There are so many influences that can steer you from your desired outcomes. It's a case of being alert to any indifference, maintain quality of product and service, if there is a 'drop off' it will strike at the very heart of your business.
Be aware of any downward trends in performance/attendance of staff including what you are doing yourself, any deviation from business protocol and behaviours that diminish customer service, trust, loyalty and testimonials will cause harm.
Prompt and consistent service is a non negotiable, no matter what the product or field of work that is in play, there is always a reason why a service or product can falter.
The need to 'live' the business everyday even when you are not there is paramount, constantly 'singing and dancing' to its needs and creating the wow factor for your customers.
Without that enthusiasm, without sharing that among others the gloom of failure will loom, seemingly without warning, but alas the warnings are there.
You can do all the Market Research using the tools that are available that still may not conclude that your location/site is viable, hence creating the wow factor becomes foremost in your service and product to get customers to go out of their way to deal, trade or visit your business.
Businesses that trade on line are pretty much free of this issue. Where as if you are a manufacturer, wholesaler, commercial business or a restaurant/cafe for example the congenial interaction with your customer determines return business and is a draw card/influence in advising others of the service and quality of your business.
Ensure Branding/Logo, Advertising and Marketing have been attended to in a meaningful and lucrative manner using all the up to speed technology that is available. Eg. Social Media- Instagram, Facebook, Linkedin plus local papers, fliers and a viable Website that provides one of your points of difference. .
Working Capital to be sufficient to ensure home life and expenses are covered plus sufficient funds to meet the costs of running the business on a day to day basis, until the business has the turnover to take over.
You need to keep in mind that outlays/set up costs with Plant and Equipment, Fixtures and Fittings can take up to 24-30 months to recoup and realise profit. If financed, repayments and interest extend that period which in part or in some cases solely contribute to a Business failing in the first 12 to 24 month's.
Strains and stress caused by cash flow problems bring health issues you can do without.
In working your Business Plan, if you do not do as you are supposed to do, for what ever reason signs of whatever success that were envisaged soon evaporate. Pushing through difficult periods can mean sacrifices of a business and personal nature, many businesses come to the realisation that resilience is not something they factored into the Business Plan.
A successful business will invest in strong leadership, with perseverance and resilience it can overcome adversity, knowing that these qualities will be tested time and time again.
Understand the fundamentals of your business, invest in them, never to be too busy to review performance, it's good practice to do this on a regular basis.
So what comes of all this, is there a summary?
I think there is, it's short and sharp. It follows:
Your Business Plan has clarity with Goals and Objectives with Products and Services to be delivered, Competitors recognised, Market Research completed with Pricing and Finances competitive and budgeted.
Stay focussed and disciplined, be ready to sacrifice your time to review and adjust plans if needed, keep yourself healthy and live your dream.
Cheers
Charles.
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