Timeless Entrepreneurial Success Tips by Patty DeDominic www.dedominic.com
1. Surround yourself with the best people you can afford. Cheap help and no advisors will cost too much! After your bold and worthy vision, nothing is more important than who you hire and who you choose to advise you. From your first employee to your banker, CPA and insurance advisor, these key "partners" will make the difference for you both in terms of your enjoyment and your success & financial trajectory. Hire the best you can afford. 2, Expand your network. Make sure your website reflects who your customer is looking for! Grow your free resources section.. Don't wait till you are cooking the banquet to "plant this crop." Your customers and employees will appreciate your being the expert. Since you can't be everything, it is important to cultivate a network of outside advisors, resources and options. Your website can link to other colleagues or offer lots of value added resources for your customers and would be employees. Small businesses need options and innovation... that comes from staying lean and flexible, but also having the capacity to look a lot bigger. So don't underestimate the power of a well done website and a strong network to increase your capacity. 3. Refine your Vision and your Plan. It's less about how it's written and more about HOW you have researched, tested and refined your vision and Business Plan. The process of thinking through how you are going to get and keep customers, suppliers, employees are
extremely valuable. You will also want to be aware of most of the options your prospects already have, knowing your competition will save you time and mistakes. Your budget should be a real decison..... will I operate at a loss or break-even? How much am I willing to invest before I expect positive cash flow? (the answer to these questions in the beginning is often more important that the figures). Testing & upgrading your assumptions is critical. 4. Build your skills as you learn. No one comes to a new business with all the answers. Learning doesn't stop after graduate school! It is more like the degree is just your "license". The real learning starts when the business is growing, stumbling and needing financing. Take extension classes, attend seminars and learn from the new employees you hire. Many of those coming from the corporate world have wisdom gained from millions invested in hard knocks, their mistakes and corporate training programs. Yes, it IS WHAT you know, as well as WHO you know that counts. 5. Know the Top Talent in your industry & professional associations. Your success will depend on getting good info fast. (real facts, not rumors) You'll need more than what you can find in the great but limited tools of public records and on search engines. Cultivate your relationships as an ongoing exercise and don't wait till you are out of working capital to meet your local bankers. 6. Publish and be known as a cool headed, future thinking authority. Blogs, Newsletters, letters to the editor, career days & professional associations all offer you free exposure and give your business added credibility. The time to get exposure in the most positive vehicles is when you least
need it and once you are better known as the consummate pro, your opportunities multiply exponentially. Read & listen to as much as you can about your industry the trends and those of your clients. Finally, to ensure a long term, sustainable business! Bonus tip! All work and no play make you boring.
You may take pride in being a work-a-holic but your clients and employees expect you to DELIVER MORE tomorrow than you did yesterday and they need you to still be in business a few years from now, fresher than ever! If all your learning is on the job, you will shortchange your self and your partners. Give your life and your professional education some diversity...... it will pay off in spades when combined with your ferocious dedication to work! Not just golf, I am talking about birding, book clubs, sports, travel, philanthropic & volunteering.
Along with KNOW YOUR BUSINESS and STUDY your customers and learn their wants and needs those are my top tips for success in 2007!