely to be a jumble that changes as new obligations arise. To be successful in what you propose, you must adapt quickly to minor changes , but you must also have a clear vision of your goal, which serves as a basis for making daily decisions.
If you do not stick to your priorities, your entire strategy runs the risk of collapsing.
These five “golden” priorities should become your business foundation.
Innovating should become your number one priority. This quality is the one that has the most weight in the beginning of your business trajectory, during the phase of brainstorming and planning. 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;
Can mean taking an old model and updating it for a new environment, or combining two previously independent ideas.
Innovation should take priority over convenience. If you can choose to abandon what makes you unique or move on to take a greater risk, go for the risk.
Many entrepreneurs enter the game for monetary purposes, and that is not a bad thing. But, along the way, some lose sight of the importance of making a profit in order to grow their business. They are the ones who channel all their income towards the purchase of new equipment or the hiring of personnel, focusing on the growth instead of the sustainability. In some cases, this bet may work … but it is usually a bad business strategy.
Even if you started your business for non-monetary reasons, profitability continues to be of vital importance; Without profit, you will be unable to improve the business, keep yourself or invest in your own future . Choosing to have losses in the short term could be a necessary sacrifice, but in a broader perspective, you should never top focusing on profitability if you want to succeed.
3. Cash Flow
Cash flow should be the financial priority of your business. In a nutshell, 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 thousand pesos in the bank, but expect to pay a bill for 15 thousand, and expect to pay a check of 20 thousand. Knowing how to handle your cash is vital to ensure that all accounts are settled on time. The fact that your business leaves profits does not mean that you are free of debt . Many businesses have run out of cash and have closed, even though they have seemed profitable on paper.
Manage your money flow hermetically by dedicating at least one person to monitor it. Think critically about your cash before making any important financial decisions , and implement provisional measures
that will help you maintain it. For example, you can delay bill payments until the last day, and ask for credit vouchers to your customers to avoid problems of non-payment.
The culture of your business is what will keep your team working hard. If it starts to falter, even if it is in favor of promising opportunities, you could alienate your core workforce and end up with a heartless crew that will not do its best to boost your business.
Let’s say you get a new customer and you’re worried about how you’ll manage the job. Establishing a series of cultural changes, such as stricter work schedules or more bureaucratic processes, will damage your company’s morale rather than making processes efficient. Think carefully about the cultural impact of your actions.
Last but not least, improvement should also be one of your top priorities. Businesses, customers and economies never stay the same for a long time, so you’ll need to work hard to adapt your business
gradually to the new conditions. As you gain more experience as an entrepreneur, you will learn to make significant and constant improvements in 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 for correcting or pursuing a minor objective. The most successful entrepreneurs of our time are those who maintain these priorities regardless of the
circumstances. If you can do this and handle the day-to-day chaos, you will have no problem paving your own way to the top.