Avoiding Disappointments as a Business Owner

How many times have you dreamt of owning a business and then allowed that dream to just fade away because fear of the unknown took over and convinced you that such a venture will definitely fail.  Well, I have some good news for you.  The dream of being a business owner will succeed if it is built on strong foundations.

Here are 5 pillars that will provide clarity and lay the way for a successful business venture:

  1. Design a VISION: Write down the comprehensive aspirations for the business and craft them into an inspiring statement that will become the driving force that will carve the pathway to success.
  2. Clarify the MISSION: The Mission Statement takes the business vision and segments it into broad objectives that will guide the way as the business journeys into its path to success.
  3. Set GOALS: Every winning bowman aims for a target, and that’s what goals are to a business owner. Goals are set business targets that will establish milestones for success to every company no matter how long it has been in business.
  4. Develop STRATEGY: Strategy sets high level objectives that highlight priorities.  Measurable objectives that are achievable and realistic, and that are guided by timelines and deliverables.
  5. Construct an ACTION PLAN: This is where an account for the business operations is crafted.  A step by step guideline as to how to achieve objectives and reach goals.  Details of tasks that cover the full scope of work from finances to equipment, hiring, marketing, policies, …etc. with time frames for when to achieve these action items.

Business success is a journey that has its ups and downs. However, if it is approached with strong foundations in place it will shelter business owners from disappointments and breakdowns that irrevocably lead to failure.

One thought on “Avoiding Disappointments as a Business Owner

  1. Globalization may have pros and cons for all businesses ( from small to large). The bottom line is that if you can maintain competitive edge over your rivals in business processes and the quality of your goods and services, globalization will always benefit you in the form of access to new markets, customers, technology, etc. So accept globalization as an opportunity to expand your business.

    Liked by 1 person

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