The Greatest Business Mistakes of all Time...
Revealed and Explained!
If you'd like to eliminate business mistakes, get ahead of the competition -- and make profitable marketing decisions -- then this may be the most important booklet you'll have ever read....
Here's why:
You won't have to worry about whether you are going down to right path in your business -- because -- you’ll have a successful business mentor guiding you all along the way, helping you avoid making mistakes and reaching bad decisions. Now, I know you're probably skeptical.... That's normal and healthy. Let me back up what I claim with -- The Reason to Believe What I Say...
When you select a mentor or advisor, whether paid or free, to assist you in business, you must be certain that the advice you receive is from actual, hands-on experience -- and not from a lot of knowledge gained by just reading books. Old Nikko’s business track record is from hard-won personal experience. He has made ALL of the most common mistakes a business owner can make, documented them over time, provided workable solutions, and shown many others how to avoid making the same mistakes he's made.
Old Nikko has started and built numerous successful businesses, large and small. He not only knows how to build them fast, he also knows and avoids the typical set-backs and road-blocks encountered by most entrepreneurs. He turns "iffy" businesses into profitable businesses with substantial growth -- and increased profits!
Old Nikko produces exceptional businesses --fast-- and built to last.
Let's start out with....
What to Avoid In Business...
• Avoid becoming a failed business statistic and find out how to get the right help
• Avoid the pitfalls associated with new, untested or unproven products
• Avoid being caught by the scammers in business
• Avoid the headache of not paying your bills on time
• Avoid the embarrassment of having to lay off employees
• Avoid costly marketing plans
• Avoid engaging the wrong consultants and advisors
• Avoid being conned by promotions and gimmicks
• Avoid the stress and workload that some businesses bring
• Avoid the results of poor or bad planning
• Avoid losing hard-won customers due to neglect
• Avoid losing customers to your competition
• Avoid putting the cart before the horse and do it right
• Avoid costly "extra's" like fancy brochures and cards
• Avoid wasting time on unnecessary tasks
• Avoid not having enough customers to sell your products to
• Avoid unnecessary projects that will never work
• Avoid the wrong target market
• Avoid asking for and receiving bad or plainly wrong advice
• Avoid the lack of business knowledge syndrome
• Avoid working alone
• Avoid having to borrow money to pay for unbudgeted items
• Avoid the problems associated with bad record-keeping
• Avoid having to lower your prices just to survive
• Avoid bad debts and debtors
• Avoid the pain associated with not having enough cash-flow
• Avoid the pain of having to deal with unhappy customers
• Avoid being a victim of the "Revenuers" (taxes)
• Avoid confusion and disarray in managing your business
• Avoid getting the wrong mentor
• Avoid unnecessary professional fees
• Avoid not being able to sleep properly at night
Now, You're Probably Wondering How And Why We Can Do All These Things... Let me explain.
All of these faux-pax & pitfalls are explained in greater detail on Old Nikko's several websites and in his books & manuals... (See the sites list at the end of this booklet.) What he knows is yours. This booklet has been compiled and edited by Old Nikko, and is distilled from his various publications and web-pages -- and as a long-time entrepreneur and highly successful businessman, he is well qualified to do so. He identifies the most common mistakes made by both amateurs and professional business people. He provides solutions based on his extensive business experience and demonstrated leadership over the past 50+ years in businesses of all kinds and sorts.
Warning -- Do NOT spend any money on any product that promises what Old Nikko outlines here.
If you are not one of Old Nikko’s current subscribers, the insider information provided on the membership websites is not available to you. This booklet has been designed for Old Nikko's clients and subscribers use only. It is a free service that will assist those who desire -- improvement in their businesses, avoiding mistakes, generating more sales, and enjoying greater profitability. Old Nikko has received requests from many business owners who wanted help identifying business mistakes -- but could not afford his 'one-on-one' business coaching or obtain his many books...
To solve this problem...
The solutions to these numerous pitfalls have been taken as abstracts from Old Nikko’s business books and manuals. While this booklet is not nearly as comprehensive as the books or manuals, it may substantially help business owners look at how they can improve their business, identify weaknesses, and capitalize on strengths. The advice in this booklet is highly valuable -- but given freely for Old Nikko's subscribers. This is done for rewarding your loyalty -- and it helps us develop a strong following that will have faith in our future offerings.
Thanks for requesting to this Free Booklet!
It is great to know you are eager to improve your business -- and it is an honor to be a part of that process. You are free to use this booklet as you wish -- provided you make a single copy for your personal use only. You can get more advanced advice on business start-up, operations and much, much more at
http://www.EntreComm.net.
Copyright © 2007 Old Nikko's Business Solutions & Services. ALL RIGHTS RESERVED.
Success can take many forms...
Some feel that being a good parent or being a good worker is being a success -- and -- they would be absolutely right!
It is a person’s perception of what success means to them that determines their success -- on their own terms. Because there are thousands of variations, for this booklet, we will assume that one's definition of success is related to business or financial success.
The person in this context will have:
• The sincere desire to be successful.
• An idea of the type of success they want to achieve.
• Abilities and skills equal to an average, capable person.
We also have to consider another fact when determining how success is defined and achieved.
If it is financial success, let’s relate it to business... Statistics show that about 75% of businesses fail within 3 years and only 5% of businesses remain after 5 years. Although unquantified, these statistics can also correlate to any success -- and whether or not one is successful.
It’s clear that people make mistakes when entering the business world. People start building a business without knowing what to do and generally make many costly mistakes. They should protect themselves by learning all the common mistakes first, in order to staunch failure. The mistakes people make in business are usually the same ones... over and over and over again. It’s a wonder that someone hasn’t already listed these mistakes so that potential (and some experienced) entrepreneurs can avail themselves of this knowledge -- prior to going into business.
So... to whom should you listen for the right advice?
Well, it should be someone who has failed in business a time or two, -- then succeeded to an exceptional level. So, by using those lessons learned and duplicating successes, build a successful business of their own.
More than a few times I’ve made serious mistakes -- and have learned the best lessons from them. The advice I have for people who make the same mistakes over and over is to get a successful mentor...
For purposes of this booklet, I will act as if I am that mentor.
Mistake #1 Not having a plan.
Most people don’t take the time to see the end-game before they begin. In other words -- they don’t plan. Benjamin Franklin said, “By failing to prepare, you are preparing to fail.”
Advice: Planning allows you to look into the future so that you can strategize how to overcome perceived road-blocks. When you plan, you can successfully avoid or work your way through mistakes more easily. I call this technique, “Mirroring the Past”. You picture yourself already having achieved whatever you want. Then visualize the step prior to attaining that position, identifying what you had to do to get there. Duplicate this for each step prior -- until you get back to the present day. This is the "reverse engineering" master planning method.
For example: Imagine that you are sitting in your easy chair admiring your vision of success. You are looking through your imaginary mirror to the past and you want to determine how you achieved the 10,000 prospects that you now have (In your mind) on your prospect list. This technique will tell you how you did it (in this case -- how you will do it) to be able to sit where you are now. If you can’t come up with a scenario to accomplish the 10,000 prospects -- you had better review your plan to proceed in that line of business.
Mistake #2 Putting the cart before the horse.
Many people don’t follow the right processes when building their businesses. People don’t realize that building a business or becoming successful is a set of systematic processes. They will spend money, energy and time setting up what they think is important, such as shops, merchant accounts and business stationery. They do this because they want to quickly sell their products and services to make money right away.
Advice: Business people need to understand that the best process when building a business is not to sell first -- but build rapport with your prospects so they accept your recommendations because of a relationship built over time. This step must come first -- otherwise you won’t keep your prospects -- and not make nearly as many sales.
This process is simple... Attract prospects, subscribers or customers. This means looking at ways of communicating with your prospects. Then, capture the prospects as customers and cash in on sales. To do this you need products and processes, a reason to contact them, established credibility and show added value before you ask your prospects to buy anything. Do you know how to do that? You could consider the information here to help you...
Mistake # 3 Wasting money on expensive brochures and business cards (and other frivolities).
Advice: Brochures and business cards (the fancy ones) will cost you more money than they are worth. You’re far better off concentrating on your sales and marketing plan -- and getting it working effectively. Extravagant printed material won’t really help you sell.
Often people use the excuse of asking for a brochure if they want to put you off when they’re not interested in what you have to sell. Sure, when you are in a better financial situation and have the money, you can invest in expensive brochures and so on. I grew my first large business from zero to $50 million without any fancy brochures -- I used inexpensive flyers and plain, one-color business cards. Save your money and invest it in a good sales and marketing plan... It will pay you much more in profits and dividends.
The same goes for anything not necessary to make the sale, or create sales... buying used makes sense when new is "nice to have."
Mistake #4: Over-preparing and delaying before starting your sales plan.
Advice: Activity is not productivity. Too much preparation to make sure everything is just right before you actually start working is foolishness defined. To start the sales process, you have to sell the first product. So take action on the sales plan and execute it. If you still haven’t sold anything, you have successfully determined what does not work... It’s then time to change the promotion.
Mistake #5: Slowing down on the marketing when sales are coming in.
Advice: The key to success in business is to never stop marketing. Ensure people think of your business first when they have a problem. With so much information relayed to your customers from competitors, you have to be first in their minds. You should, have to, must create, and manage a self-generating lead system that will feed you qualified prospective buyers consistently -- day-in and day-out. This advice for persistence in your marketing goes double when the times get hard as well... keep at it or die.
Don’t ignore this advice... You do so at your peril.
Mistake #6 Failure to attract prospects will break a business.
It’s no good having a great sales venue or fancy advertising plan with all the bells and whistles -- if the business doesn’t have traffic coming to it consistently. Thinking about how to continually attract new prospects and build relationships as the highest priority.
Advice: You should create a 'marketing channels system' to generate leads or prospects to buy products. You'll need at least 20 channels by which to attract leads. This system should also be self-generating. When the marketing channels have been created, the prospects must provide what is called the CPR of business. The prospect has to 'Come, Pay and Refer' in order to breathe life into the business.
Mistake #7: Believing "If You Build It, They Will Come."
Advice: No one has a product or service that sells itself -- ever! Your customers will not usually seek you out if you do not market to them. The day you open for business is the day you put on your "marketer's hat". Never take it off...
The rule: To stay in business you must profit... To profit you must sell... To sell you must market.
Define your niche market and USP (Unique Selling Point) and at least 10 points of difference to your competitor’s product. Develop a marketing 'action plan and strategy' incorporating this information to reach your market niche. The next step is to create a Lead and Duplication Generation System (LDGS) method of distribution.
Everyone isn’t skilled in selling. People may think they are, but the only way to tell is by examining their sales performance ratios. To increase sales, one should consider automating a channel of leads that will feed them with prospects interested in purchasing their products. Assuming they already know how to sell, the only problem they will have is handling all the leads that are ready to buy. By using the GLAD system in your selling career -- you will achieve all your dreams in sales. LDGS runs on autopilot. You set it up once -- and it will feed you for life.
You will receive calls from people wanting your product. Best of all, you will have leads waiting for you each day before you start work. What a difference that will make! LDGS compliments the marketing channels system. I've used these two systems to turn a beginner in sales into a seasoned veteran within 8 months of learning how to sell. They were also the systems I used in another profitable start-up business using less resources and salespeople. My business methods changed the day I started to use both the LDGS and marketing channels systems. They've enabled me to duplicate myself -- and multiply the results by a factor of 75. In other words, I discovered how to turn sales revenue, made once, into 75 times that revenue over a 12-month period. Revenue you make continues each and every year from then on -- in addition to any new sales -- while that customer remains with your business. If you want to make a lot of sales rather than just surviving -- you can do this -- permanently and effectively.
Mistake #8: Relying on Business Networking to Generate Sales Leads
Advice: Joining business networking groups are great for long-term, slow generation of sales -- but will rarely generate substantial sales leads. You may be able to make some valuable contacts for future ventures and promotions, but it is time consuming and results are quite unpredictable. Initially, you will require instant sales to make money while you are building your business. Although many dislike it, old-fashioned cold-calling and pounding shoe leather are great ways to get you started.
Mistake #9: Not Targeting a Specific Market
Advice: You will struggle to attract people to buy from you if you believe your market is "everyone". People want to go to a business that understands their specific concerns, needs and wants. Make sure you ARE that business by targeting a tight niche market. Understand the differences your customers desire in your particular product or service. Confirm this by conducting surveys from time to time.
Find out:
• What they like about your product
• What they want to see improved
• What they dislike about your product
• How they value what you have to offer
For more information about research and surveys -- or how to market to your customers -- go to the best "Biz-Info" website in the World....
www.EntreComm.Net
Mistake #10 Thinking that not making decisions on time won’t hurt them.
Advice: Procrastination is the death of success. So many great opportunities pass people by because they aren’t prepared to either commit -- or make a good decision to seize an opportunity when it presents itself. Not making good decisions or delaying decisions destroys the confidence in you of people around you -- and has the potential to ruin your business. It has to do with how well prepared you are when it comes to your mental and emotional maturity and beliefs.
Mistake #11 Not having a mentor can be business suicide.
Advice: Having a quality, experienced mentor is the best business insurance anyone can have. The mentor must be an expert in the area in which you are gaining knowledge. When they give you advice -- take it. I have given advice to many in business and in their personal life, only to see the recipient not take it -- and fail miserably. When I asked these folks why they didn’t take the advice, they say, “I got your advice but I don’t have to take it if I don’t think it is suitable”. True statement! -- But don’t waste your time or money if you engage a mentor -- then refuse to take their advice.
Mistake #12: Making business decisions for all the wrong reasons.
Advice: In making good decisions, ensure you only consider the facts. Don’t spend money on fads or expensive advertising just to feel good. If the facts show these methods produce the results, then you may want to go that way. Don’t keep unproductive employees because you feel sorry for them when the facts show they are costing you money. Remove emotion from your business decisions -- otherwise the business will take the emotion out of you. There are some rules when it comes to making business decisions... The Chinese are the greatest instigators of strategies and rules -- and they stick to them fiercely. To view some of these sort of thoughts, go to our page "Rules for Business Success" (many of our clients prefer to print them out and frame them).
Mistakes #13 Don’t think you know it all.
Not listening to advice from those with real knowledge and experience is a big mistake. There are literally hundreds of phony "biz-guru's" willing and able to take your money -- for questionable business advice.
Advice: In the first several months of trying to start my EntreComm.Net web-based business, I spent more than $10,000 on trying to get the right software products and advice. I learned very quickly that getting advice from a bricklayer about diamonds is a recipe for disaster. So the very first advice to seek is advice from those who actually know. If you really want to make money in a business of your own, read Old Nikko's advice pages, books and manuals.
Mistake #14 Not having enough basic product.or service knowledge.
Some people think they don’t have to know a lot about their field to be successful. They just want to give it a shot -- and hope the rest will come automatically. ... Yeah -- Right...!
Advice: You cannot expect people to come to your business if you have nothing to give them. What attracts a prospect or visitor to your business is quality products or excellent services they need or desire. Either get the knowledge yourself or get it elsewhere. You have to research and learn... That’s where the value lies for your customers -- they will give you the expert status, and their business.
Mistake #15 Not being persistent.
You have to be persistent in business -- even when you think your actions are not getting you anywhere.
Advice: John Calvin Coolidge was the 30th President of the United States... He did not attempt to intervene in free markets. He let business cycles run their course. He said, "The business of America is business". It was also Calvin Coolidge who said, “Nothing in the world can take the place of persistence, not talent, not genius nor education”. He said persistence was the most important attribute to have .People really don’t know what is involved when starting a business -- regardless of whether it is on-line or bricks & mortar. When and what you start -- you have to finish -- or accept the fact that you have lost. It’s as simple as that.
Mistake #16 Believing you can do it all on your own.
Some believe that it’s not important if they don’t get along with people. Their business motto is “It’s my way or the highway.”
Advice: It’s easy for people to think they don’t need others -- or have to build relationships with others. Relationships and contacts are extremely valuable in business, especially whilst you are on the road to spectacular success. I have been pulled out of the muck and mire many times by people who like and respect me. Getting along with people is a truly valuable asset to have -- whether you're minding the store, running an office and managing staff; running a service business; or out selling products.
Mistake #17 Looking at an unbudgeted expense in isolation.
It’s so easy to make blunders when handling money in business. Every day you can spend money on something you didn't budget for. Taken in isolation, so many unplanned expenses can seem OK.
Advice: When I start to make even one or two exceptions a week to my budget, I soon find my budget and profit projection to be just a dream. I could talk about my marketing blunders forever, but the bottom line is clear: Never, ever, spend money on any unbudgeted expense item until you have accounted for it in your budget and made the necessary adjustments.
NOTE: Never assume that someone else's marketing program will work for you.
NOTE: Never assume that an ad agency or marketing expert can guarantee you results -- no one can.
Mistake # 18: Keeping sloppy records.
Advice: Good records help you make good decisions. If you don’t have accurate records, you are cutting your decision-making capabilities in half. Research and analysis of your records will tell you how and what to sell to your customers. It will also allow you to categorize your customer base into either hot, warm or nurturing groups. This will enable you to structure marketing, budgets, cash flow and cash management plans. Show me a business person who knows how much they spend on the little things and I will show you a millionaire in the making.
Mistake # 19: Lowering product prices to generate business initially.
Advice: This normally occurs for a couple of reasons... Either the business person doesn’t know how to price a product correctly or they believe they have to discount to break into the business market. These are bad habits -- so don’t start.This strategy will only result in low profits and poor cash flow. You are far better off to sell less and make more profit than to sell plenty and not meet your financial commitments.
To illustrate how this works, do this exercise. Say you have 100 tenants all paying $80 a week and you want to increase the rent by $20 per week (providing it’s marketable). Assumptions are that your tenants won’t be happy about it and some will leave. But... how many tenants can you afford to lose and still receive the same income as before the rental price rise? 100 rooms @ $80 = $8000$8000/$100= 80 rooms. So you can afford to lose 20 tenants and it still will not affect your gross income. The side benefits to having less tenants of course is less cleaning, less repairs, less utilities, less wear and tear, less staff, less resources and many other benefits too numerous to mention.
The main benefit is that you can go ahead and give yourself another pay raise by filling the empty 20 rooms. That my friend is the power of increasing profits -- without discounting.
Mistake # 20: When starting out in business many view sales as the only important issue.
Advice: If you think the more sales you make -- the better your business will be, think again. Nothing could be further from the truth! This mentality and growing too quickly can cause your business to fail fast. In fact too many sales could force you to close your doors if the purchase costs of the sales are too high. In other words, if you grow fast will you have a cash shortage from keeping up with the purchasing of the goods. Running a successful business is easy, but it does require some basic business skills. Focus on the whole business, margins on cost, profit over all, and cost of goods sold... etc.
Mistake # 21: Many business owners extend credit to customers who pay late.
Advice: Have a policy in place to collect bad debts. It is the single most important part of your business. Credit checks are essential if you extended credit. Also, make sure your customers completely understand and agree to your payment terms BEFORE doing business with them. Many slow paying customers like to take advantage of ambiguities in credit policies. While it may make you feel better to take on as much business as possible, keep in mind that you can stay at home and go broke without working.
Mistake #22: Not worrying about taxes as you go.
Advice: Business owners often fail to seek financial advice before they engage in an activity that may have a taxable effect. This can be very costly in the form of paying more tax and penalties than is required. The tax agencies are unforgiving and emotionless.
Planning is the key to reducing the amount of tax you pay each year. If you are caught avoiding taxes (no matter how hard you disguise it) you will have to pay the penalties and heavy interest charges on outstanding money due from the time the tax was due.This most critical area is often viewed with apathetic and indifferent attitudes until one is in the situation of being caught (up to many years after the event if they say you avoided the tax deliberately) and then they realize how seriously they should take this matter. In some cases, prison time can be had if the tax courts determine criminal intent. Be warned!
Mistake # 23: Underestimating the importance of cash-flow management.
Advice: The quickest way out of a business is to ignore the cash flow. Cash is king and cash flow is its queen. Hold reserves of it and don’t spend a dollar unless you can be assured that you won’t lose it or not make a profit from it. This is a very complex issue with many things to consider. Rather than go into detail here go to our financial section on the website.
Mistake # 24: Not providing excellent customer service.
Advice: If you want a successful business, make sure you look after your customers. The easiest way to grow your business is to give customers no reason to leave. By doing this you are planting money seeds that will grow and provide lots of profit.
When you are fronted with a customer’s problem -- follow this simple but effective method. Speak to three people that you know (not close friends) and ask them what you should expect from the company as if you are the customer. Follow the most common suggestion and you won’t be too far off the mark on how you should treat your customer. This should be applied even if you think that it goes against what you think should happen.
Mistake #25: Focusing On Acquiring New Customers rather than looking after Existing Customers.
Advice: When you start a business you have to get customers. The least expensive part of a business is making the sale. Once you've made just one sale, you're ready to start looking at other ways you can market to that customer. It is the beginning of your relationship with that customer -- not the end.
Develop a referral or product bundling program so you can reap additional profits from your customers. The biggest asset your company has is your customer list. For more information about following up on customers go to the "follow up or close up business" article.
Mistake #26: Not Systematically Following Up on Leads.
Advice: Once you have a name and contact info (snail and email) whether they buy from you or not - you must develop a follow up system that will keep marketing to those interested prospects. A person who has expressed interest in your products or services is far more likely to eventually buy from you than someone who cold called.
I have a Rolodex system in place that converts a cold lead to warm, then hot future lead that will buy when asked to. You can duplicate this system by developing a strategy designed to convert a "maybe" into a "yes." Just think about this! If you had a list of 3,000 prospects that you knew by name and they knew and trusted you, who do you think they would buy their next Widget from if they knew you sold Widgets? FROM YOU, wouldn’t they? Herein lies the secret. For every prospect you meet and find out their name, you either obtain their business card or write out their details on a blank card. Then you file them under Hot, Warm or Nurturing in a Rolodex system. (This can also be set up on your computer.) Once you have details on a new prospect -- it becomes your duty to decide when you will call them and offer a free gift of some sort. The gift is just for letting you contact them. Once you explain what you sell, you can then put them into one of the following categories.
The decision will be based on whether or not they:
• Bought your product – (Hot)
• Weren’t in the market yet – (Warm)
• Didn’t want what you had to offer – (Needs nurturing)
The Rolodex cards that are classed as hot should be scheduled to call back within 3 months time and then every 3 months from then on -- with their permission.
The Rolodex cards that are warm should be scheduled to call back in 6 months time and then every 3 months from then on -- if you have their permission. If they buy they will become a hot prospect. If not, they will stay warm.
The Rolodex cards (warm prospects) who require nurturing will be scheduled to call back after the nurturing takes place (to investigate this step further go to "follow-up or close up business") in 6 months time and then each 3 months from then on -- if you have their permission. Each time you contact them you will endeavor to offer free gifts and incentives.
This will be the case whether they are a hot prospect, warm prospect, needs nurturing -- or asks you not to call. You don’t need to contact them personally but by mail so they can be contacted without interruption. Do it at set times so your day is managed. Don’t let them forget you. There is a fine line here... You must keep yourself known without being a pest. Keep building this list. The more prospects you have, the more self-generating leads will come your way.
Some other ways you can build your list is by creating your own newsletter. Make it power packed, free and with great content. Make it worthwhile to read. Again, this can be done via snail or email.
In Summary...
If you can have the strength to take on board this advice -- and avoiding common business mistakes -- you will certainly become more successful and in a much shorter time frame. However -- if you think that this is all you have to do, you are naive. Since you are on the way to achieving your success, I would suggest learning even more on the subject of business. My recommendation would be to read any or all of the articles at:
http://EntreComm.Net/articles.
Anyone who can read can avoid mistakes... It’s not hard -- because -- you have the information, and anyone really can do it.
In conclusion... Do a little at a time if you can. You can do it. Print out the information here and write each mistake on the back of business-sized cards. Carry one card with you for a week -- and once you feel you have identified and overcome that mistake -- start on the next one. Before long, you will be a master of avoiding the common mistakes people most often make in business.
Old Nikko
Copyright © 2007 Old Nikko's Business Solutions & Services. ALL RIGHTS RESERVED.
No part of this publication, report, article or information series may be reproduced or transmitted in any form whatsoever, electronic, or mechanical, including photocopying, recording, or by any informational storage or retrieval system without express written, dated and signed consent and permission from the author.
Disclaimer: Every effort has been made to accurately represent our information services and products, and their potential. Any claims made of actual earnings or examples of actual results can be verified upon request. The testimonials and examples used are exceptional results, don't apply to the average consumer - and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her education, background, dedication, desire and motivation. As with any business endeavor, there is an inherent risk of loss of capital and there is no guarantee that you will earn any money. Please consult with a business professional for any legal and/or accounting questions.
Basic Rules for Business Success
1) Communicate regularly with your suppliers, customers & staff
2) Be passionate about your business & show your passion
3) Network within your marketplace and outside and attend all the relevant exhibitions
4) Hire the right people, Sack the wrong people. Spend your time on the right people
6) Be proactive not reactive
7) Have a Plan (1 year, 3 years & 5 years)
8) Everybody must know what is expected of them & how they are to be judged
9) Have clear lines of control - who do I answer to? - who do I report to?
10) Carry out regular appraisals of performance & staffing
11) Measure everything - so you can improve it!
12) Develop systems for every task that's needs doing more than once
13) Embrace change - and lead changes
14) Never stop learning
15) Have fun running your business
16) Just do it!
SEVEN RULES FOR BUSINESS SUCCESS
Rule One: Always tell the truth
Especially tell the truth about personal facts and feelings. Make everything in your business 'open-book' whenever possible. Teach everyone how to read the spreadsheet, make all salaries public. Never hide anything that's not absolutely required to be hidden.
Rule Two: Always take 100% responsibility for any activity you're involved in.
If you are in a leadership position, take 100 percent, not 200 percent. Require each participant to take 100 percent responsibility. It is the only way to achieve true equality.
Rule Three: Scrupulously attend to all agreements you make and others make with you.
Keep track of your agreements. Do everything you say you are going to do. Don't do anything you said you wouldn't do. Demand the same of others. If you catch yourself or others in a broken agreement, cop to it or attend to it immediately and fix it.
Rule Four: Never gossip and never get in the middle of communications between other people.
Make your no-gossip commitment public, and state your intention to stay out of the middle of conflicts and communication glitches.
Rule Five: Set aside daily creative-think-time and make it sacred.
Your intention is to renew your spirit and open your full creativity. Find your own preferred method: meditate, deep breathe, sit quietly, doodle. If you miss a day, do twice as much the next day.
Rule Six: Make a to-do list and update it constantly throughout the day.
Put your most dreaded activities first - and do them first thing.
Rule Seven: Go to the source
Whenever you hear of something that makes you feel uncomfortable, talk to all parties concerned and listen carefully to them, Give then the ten minutes of communication that is needed to solve most problems. Try to listen without an agenda as much as possible.
Although the following "rules" were designed by Bob Parsons (the founding CEO of Parson Technology & GoDaddy.com) to be rules for business success, they also represent a declaration of generally good ways to be. After all, true success in life is among the noblest of all pursuits.
The following "rules for survival" are included with the permission of Bob Parsons (http://www.bobparsons.com) and are Copyright © 2004-2006 by Bob Parsons. All rights reserved...
1. Get and stay out of your comfort zone. I believe that not much happens of any significance when we're in our comfort zone. I hear people say, "But I'm concerned about security." My response to that is simple: "Security is for cadavers."
2. Never give up. Almost nothing works the first time it's attempted. Just because what you're doing does not seem to be working, doesn't mean it won't work. It just means that it might not work the way you're doing it. If it was easy, everyone would be doing it, and you wouldn't have an opportunity.
3. When you're ready to quit, you're closer than you think. There's an old Chinese saying that I just love, and I believe it is so true. It goes like this: "The temptation to quit will be greatest just before you are about to succeed."
4. With regard to whatever worries you, not only accept the worst thing that could happen, but make it a point to quantify what the worst thing could be. Very seldom will the worst consequence be anywhere near as bad as a cloud of "undefined consequences." My father would tell me early on, when I was struggling and losing my shirt trying to get Parsons Technology going, "Well, Robert, if it doesn't work, they can't eat you."
5. Focus on what you want to have happen. Remember that old saying, "As you think, so shall you be."
6. Take things a day at a time. No matter how difficult your situation is, you can get through it if you don't look too far into the future, and focus on the present moment. You can get through anything one day at a time.
7. Always be moving forward. Never stop investing. Never stop improving. Never stop doing something new. The moment you stop improving your organization, it starts to die. Make it your goal to be better each and every day, in some small way. Remember the Japanese concept of Kaizen. Small daily improvements eventually result in huge advantages.
8. Be quick to decide. Remember what General George S. Patton said: "A good plan violently executed today is far and away better than a perfect plan tomorrow."
9. Measure everything of significance. I swear this is true. Anything that is measured and watched, improves.
10. Anything that is not managed will deteriorate. If you want to uncover problems you don't know about, take a few moments and look closely at the areas you haven't examined for a while. I guarantee you problems will be there.
11. Pay attention to your competitors, but pay more attention to what you're doing. When you look at your competitors, remember that everything looks perfect at a distance. Even the planet Earth, if you get far enough into space, looks like a peaceful place.
12. Never let anybody push you around. In our society, with our laws and even playing field, you have just as much right to what you're doing as anyone else, provided that what you're doing is legal.
13. Never expect life to be fair. Life isn't fair. You make your own breaks. You'll be doing good if the only meaning fair has to you, is something that you pay when you get on a bus (i.e., fare).
14. Solve your own problems. You'll find that by coming up with your own solutions, you'll develop a competitive edge. Masura Ibuka, the co-founder of SONY, said it best: "You never succeed in technology, business, or anything by following the others." There's also an old Asian saying that I remind myself of frequently. It goes like this: "A wise man keeps his own counsel."
15. Don't take yourself too seriously. Lighten up. Often, at least half of what we accomplish is due to luck. None of us are in control as much as we like to think we are.
16. There's always a reason to smile. Find it. After all, you're really lucky just to be alive. Life is short. More and more, I agree with my little brother. He always reminds me: "We're not here for a long time; we're here for a good time."