Launching your business is an exciting phase but turning it into a successful one can be the challenging part- it requires continuous effort, unswerving commitment and consistency. Everybody dreams of making it big in the industry but how do you determine if you have reached that point where you can proudly say that you own an established business? Ideally, there is no stop to growth, there is always room for more, but there are certain factors that signify progress and can help you assure that you are on the right track. While there is no sure-shot formula of determining optimal growth, progress which is too fast or too slow could be a silent killer for your startup. It is extremely essential to strike the right balance by availing lucrative opportunities at the right time without risking your resources. So what are the signs that indicate that your business is better off the edge and is doing better than just surviving? Here are the top signs of a growing company- if you can tick off these, you are probably doing a good job and deserve to forget all the pressures to get a good night’s sleep!
Every business starts small but a lot of them stay there.
Starting out a business isn’t easy but turning it into a big one is way more difficult. As we know from the statistics, the situation is dire. Research suggests that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue. An even smaller number of companies just 0.036 percent, will reach $1 billion in annual sales.
Everybody dreams to be a millionaire- to have all the money that one needs to live a lavish life and buy what you always wanted. How great would be if it this was possible. Well, the good news is that it’s not impossible. You can be a millionaire at an early age by using the right approach and some hard-work. The decisions that you make on a day-to-day basis play a major role in your financial status. People often overlook this fact when they are working laboriously to become a millionaire. To be the next millionaire, you will need to blend your business practices with responsible financial decisions in order to maximize your profits. Nobody can state the ways to become a millionaire with a guarantee but trying these following points can definitely be a big help. Here are the top ten ways to start your journey towards being a millionaire:
Businesses can take charge of your entire life- so if you are ready for your life to revolve around your business, you might have the entrepreneurship bug within you. Starting a business is hard, running a business is harder and running a business successfully is the hardest! Some entrepreneurs fail to get off the ground let alone run a business, and many of them fail to earn profits for a long period of time. Success requires a lot of time, it’s not going to happen overnight. But entrepreneurs who have had it the hard way enjoy their freedom of time, money and schedule which makes them forget about all their past sufferings. Every business is an untold story which gives invaluable lessons to entrepreneurs. Here are the top six lessons learnt by whoever has started a business:
Healthy competition is vital to the success and the growth of a business. Competitive pressures are not an obstacle rather they should be viewed as an opportunity. As a business-owner you are never alone, whatever industry you chose to go in, there will always be some kind of competition present. Even if not present at that time, competition will slowly build up. The business industry is meant to be a racecourse, where there are going to be your fellowmen, sometimes you are going to take the lead, and sometimes you might be left behind too. But there is no finishing line. Successful entrepreneurs learn how to survive under competitive pressures. Never underestimate your competitors, you need to worry about them because however small or big they are, they are going to be a threat. But what can you do about it? You need to devise a strategic business plan in order to get competitive advantage to get ahead and stay ahead. Getting ahead might not be difficult but the other part is where you have to buck up and stay prepared for anything. So how do you identify your competitive advantage? Here are a few ways in which you can stay in business against the competition:
Relying on your luck is one way to conduct your business, but setting realistic goals is a more sensible approach. Setting goals and working hard to achieve them defines your business purposes and helps you to maintain a strategy. While it is important to set goals, it is more important to always set time-focused goals. You always wish to achieve something, but by when? You need to give yourself a deadline too. No matter what your business goal be, make sure that you clearly specify the exact timeline which you have decided upon. This will help you to add some perspective as you reach towards your goal. Here are the top ten business goals that everyone should aim for:
Owning a successful business model brings up a thought for expanding, but how do you grow your business without spending millions? Franchising is a growth opportunity for business-owners which allows entrepreneurs to sell the rights of their establishment to another person to open another unit of the same business. In a franchise agreement, the buyer pays the business owner a percentage of the sales by operating the replica of the brand which follows the same business structure as the parent company. Both the franchisee and the franchisor benefit by this expansion as the brand builds a name for itself in another location and the sales depend on the reputation.
“Leaders are meant to be tough to fight, tender enough to overlook, human enough to make mistakes, but most importantly, humble enough to admit them and brave enough to fix them!”
Mistakes are learning opportunities for individuals, however it is much better to avoid them in the first place. Being a leader is definitely not easy, there will be numerous decisions that you will be expected to make, some may be favorable for you and some might go wrong too. Although some mistakes are inevitable, there are a lot of blunders which can be avoided for you to be a better leader. When you are running a business, and managing a number of employees, there are always lessons that need to be learnt and improvements that can be made. To be a wise leader, you need to analyze yourself and recognize your weak points to start correcting yourself for your personal development. Here are seven common mistakes that leaders at all levels struggle with, and how you can make an effort to fix them: