STRATEGIC BUSINESS PLANS AND GROWTH

"You've heard it said that 80% of start up businesses fail. Well, 90% of start up entrepreneurs who know what they're doing become successful over time." ~ Brian Tracy on Motivational Arena

 1. Decide exactly what you want to do. Clarity is very important in starting and building your own business. ~ Brian Tracy on Motivational Arena
 "All successful entrepreneurs are intensely action-oriented. They do something everyday that gets them closer to the achievement of their goals." ~ Brian Tracy on Motivational Arena

2. Determine if entrepreneurship is right for you. Not everyone is carved to be an entrepreneur. ~ Brian Tracy on Motivational Arena
"Money isn't the greatest motivation in building a business. Freedom is." ~ Brain Tracy on Motivational Arena 

 3. Select the right kind of business for you. Your failure in one business doesn't mean you cannot be successful in another. Begin with your own talent, knowledge, and interests; something that grabs your attention. ~ Brain Tracy on Motivational Arena
 "Remember, an idea only needs to be 10% new or better to get a large market." ~ Brian Tracy on Motivational Arena

 4. Identify your customers clearly. Who is your customer? The failure to answer this question is a reason for the failure of many businesses. ~ Brain Tracy on Motivational Arena
 "For a new product to be accepted by the market, it must be better by a factor of three. It must be cheaper, better, more efficient than existing products." ~ Brian Tracy on Motivational Arena
 
5. Do fast, cheap market research before investing your hard-earned money. ~ Brian Tracy on Motivational Arena"Don't be secretive about your idea. No one is going to steal your idea from you." ~ Brian Tracy on Motivational Arena

 6. Approach your business strategically. Be tough on yourself and on your own ideas. The more time you spend thinking through hard questions, the more likely your business will transform into a successful enterprise. ~ Brian Tracy on Motivational Arena

 7. Develop a complete business plan before you start your business. Many successful entrepreneurs take weeks, sometimes months to develop a business plan. Fortunately, there are many software that can help you develop one. ~ Brian Tracy on Motivational Arena

 8. Do everything possible to assure business success. There are requirements you may want to comply with in order to achieve business success. Practise frugality in every business transaction, be competent and a person of integrity. ~ Brian Tracy on Motivational Arena

 9. Avoid the mistakes that lead to business failure. Studies conclude that most business failures have some things in common
* Lack of direction
* Impatience, or trying to accomplish too much too soon.
* Greed; trying to charge too much, get rich quick, or trying to charge too much to get rich.
* Poor cash control; spending recklessly
* Poor quality of products and services.
* Insufficient sales, or a lack of enthusiasm in the sales department.

 10. Remember the purpose of a business. Many people think the purpose of creating a business is making profits, but that is wrong. The main purpose of every successful business is making and keeping customers. ~ Brian Tracy on Motivational Arena

 11. Focus on the 5 P's in marketing
* Product - What exactly is your product for the market?
* Price - How much are you asking for the cost of your products and services?
* Place - Where you sell your products and services.
* Promotion - How do you advertise or market your product?
* Positioning - How your product is thought about in the heart and minds of your customers.

 12. Focus single-mindedly on sales. In starting and building your business, sales are the most important in making your business a successful one. The more people you see and tell about your products, the more of the products you sell. ~ Brian Tracy on Motivational Arena

 13. Advertise your products and services continually. A failure to do so is like winking at a girl in the dark. Three keys to advertising; test, test, and test. If any ad isn't bringing sales, stop it immediately. You're hurting your business in the process. ~ Brian Tracy on Motivational Arena

 14. Use the internet to boost your sales. The good news is that you can start your website at a cheap cost today. Register your business name as a domain name as soon as possible. ~ Brian Tracy on Motivational Arena

 15. Practise the 'corridor' principle. Failures always wait for everything to be just right. If you wait for things to be just right, you'll wait forever. Successful entrepreneurs start before seeing other doors open to them. ~ Brian Tracy on Motivational Arena

 16. Get the money you need. If you run out of cash, your business will die. Banks do not lend money to start-ups. They're in business, and may not want to take the risk of investing in your start-up.~ Brian Tracy on Motivational Arena

 17. Make use of technology. You can use technology to serve customers in a more efficient, yet cheaper way. ~ Brian Tracy on Motivational Arena

18. Make every minute pay. Your time is your most precious resource. Use the 80/20 rule in your business. The rule states that 20% of the things you do bring 80% of results. ~ Brian Tracy on Motivational Arena

 

 19. Dedicate yourself to lifelong learning. Continuous learning is the minimum requirement in the success of your field. Add to your knowledge and skills continually. Read one or more hours a day. That will make you better than your competition. ~ Brian Tracy on Motivational Arena

 

 20. Hire slow, and fire fast. 90% of your success in business will be determined by the people you employ. Look for people with good attitudes and pleasant personalities, and those who believe in what you're doing. ~ Brian Tracy on Motivational Arena

 

 21. Practise the 7 secrets of success.
* Know what you want.
* Determine the price you need to pay.
* Accept 100% responsibility for your life.
* Bend bridges, never think of turning back.
* Be wiling to work, hard, hard, and hard.
* Use your time well.
* Back your plans with determination and persistence.

 BY; JONATHAN ADZOKPE