THERE’S A BUSINESS IN EVERY WOMAN

This book I am reading, There’s A Business in Every Woman is really long and a lot of testimonials. I like how-to books. Give me the meat and potatoes. Tell me how to do and what way. That is what I am looking for when I have been reading recently. Other things seem to waste my time. But there are some snippets of information that I have gathered thus far.

A company doesn’t make money! It EARNS it!

It takes a lot more than mastering a one skill to succeed in business. What it takes:

  • PASSION – the fuel that ignites the fire in your belly.
  • ADAPTABILITY – adapt quickly to setbacks and turn them into business opportunities
  • VISION – ideas aren’t hard to come by… but translating them into viable enterprise is what matters. Put a plan together to execute that vision.
  • ENERGY – owning your own business takes more time than working full time for someone else. You need boundless energy and devotion to make it work.
  • STAMINA – energy will help you get your company up and running but stamina is what’s needed to keep it afloat without endurance you won’t make it!
  • RESOURCEFULNESS – success depends on drawing on all of your resources, including those you didn’t know you had. Money, training, friends, family, untapped contacts and long-forgotten skills,
  • ENTREPRENEURSHIP – requires putting aside your pride and asking for help wherever you get it.

Seven-step plan for building a successful business that you can sell for millions.

1. Choose and focus on your core competencies

  • Build a rock-solid core business first
  • When your product is good make it better
  • Highlight awards and recognition

2. Build your company infrastructure

  • Develop senior and middle managers
  • Develop org chart
  • Write employee manual

3. Keep good financials

  • Earnings meet forecast
  • Aggressive cash flow management
  • Do five year projection
  • Obtain audited statement every two years.

4. Market your products

  • Develop strong name, logo and tag line
  • Utilize advertisement and promotional materials effectively
  • Convert marketing to sales
  • Keep clients loyal

5. Diversity

  • Your clients, products and services.

6. Plan for and manage growth

  • Track revenues and earnings diligently
  • Have crisis management plan in place

7. Understand value and organize your exit plan

  • Know what your company is worth
  • Learn how to sell it
  • Once your company has established a reputation for good work, you just need to maintain it

Being good at what you do requires more than coasting on existing skills

  • Get to know your industry
  • Understand what your customers want
  • Research what is happening/changing in your industry
  • Understand the competition
  • Get feedback from customers
  • Look for competition
  • Don’t let a customer force you into a product line/service that doesn’t make sense for your company

 

Advertisements