What determines if a business succeeds or fails? Is it a matter of luck, timing, the economy? Cynde Alloway, my client who is a business consultant / business coach, says its much more than that. She says that even in tough economic times, companies can thrive if they stick to a few basics.
Among those basics are
Written Goals
Without written goals, you may lose track of where you are going and what you need to do to get there. Carefully consider your hopes and expectations for your business and write them down.
Low Debt
Debt is expensive. Whenever possible, run your business debt free and even keep an emergency reserve fund available.
Change
Everything changes. Instead of resisting change, embrace it and look for the opportunity hidden within it.
See more Elements of a Successful Business on Cynde's website.
If you see your competition struggling and even failing, don't lose heart. Keep doing what you know is right and welcome their abandoned clients. Treat them right and succeed despite what looks like tough times.
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