Statistics show that 8 out of every 10 new businesses fail within the first 18 months, but no one ever talks about why so many new businesses fail so soon after they launch. To have a successful, thriving, sustainable business, you need more than just passion and talent. I’ve talked a lot about the power of association ? the power of your network. What many new business owners do not realize is that as your business grows and evolves, so should your network and those you associate with.
Beyond your passion, talent, and network, though, your personal plan for your business can often be the determining factor of whether your company grows successfully ? or becomes another statistic. On this week’s episode of the Your Money, Your Business, Your Life podcast, I want to share with you some of the critical components that you should be considering when planning your business for success.
This week on the Your Money, Your Business, Your Life Podcast:
- Your business plan is a living document
- The three reasons many businesses fail
- The importance of assessing and reassessing your business plan
- The importance of “getting in touch” with your ideal customers and creating a feedback loop
- Creating your company’s value proposition
- Differentiating yourself from your competitors
- Being a great leader to your team and customers
- Tying in your revenue model with your business model
- Understanding the timing of your revenue
Tips for Planning Your Business for Success:
- Have a living business plan
- Assess ? and re-assess ? your plan regularly
- Create a feedback loop with your customers
- Understand your unique selling proposition
- Review your materials to make sure you are communicating your product’s benefits ? not features
- Be a leader that other people will look up to
- Review your numbers
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