Are you trying to take your business to the next level? Chris Seabury, a writer for investopedia.com, wrote a great article titled “9 Tips For Growing a Successful Business.” I wanted to share it because I believe it also applies to life. After each point he makes, I share my insights with what I’ve learned while starting up my business, Battle of the Gains. Even if you’re not in business, use these 9 tips to help you as a college student, parent, or any other field that you’re in.
To succeed in business (and all other aspects life) today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
1. Get Organized
To be successful in business you need to be organized. Organization will help you complete tasks and stay on top of things to be done. A good way to do this is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and you’re completing all the tasks that are essential to the survival of your business. (I’ve found that with my to-do lists, they sometimes do not get completed so it would also be beneficial to also have an accountability partner check out your check lists so that you actually complete them.)
2. Keep Detailed Records
All successful businesses keep detailed records. By keeping detailed records, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. (I’ve found that the best place to keep detailed records is google sheets – that way other people can view the records as well.)
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money. (I sometimes find myself not wanting to go to other sports tournaments or motivational seminars because I also hosting sports tournaments and motivational seminars. So why would I go to other people’s events, right? But this is the biggest mistake I could make. If I don’t know where my competitors are missing out or what they’re doing better than me, how will I ever better myself and my business? I can even ask the attendees there what they liked and what they did not like and then use that information to make my events better. And it’s not just sports tournaments. If you have a video production company – see what the other video production companies are doing. If you have an apparel brand – buy another person’s apparel and see what their packaging is like and what their user experience is.)
4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards. (I’ve found that the ‘downside’ for me is that I have to hold myself to a higher standard when being in business. I can’t afford to be seen in the bars (I’m 23) or out drinking because then that would go against everything my brand, BOTG, stands for. The reward? I don’t waste money and my brand is growing. Nothing wrong with that right?)
5. Be Creative
Always be looking for ways to improve your business and to make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and new approaches to your business. (For related reading, see: How do I determine my company’s competitive advantage?) (I find that talking with other creative minds is the best way to be creative. Watching movies/documentaries also gives me a lot of much needed inspiration to learn from people like Steve Jobs who were world changers.)
6. Stay Focused
The old saying, “Rome was not built in a day,” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals. (This is the biggest one for me. I’m in my 25th month in business – just started year 3. I’ve had some success but I definitely do not have a sustainable business yet. If I stay focused for the next 10 years though, there is no doubt in my mind that Battle of the Gains will help millions of people be successful, which in turn will make Battle of the Gains a successful company. I just have to stay focused.)
7. Prepare to Make Sacrifices
The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases, you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful. (It’s hard, but it’s worth it. Besides, I’d rather go travel around the world with my friends and family in 10 years vs. hanging out in our basement every night and weekend for the rest of our lives. Are you willing to make sacrifices?)
8. Provide Great Service
There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition. (I would say this goes back to number 3. If you can analyze how you’re competitors are providing great service – you can make your service better. But you really need to nail this because like it says above, if you don’t provide better service for your customers, they will end up going to your competition.)
9. Be Consistent
Consistency is a key component to making money in business. You have to consistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run. (This one wraps all the other points together. You definitely have to be consistent. But make sure that what you’re being consistent with works. Be consistent with your organization, your detailed records, your competitor analysis, risk/rewards, creativity, focus, sacrifices and great customer service. If you are consistent with all of these things, you will definitely make gains in your life.)
THANK YOU FOR READING!
Battle of the Gains is a healthy living movement inspiring people to overcome their battles and make gains in life physically, mentally, spiritually, financially and with relationships. Our motto is “Change yourself, Change your Community, Change the World.” #BOTG #BattleoftheGains
(Link to original blog by Chris Seabury) https://www.investopedia.com/articles/pf/08/make-money-in-business.asp