To make profit. Most businesses spend more money than they make that’s why they go belly up. It is not the pot of gold at the end of the rainbow. It’s SURVIVING the first 6 months to 2 years. It is common that most businesses in a new typically go through a 6 months trial and error period. Therefore, it is crucial to ensure that during those 6 training months. You manage your cash wisely so you can learn and make money at the same time. People in most businesses usually run out of cash flow normally after 3 months. They quit because they spend more as they build. But by breaking even as fast as possible, it gives tremendous mental strength and he or she is less likely to drop out. (Key Strategies for Building a Business Foundation)
Understand the Complete Business Cycle :
Understand the typical cash flow to building a business so you can plan your business long term
• Understand how most people fail because of lack of cash flow to run their business in the short term.
• Reinvest your profits wisely to power-up your business.
Straight forward and to the point. I want my readers to have a quick read and catch the main points fast. Because I know that you have invested time reading this and I know your time is precious.
Task Oriented. Just follow the instructions. I have done all the work for you so you can save time and effort.
If all my readers can get just one good idea from this blog, I feel I have accomplished my task. Do not just keep this information to yourself . Share them with people who are in other businesses. (Key Strategies for Building a Business Foundation)
Avoid Multi-tasking :
Engage in one kind of business only, and stick to it faithfully until you succeed. A constant hammering on one nail will generally drive it home at last, so that it can be clinched. When a man’s undivided attention is centered on one object, his mind will constantly be suggesting improvements of value. Which would escape him if his brain was occupied by a dozen different subjects at once. Many a fortune has slipped through a man’s fingers became he was engaged in too many occupations at a time. There is good sense in the old caution against having too many irons in the fire at once. (Key Strategies for Building a Business Foundation)
Priroritise Things Wisely :
Men should be systematic in their business. A person who does business by rule, having a time and place for everything, doing his work promptly. He will accomplish twice as much and with half the trouble of him who does it carelessly. By introducing system into all your transactions, doing one thing at a time, always meeting appointments with punctuality, you find leisure for pastime and recreation. Whereas the man who only half does one thing, and then turns to something else, and half does that, will have his business at loose ends, and will never know when his day’s work is done, for it never will be done. Of course, there is a limit to all these rules. We must try to preserve the happy medium, for there is such a thing as being too systematic. There are men and women, for instance, who put away things so carefully that they can never find them again.
We sometimes see men who have obtained fortunes, suddenly become poor. In many cases, this arises from intemperance, and often from gaming, and other bad habits. A man is often engaged in outside operations, which causes it to occur frequently. His friends constantly flatter him, telling him that he is born lucky, that everything he touches turns into gold. Now if he forgets that his economical habits, his personal attention to a business which he understood, caused his success in life, he will listen to the siren voices.
Also Read : How Real-World Lessons Shape Success and Failure
Be Honest in your Business Terms :
Integrity is more precious than diamonds or rubies. This advice was both atrociously wicked and the very essence of stupidity. It was as much as to say if you find it difficult to obtain money honestly, you can easily get it dishonestly. Not to know that the most difficult thing in life is to make money dishonestly!
Not to know that our prisons are full of men who attempted to follow this advice; not to understand that no man can be dishonest, without soon being found out, and that when his lack of principle is discovered, nearly every avenue to success is closed against him forever.The public shuns those whose integrity is doubted. No matter how polite and pleasant a man may be, none of us dare to deal with him if we suspect “false weights and measures.” Strict honesty, not only lies at the foundation of all success in life (financially), but in every other respect.
Read more : 10 Basics of Business and How To Implement Them
Preserve Your Integrity :
Uncompromising integrity of character is invaluable. It grants its possessor peace and joy, which cannot be obtained without it, and which no amount of money, houses, or lands can buy. A man who is known to be strictly honest, may be ever so poor, but he has the purses of all the community at his disposal—for all know that if he promises to return what he borrows, he will never disappoint them. As a mere matter of selfishness, therefore, if a man had no higher motive for being honest, all will find that he can never fail to be true, that “honesty is the best policy.”
The inordinate love of money, no doubt, may be and is “the root of all evil,” . But money itself, when properly used, is not only a “handy thing to have in the house,”. Money affords the gratification of blessing our race by enabling its possessor to enlarge the scope of human happiness and human influence. The desire for wealth is nearly, and none can say it is not, provided the possessor of it accepts its responsibilities, and uses it as a friend to humanity.