Business Corner: Do's and Don'ts of Successful Business - Part 1
Do's and Don'ts of Successful Business
This is the first in our series on basics of successful small business. We love entrepreneurs and what they contribute to society and the economy. People who leave the safety net of employment and take the risks to be self-employed have sterling qualities, such as vision, courage and drive. They benefit those that work for them and with them.
What are some of the keys to being successful? Here are a couple of Do's and Don'ts, courtesy of the Business Development Bank of Canada:
DO #1: Create a roadmap for growth
Successful entrepreneurs create a strategic plan for the next 2 to 5 years. Seat-of-your-pants management will only get you so far before you reach a ceiling where profits dry up, customer service starts to suffer, and burnout sets in.
To do that:
Assess your strengths and weakness, opportunities and threats (what business gurus call "SWOT analysis")
Define your long-term goals. What will success look like?
Assign timelines and responsibilities to execute your plan (similar to setting SMART goals - specific, measurable, attainable, relevant, time-bound)
Follow up diligently and adjust to changing conditions. A mediocre plan well executed will beat every time a brilliant plan not followed through on
DON'T #1: Forget to plan for trouble
Don't wait to make contingency plans for such unforeseen events as: natural disasters, technology failures or serious accidents. They can sink your business.
Look for more business basics in our issue next month.