For over 15 years, I’ve been a serial entrepreneur. While not all of my ventures have been successful, the majority of them have been. Someone recently asked me what the keys to my success have been. Upon thinking about it, I identified the 7 strategies I religiously use, and which I attribute to my success.
Read them and use them yourself, and I’m confident the level of your success will increase dramatically.
1) Have a Clear Vision Of Where You Want To Go
If you don’t have a clear picture of the company you want to build, there’s no way you can build it.
Spend time figuring out the precise attributes of the business you would like to build. How much will your revenues be? What products and services will you be offering customers? How many employees will you have? And, by what date will you achieve all this?
2) Have a Written Strategic Plan
Your vision is your dream. And to attain the dream, you need a strategic plan that details how you will achieve it.
Among other things, it must document your product strategy, your marketing strategy and your human resource strategy. Your plan should detail your long-term vision, but focus more specifically on what you must accomplish in the next year.
3) Have Quarterly, Monthly, Weekly, And Daily Goals
If you were able to draw a line from where you are now to where you want your company to be, that line would be known as a trajectory. Success is about getting on the right trajectory. That is, as long as what you accomplish today, this week, this month and this year progresses you farther and farther along the line (versus going below the line or stagnating) then you will eventually reach your long term goal.
To stay on the right trajectory, you must set quarterly, monthly, weekly, and daily goals. Each goal should be set with an understanding of the larger goal. For example, figure out what you need to accomplish this quarter in order to properly progress towards your annual goal. And then figure out what you need to accomplish this month to properly progress towards your quarterly goal. And so on.
By creating and achieving these smaller, periodic goals, you start to ride the trajectory to your ultimate vision.
4) Educate Yourself Continually
To succeed you need to continually invest in educating yourself.
You should be reading the right books. You should be attending the right seminars, conferences and trade shows. And you must read the right newspapers, magazines, newsletters and blogs.
Do not skimp on spending money on educating yourself. Investing in your education (and that of your key employees) will generally give you a larger return on investment than anything else in your business.
5) Satisfy Your Customers
Satisfied customers are the key to your success. If you can’t satisfy customers, you will fail.
They say it takes one dissatisfied customer to undo the good that nine happy ones provide by spreading the word about their experience with you friend-to-friend or in online reviews.
You can satisfy your customers on the front end (at or immediately after the time of the first sale) by making the sales and delivery process smooth and seamless, by reducing the customer’s participation or steps required to use the product, by managing their expectations so that what they get is exactly what they were promised, and of course with spectacular customer service and support.
In addition to providing a great experience as just specified, the product or service you deliver them should be high quality and fully satisfy them.
6) Market to Your Customers
This is a big one, particularly since most business owners don’t do it enough. Most entrepreneurs and business owners are so focused on getting new customers that they neglect their current customers.
And, unlike prospective customers, current customers have a track record of buying from you…and are much more likely to buy from you again than prospective customers.
So spend time listening to and communicating with your current customers. Find out what that truly want and need, and stay top-of-mind so they buy from you again and again.
7) Be Laser-Focused in Your Work
This ties in with #3 (Have Quarterly, Monthly, Weekly, And Daily Goals), but deserves its own mention. Which is this: be sure to focus on one aspect of your business at a time. Conversely, trying to do too many things at one will diffuse your focus and inevitably result in failure.
Limit the number of projects you’re working on until they are finished. Remember, twenty projects that are 99% complete but not live yield less revenue that just one project that is 100% complete and live.
As we keep hearing in the presidential debates, you, the entrepreneurs and small business owners, are the backbone of our economy. Follow these strategies and you’ll be more successful, and so will the economy!