Three Key Things that New Businesses Need to Remember

This is an amended version of a piece originally published in Vol. 40 of the Credit Control journal.

It’s unfortunate that most business owners end up being driven by their businesses rather than the other way around. In fact, instead of directing their businesses, they simply have a job.

With fewer than 1 in every 100 business owners ever creating the wealth, lifestyle or level of success they desire, are after. Do you want your business to be the one that stands out from the crowd, or will it end up being left languishing with the other 99 that are continually struggling to get ahead?

Here are my top tips:

1. Don’t Stand Still

In business, just as in life, you can’t stand still. You are either getting ahead and growing or you’re in a downward terminal spiral. Just look at the statistics, which indicate around 80% of all new businesses will fail within the first few years. The key to long-term survival is to focus on the direction you want your business to move in, and then to gather momentum to begin the journey. There simply is no alternative if you’re serious about remaining in business.

2. Set Your Future

If you don't know where you're going, how will you get there? - You wouldn’t get in your car and start driving without knowing your destination – it’s the same in business. Establish your goals and your vision and build the foundation that will create your business. How can you make your vision real? Write it down, make a vision board and share it with other people. That makes it real and tangible.

3. Find Your Uniqueness

What is it about your business that makes you stand out? What makes you special? What is it that you do that your competitors can't offer? It is absolutely essential that you find your USP (Unique Selling Proposition) and you make every effort to communicate that uniqueness to your current and potential customers.

Read more of this article at the Credit Control journal website.