How to be successful in Business…
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Everything you need to know about success as a Business Owner or Entrepreneur
What makes a business owner or entrepreneur successful? Is it:
- Hard work?
- Good luck?
- Being in the right place at the right time?
- Being clever?
Business success could be due to all of these things, one of these things, or none… In years gone by business owners have been successful for as variety of reasons, but in the future business ownership will not be as simple or easy as it has been in the past, and therefore business owners need to eliminate a reliance upon luck, and rely upon “science” to find success. In the past many people have approached business ownership like gambling, or the same way that gold prospectors did in the 1800’s around the world…. And while some people were successful, like gold prospectors, many people were unsuccessful.
At Benchmark Business Sales we see many business owners every week who operate their business on the “luck” principle, rather than planning the way that the business will operate. If you rely upon good luck for survival, you will eventually be disappointed. Good luck cannot last forever. How do you turn your business success to a science and eliminate the reliance upon hard work and good luck?
The answer is to take these steps.
Step 1: The first step is to apply research.
Step 2: Next is to produce a thesis, or a hypothesis
Step 3: You can now proceed to test the thesis
Step 4: Once you have verified the hypothesis, you can now implement the plan
Step 5:The last step is to continually measure and test results.
Research is the first step in applying a scientific approach to business. Research the market (who are the potential customers and clients), research their habits, their likes and dislikes, produce a “profile” of the type of client or customer that the business will serve. Research competitors, barriers to entry, financial metrics (profit margins, KPI’s, typical operational costs), the future of the venture, ability to recruit and retain staff, .. there is a lot to learn from researching.
Once the research is completed and collated it is time to produce a business plan. A Business Plan is like a thesis on how the business should operate. The plan is based upon the facts uncovered in the research phase, and it covers the way the business will operate financially, operationally, and how marketing and advertising will operate. It also provides a clear plan for how the business is to be operated. A plan which could be handed over to anyone, who could implement that plan and run the business.
With the plan completed it can be tested. Once the plan is implemented and tested the results can be measured and tested against the research, and the thesis. If the actual operation of the plan produces unexpected results the plan can be altered and tested again. This is the scientific approach to business ownership and management, and this is the best way to take the risk out of business ownership and operation. Don’t rely upon “luck” for business success. Turn to ‘science’ and make sure that your business isn’t just successful, but your success is sustainable.
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Written by Bruce Coudrey
Principal Benchmark Business Sales and Valuations
Bruce Coudrey has been Principal of Benchmark Business Sales & Valuations, since 1999. Benchmark is one of Australia’s largest national business brokerages. Bruce is a Registered Business Valuer and has acted as a court-appointed expert witness.
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