Starting A Business | How Businesses Succeed

How Businesses Succeed

Now let’s look at how businesses succeed. We have already looked at the reasons businesses fail, and seen that it boils down to five main areas:

To make a businesss successful, it’s necessary to turn around each of these areas of failure.

Keep an eye on the cash flow.
Use a balanced scorecard (see next video).
Have a clear understanding of what profits are expected.
Make sure that your network (including business partners) are suitable for the role you need them to play.
Make sure you have the right systems and processes to run the business successfully.
Be honest about what skills you have and what skills you need to develop or buy in.
Finally, make sure you attract the right clients and generate the right type of revenue.

In this video, Michael introduces his 9 point checklist to do just that.