My Business Plan

Business Plan

Cornerstones of A Successful Business

Cornerstones of A Successful Business

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Honesty is the foundation of a business. Without the truth and nothing but the truth, a business cannot run successfully. A lot of business owners think that they can get away with anything and that customers no longer expect to know the truth. This is a misconception. It is only when their products are recalled, customers are sending back their items in bulk and suppliers are reluctant to do business with them that they realize their mistakes. 

Apart from honesty, being committed to your business means having focus on what you do. You can’t lose sight of your role as a owner during lunch or snack breaks if you want to succeed. When you are facing a certain issue in the business and tending to those issues, the big picture cannot be ignored. If the computers are down and customer service task is taking a backseat, you still need to focus on running the business while repairing the computers. In essence, your attention to business should be high priority and any other activities that make it run smoothly should come next. 

To remain focus, you should utilize the power of positive thinking as well. A business similar to yours may have filed for bankruptcy after the first two years of opening its door. You may be fearing that your business will experiencethe same fate moving into the future. There may be plenty of other reasons, some that were heard from others, to close down the business before even giving it a chance. However, having positive mindset is absolutely essential to succeed in a competitive market. 

Now take a few moments to put everything in writing. Get a notepad and put your business name at the top. Divide the page into two parts. On the left hand side, list all the things that you need to start a business and run it for a month or year. List physical things such as inventory, furniture, suppliers, consulting service and employment positions like CDL A Truck Driver Positions Available Mid South. On the other side, list all intangible things needed for your business. This will include courage, honesty, commitment, time management, optimism, positive thoughts, motivations and so on. Think about the business in the beginning, at good times as well as during bad times. What resources will you need when things are not doing well. What resources you can live without? Make a list of all the resources in the next page. List the resources that you already possess. Do you need to take out a loan? Can you afford the insurance premium? Will the business need resources for future expansion? Are there any friends or family members who are ready to invest with you? 

Next, list your personal strengths and weaknesses. Are you able to handle multiple tasks if the business demands? What if a valuable employee in your business quits? What if a supplier is unable to deliver goods on time? These questions need to be answered to get the big picture.




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