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Prevent your business from failing

HOW TO PREVENT YOUR BUSINESS FROM FAILING

I shared already a few short articles about why 90% businesses fail in their first 5 years and we talked about the critical alignment model – the way of thinking and solving problems to prevent your business from failing but there are more steps we can take to protect ourselves. There are a few other ways how to get your business off the list of the 90% failures.

 

  1. Personal development is the first and most important part of your business success. Get business knowledge and skills. Learn new trends. Be aware of your environment and your competitors. Don’t stop with your market research for a day.

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  1. Success principles – your mindset, your beliefs, values, standards, habits, thoughts may become your biggest enemy. Start your business with your big vision and be clear about the purpose of your business. If your purpose is only and only one – make money – your business is not going last forever. Be clear on what your thinking profile is and how your strategic thinking looks like. Identify your gaps and work on your improvement.

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  1. Money mindset – Be sure this is the RIGHT WAY cause this is the path to wealth. If you have unhealthy relationship with money, what I mean by that as an example, if you are emotionally attached to the number on your account that’s the problem, if you are happy only when you get them and have enough or feel down when your account has last $1,000, or when you have them you spend like crazy and when you don’t have money you can survive on two meals a day. Or you may think money makes me free or happy. I can be free when I have money etc. There are so many ideas about money and the issue is those small thoughts can keep us away from our success.

 

  1. Prepare for failure – as Robert Kiyosaki said: “Prepare for bad times and you will only know good times.” Get yourself ready to fail but do all within your power to avoid failure and you will never fail. One of the primary reasons entrepreneurs fail is because they fear failure and that fear of failure prevents them from trying new innovations on their business.

 

  1. Watch your cash flow. “The most important word in the world of money is cash flow. The second important word is leverage.” Robert Kiyosaki.

Cash flow is the life blood of business and I believe you have heard that a couple of times. Always keep an eye on the cash flow and work closely with your accounting department to keep your cash flow strong. Effective cash flow management is the bedrock of business growth. “Know your numbers’ is a fundamental precept of business.” – Bill Gates

 

 

  1. Focus on Prospecting and marketing – this is the most important part. If you are trying to innovate or improve business even before you have a strong client base that’s wrong. Learn how to prospect. We are using 10 ways of prospecting and always focus on that first thing of the day.

 

  1. Build high quality  relationships – this is the one of the most important activities in your life and business. We need to understand what our standards and expectations are. Standards for ourselves, how we want to be, show up and what we want to become and expectations from ourselves and others. Create a great relationship within your team, with your clients and with your friends. Focus on development of a few very important skills like emotional intelligence, communication, collaboration, resilience, problem solving, decision making and strategic thinking. You can gain those skills even from our courses or our mentoring programs.

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