96 out of 100 businesses fail.
80% within the first two years.
What is the difference between a highly successful and profitable business and the other 24 out of 25 that fail? Running a "Successful" business is a skill. It is a skill you can acquire. While you may understand your products or services very well, take this short quiz and see if you will ultimately succeed in business or fail:
Rate yourself on a scale from one to 10, 10, you're great, 1, you're terrible at this skill area.
1. I know exactly how to run a meeting in my company because I've learned those leadership skills from the masters. ______
2. I have become a master at client acquisition because I understand that this is one of the 12 keys of being a great business owner. _____
3. We have more than a dozen ways working right now to get clients. _____
4. Before I deploy even a single tactic (ad, trade show, sales call, email, direct mail, etc…) I have thought-through the ultimate goal I want to achieve in the mind of the buyer; ____
And-
5. I have thought-through how to maximize each tactic so that each tactic achieves at least six strategic objectives and some achieve 14 strategic objectives. _____
6. Because I have mastered strategy, I preempt my competition every time. They are nearly powerless against me, even when they offer a lower price. _____
7. I am well aware that the most successful companies have standard operating procedures for everything and I've learned how to do that for my own company, which has made it so this company runs without me. _____ Therefore-
8. I spend a great deal of time working ON my business instead of IN it, resulting in constantly increasing profits. _____
9. I realize that building a successful business is scientific and systematic, methodically strengthening each aspect of it, like the links to a chain. _____
10. We have perfected our "stadium pitch" and know exactly what we'd say if we could get in front of all our potential buyers all at once. _____
11. We have several brilliant and well-planned strategies that constantly get us the "best buyers" our market has to offer. This has made us enormously successful. _____
12. In addition to the skills I needed to create/offer my products and services, I now also know how to grow companies, as I now know that this "skill" is paramount, ultimately, to me having a really good and profitable business. _____
If you rated yourself a ten in all these areas, than you are among the finest executives in the world and must be enormously successful. But if you rated yourself any lower in all these areas, than boy, have we got a plan for you.
What makes successful business owners is that they have acquired the skills necessary to build and effectively manage their business. Make no mistake; this skill [of building businesses] is even more important than the skill that enabled you to create the product or service that became your business.
Larger companies know this and so they constantly train their executives and they look for executives who already have this kind of training.
Most small companies are so busy working IN the business, they don't take the time to work ON their skills of running, managing and building a business. Yet, nothing else you do will have as great an impact.
Thank you for reading...
Peter T. Britton
Idea Generator. Wordsmith. Resultant
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