Entrepreneurial Rules for Business Success
Last week, I had the privilege of speaking at the Harrisburg Regional Chamber & CREDC’s Small Business Seminar Series. I kicked off this four part series with a presentation on “What Does it Take to be Successful in Business?”
The session began with a focus on “What does it really mean to work on your business and not just in your business?” This question created a wonderful discussion, enhanced by a handout titled – “Top Ten Keys to Working On Your Business.” This discussion included ideas like:
- Comparative Advantage – entrepreneurs need to focus on doing only those things that have the greatest impact on the company and outsource or delegate the rest. This is often very difficult for new business owners.
- Scalability – entrepreneurs need to learn how to systemize their operations. A business will struggle to grow if the owner is actively involved in producing their goods or services.
We also spent time talking about the “Top 10 Mistakes Business Owners Make.” This list includes:
- They focus on profit, not cash – too often, business owners simply look at the bottom line to gauge their success, while cash flow is the lifeblood of any organization. Most small businesses have no scorecard for cash flow and therefore are not able to make “in game adjustments” to maximize cash. This is done by using cash requirement worksheets, understanding cash conversion cycle, etc.
- Not consistently seeking help – everyone needs coaching and accountability. Small business owners do not seek help either because they are stubborn or fear it will cost too much. We discussed several approaches to overcome this and how many of the solutions have minimal or no cost.
Finally, the session wrapped up with a great handout titled - 50 Business Rules for Success. This handout offers practical ideas to help the business owner achieve success.
If you would like a copy of my handouts, please feel free to contact me.