Get Ready, Get Set . . Wait A Minute By Glen Michael Millett, Owner, Business Communications Expert The dream of owning and operating a successful business of your own creates an amazing emotional rush of excitement and anticipation. However, the nightmare of going out of business can create immense emotional fear, stress, frustration, and depression. Understand that going into business is fun, yet, going out of business is not. One of the first things to decide is what will be your role in this new venture. Will you work as a technician in the business, handle leadership and management, or some combination of both? Opening and owning your new business is like having a new baby whose happiness, success, growth, and well-being are both your responsibility and your priority. Know the role you most want to perform and what you are best at. Then assign everything else to those who possess the skills to get it done. Consider the answers to these questions. Do NFL team owners play on the field? “NO.” Do employees in the front office of an NFL franchise play on the field? “NO.” Do NFL coaches play on the field? “NO.” Each member of your team must possess specific skills, talents, and assets. Therefore, learn and apply these skills, talents, and assets and it will be “Game On” for your new business success. Today’s research suggests that 20% of new businesses fail during the first two years, 45% fail during the first five years, and 65% during the first 10 years. Controlling every aspect of what supports business growth and success or business decline and failure is like trying to
light a match in a hurricane. Not an easy task as the variable winds of constant change means being prepared for the unexpected. Know that certain aspects are constants and will not change. Yet, being prepared for the variables will provide greater confidence and peace of mind. Simply stated, the better prepared you are from the get-go the higher the probability that you will achieve your business success and avoid becoming a business closing casualty. Here is a short list of why businesses fail and what essentials must be in place (both legal and operational) to avoid frustration and stress while achieving greater peace of mind.
Once created, your business plan will become a trusted guide map on your journey to business success. Yet, like any good game plan, you must be able to adjust, pivot, and redirect when your original plan becomes ineffective, obsolete, or stifles production. In addition, what good is having a business plan that you do not review in a consistent and timely manner? One must review their business plan frequently to confirm that it is working as planned or doesn't require adjustments. Keep in mind that no two business plans are exactly alike and that your business plan is not etched in stone. It's more etched in Jello. Basically, it’s gotta have some wiggle room. CONTINUED ON PAGE 25
No Business Plan or Inadequate Planning It has been said that “failure to plan is a plan to fail.” No professional sports team goes out to play the game without a game plan. Opening a new business based on emotion and wishes is a recipe for disaster. Simply stated, you must have a business plan. If you are not skilled in outlining your business plan, hire a business coach with experience to assist you in writing your business plan. Additionally, know ‘before you go.’ This means doing your online homework on how to create a business plan as well as confirming that the person you are considering for guidance is qualified. Ask for references. THE LINK MAGAZINE
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