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Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.

Increase the Odds Of Business Success

9/12/2019

 
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Small businesses face a host of challenges.  Only a small percentage reach their fifth anniversary.   Most people start out with a dream, roll the dice, and jump in feet first.   You can reduce risk and increase your chances of success by taking the steps outlined below.
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Plan to Succeed. A well thought out Business Plan can mitigate seven of the top ten reasons businesses fail. It allows you to organize, prioritize and shape your thoughts. It is a roadmap to the future. A Business Plan is a living document which changes periodically. When you write your thoughts down, it is easier to see the holes and to fill them before implementing. A Business Plan also allows you to share your thoughts with your advisors and employees so that everyone is on the same page.

Establish Goals. Goals help you measure success. Goals should be reasonable and a stretch to achieve. If they are too easy, the results are meaningless. Unachievable goals are counterproductive.  Failure to meet them demoralizes the staff and may cause them to question the competence of the company’s leadership.

Monitor Cash Flow. Cash flow is the life-blood of business. As a business owner, you sign the checks and use the company credit card.  You  commit the company to spend money. When planning to spend consider Need vs. Want and Invest vs. Spend.  Ask yourself, “Do I need it or do I want it?”  If you want a $50,000 car when a $30,000 model will suffice, stop and think. Ask, “What’s the return on my investment?” The answer will help you make the right decision.  If you need to buy raw materials that you will turn into a profitable deliverable that a customer has ordered, then do so.  The question you need to answer is, “Where will I get the best return in terms of new business for the money I am investing?”

Track Your Progress. How do you know who’s winning if you don’t keep score?  Determine what metrics drive your business and monitor them on a regular basis.  It involves more than looking at your checkbook balance each day or running an income statement each month.  You need to break down your sales process. It may include:

  • Number of customers
  • Revenue per customer
  • Revenue per sale
  • Productivity per revenue generating employee
  • Sales by products type
  • Profitability by product type
  • How customers find your business
  • Who refers business to you
  • Who you refer business to

Stop rolling the dice. Begin to plan, establish goals, monitor cash flow, and track your progress.   You will have a huge impact on your business’s future.  If these concepts are not currently in place, the beginning of the new year is a great time to institute these changes.
Our experience in developing and implementing business development plans increases your odds of success, contact us for a complementary consultation.  Learn more


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    Please Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.
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  • About
    • Chamber Team
    • Our Mission
    • About Our President
    • Board of Directors
    • Morris Business Cabinet
    • Ambassadors Council
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Monthly Agenda Submission Form
      • Committee Chair Application
      • Women in Business Program Chair Application
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic & Diversity Business Forum
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2021 NFP Excellence Award Honorees
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
  • Membership
    • Join the Morris Chamber
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Member Benefits >
      • Member Exchange Online Community
      • Mobile App
      • Member to Member Deals
      • Healthcare Solutions
      • Member Marketing Opportunities
      • Enhance Your Directory Listing
      • Connect to Morris Job Bank
    • New Member Survey
    • Member Referral Bonus
    • Grand Opening Support
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • COVID-19 Safety
    • Signature Events & Programs
    • Morris Chamber 101
    • Leaders in Business Nominations 2022
    • Submit an Event Idea
  • Directory
    • Searchable Business Directory
    • Nonprofit Organizations >
      • Not for Profit Spotlight
  • News & Info
    • Chamber Magazines
    • Business Resources
    • EDC Business Counseling
    • Legal Resources >
      • Employment Law
      • Commercial Services
      • Business Representation
      • General Legal
    • News Around the Chamber >
      • Around the Chamber Archive
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
  • Programs
    • Economic Development Corp.
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
      • Renew LMAA Membership
    • Executive Council Program
    • Women In Business >
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      • Women in Business Executive Round Table
      • Women in Golf Program
    • Morris Chamber Toastmasters
    • Entrepreneur Roundtable
    • Intern Morris >
      • Available Internships
      • Hiring An Intern?
      • Hire an MCVSD Intern
    • Thrive Morris
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login