Six Points Leading to Success In Your Business by Guest Contributor, Judi Mellon, Idaho SBDC Business Coach

Working ON Your Business - To Be Successful IN Your Business
Judi Mellon, Idaho SBDC Business Consultant

Six points that will lead to success IN your business are listed below. Read on and revisit these points again and again.

1. Business Plan. Every start-up & existing business needs one. Most of its value comes from the thought process you go through while writing it. It will give you the focus you need to be successful. 

2. P&L, Cash flow and Balance Sheet. You need accurate and detailed financials for the IRS, and maybe your bank will require them, but mostly because you need them to understand your business. Being able to accurately track your revenue and expenses will allow you to determine which of your products or services are generating how much profit. If you don’t have a good accounting software package already, resolve to invest in one.

3. Knowing revenue sources & controlling expenses. In calm waters every ship has a good captain, but in times like these you need to focus carefully on your revenue and expenses. Resolve to look for new revenue opportunities and to review every dollar you spend to identify potential savings.

4. Social Media. Social media is an inexpensive way to promote your business. Facebook, LinkedIn and Twitter allow you to promote your business cost-effectively. Take a low-cost workshop on social media or ask your kid to teach you. Social Media has surpassed pornography on the web. Facebook is the third largest country in the world. Resolve to check these out.

5.Network! Often for the cost of a breakfast or lunch you have an effective way to meet dozens of potential new customers. The Magic Valley has a large number of networking opportunities and groups focused on marketing, real estate, green issues, professions, community service and many other topics, along with the Chamber of Commerce. Effective networking establishes relationships with people; it’s not just handing out and collecting business cards. 

6. Set 3 clear, realistic goals for each year. Goals focus your activities, energize and motivate you to persist and achieve. 

We are here to help at Small Business Development Center 208-732-6450.