Find out more: http://nichetrafficlocator.com/blog/12-key-factors-to-succeeding-in-business/ Over one half of all new businesses fail within the first 3 years of trading. But with sound planning, some business knowledge and most important of all a great dream you can dramatically improve your chances of surviving, growing and succeeding. Have Long Term Goals The primary task in managing a business is deciding its long-term objectives. If you can imagine what you want your business to look like in five years time you have more chance of achieving your dreams. Create your Vision You need to seriously think about what products and services you will be offering and to what type of customer. Consider your future market position and competitive advantage. Do you envisage expanding and if so what turnover, outlets, staff and annual growth rate to you anticipate? Think big and dare your dreams to come true.

1. 12 Key Factors To Succeeding In Business
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2. Over one half of all new businesses fail within the first 3 years of trading. But with sound
planning, some business knowledge and most important of all a great dream you can dramatically
improve your chances of surviving, growing and succeeding.
Have Long Term Goals
The primary task in managing a business is deciding its long-term objectives. If you can imagine
what you want your business to look like in five years time you have more chance of achieving
your dreams.
Create your Vision
You need to seriously think about what products and services you will be offering and to what
type of customer. Consider your future market position and competitive advantage. Do you
envisage expanding and if so what turnover, outlets, staff and annual growth rate to you
anticipate? Think big and dare your dreams to come true.
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3. Plan your Success
You wouldn’t start on a long journey without a map, so don’t do it with your business. Take your
dream and plan the main steps you will need to take to get from where you are now to where you
want to be in 5 years. Then plan this in detail for the next 12 months. Include a cash flow
projection, so you can be sure you don’t run out of cash along the way. Review what you have
achieved every 6 months and plan the next stage of development.
Review your customer profile on a Continual Basis
Most businesses can identify future outgoings. Sales projections are more difficult. Market
research helps here. Review the profile of typical customers and note any changes.
Look at your sales pattern. Has it changed dramatically? If so, how will you redress the balance?
Are you overly dependent on any specific products or customers? Who are your most profitable
customers? Do you look after them to ensure repeat business?
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