1. Make strategy execution a primary focus, not an afterthought
To excel in the market, companies must be able to turn great strategy into great performance. The first key to this is to create and communicate strategy that is very clear, not ambiguous. The strategy should be defined and reinforced with focus on exactly what needs to be done in order to execute on the strategy. Put another way, while strategy always starts with a plan, i4cp’s research shows that every strategic plan should be accompanied by an execution plan that takes into account four instrumental and interrelated elements: Market, Culture, Leadership, and Talent.
2. Project the right image.
Most panhandlers are in fact struggling, but a surprising number of professional panhandlers claim mid- to high five-figure incomes. While Eugene wore a pretty nice ski jacket, he was unshaven and unthreatening. He might be doing okay financially, but he dressed the part of someone who wasn’t. He also had a quiet, gentle demeanor.
Bill Murphy Jr.
3. Avoid Unnecessary Expenses
Unnecessary expenses can take a bite out of your bottom line. If you operate a proofreading service, for example, and your risk of facing a lawsuit is low, don’t waste money on a large liability insurance policy. If you need additional labor only occasionally, outsource the work as needed instead of hiring additional employees.
4. Timing is critically important.
As Idealab founder Bill Gross once explained, there are many factors responsible for why businesses succeed, and the biggest one seems to be timing. A good idea that appears before the market is ready for it can fizzle out despite its huge potential. Imagine a piece of technology that consumers aren’t ready for, like Google Glass or even a television sitcom whose humor is ahead of its time.
Both ideas, though strong, and with great potential, get squashed. Similarly, an idea that comes too late — once consumers have already had their fill or moved onto another trend — will fail to have the same impact. Timing the release of your business in that “sweet spot” is crucial to success.
Freelance Writer & Former Entrepreneur
5. Work/life balance.
Successful business owners understand that every person has just 1,440 minutes in any given day and how they spend this time directly impacts how effective they’ll be in growing their businesses. Smart entrepreneurs successfully integrate their social lives into their business lives: The client who purchases a product today gets invited to the lakeside cabin the next weekend. Clients become friends, and co-workers become like family. These entrepreneurs build their lives around their business, and it’s almost impossible to distinguish between their social lives and their business lives.
A business coach and the owner of YourBusinessCoach.net.