8 Secrets to Staying in Business - For Entrepreneurs Only

In my experience, entrepreneurs that manage to stay in business share a few core characteristics that ensure their long-term survival.  Learning these secrets can help you to weather the storm and hang on for dear life.

1. The company has a Business Plan that is well researched and updated frequently.  The plan is based on what the market wants, not what the entrepreneur needs and is grounded in reality, not fantasy.  Too often I see start ups with wild income projections that could only come true in their dreams.

1. The company is structured to stay in business by maintaining a skinny budget.  Overhead is under control.  Office infrastructure is not excessive.  There are no Herman Miller Aeron Chairs and custom desks.  The entrepreneur knows the breakeven point and keeps costs under control.

1. The business is being managed. The entrepreneur-owner is present and takes a hands-on approach to management.  While some tasks can be delegated, the owner knows what he “owns” and ensures he is on top of it.  The business is not a hobby and is managed full-time.

1.  The company stays in touch with its customers.  Through surveys, phone calls, and follow-up, the customer service department ensures that clients keep coming back and that they are satisfied.  Following up with current clients is much less work than spending energy to go out and find new customers.

1.  The business owner has a balanced life.  The entrepreneur does not spend excessive time at the office and is able to recharge his batteries frequently providing the staff a fresh outlook.  The owner has few problems.

1.  The staff is well trained.  Procedures are documented.  Roles and responsibilities are written and known by all.  The staff is not left to their own devices to “figure it out” and have the full support of the entrepreneur.

1. The business is well funded.  There is plenty of working capital to fund the day-to-day business operations and accounts payables.  Owners are not taking profits out at whim to fund vacations or excessive personal goals.

1. The entrepreneur’s personality is well suited to manage the business.  Ego is checked at the door.  All viewpoints are considered valid.  The owner is committed to the business and has the support and respect of family and friends.

 As you can see, entrepreneurial success depends on many factors.  Don’t be one of the many business owners with the "fake it until you make it" mentality.    If the eight points don’t sound like you, make sure you take the steps and make the effort to bring yourself up to these standards.  Be determined to stay the course and you’ll be around five years from now.

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