7 Steps To Running A Successful Business

Starting a business is often a labor of love. After long hours and often years of hard work, you may finally obtain your goal of running a successful business. However, as the economy shifts, new industry trends and other factors can bring new challenges to your small business and its success. The following seven steps will help your business remain afloat as new challenges arise:

1. Regulate and obey your business plan.
A business plan is a formal statement of action that explains your goals and how you plan to attain them. Although this plan is primarily used for obtaining initial grants, investor contributions, and other types of start-up funding, it is just as important to keep it updated according to industry trends. If necessary, modify your short- and long-term plan to meet new or unforeseen needs within your industry. This will help you better manage your budget and the way you serve your target demographic.


2. Track all company financials.

Similar to keeping track of inventory, you should meticulously track all the details of your business. This includes new and periodic purchases, staff and their hours worked, salaries, company inventory, and sales. Not only will tracking these details help you when it comes time to file your taxes, but it will also help you compare your overall costs to your company's revenue more clearly.

3. Stay on top of technology.
Technology is widely used today, and it is critical for your business to adapt to the latest changes as they pertain to your customers' needs and interests. For example, technology is a fairly inexpensive way to advertise your business and continue to bring in current and potential customers. This may include maintaining a company blog, using social media, and understanding how traffic is driven to your business

4. Understand current and new industry trends.

Every industry has trends that come and go. While some manage to catch on, other trends may not be appealing to a majority of consumers. Analyzing and embracing the latest trends within your industry is a surefire way to relate to your customers and stay ahead of the game. Keep in mind that not every change will necessarily apply to you, so it is crucial to understand how different trends affect competitors who rely on the same customer base as you.

5. Be open to suggestions.

There are a lot of ways you can improve your business by listening closely to customers, colleagues, staff, and other professionals. Your customers and employees most likely have some creative ideas on how you can improve products, services, or the way you run your business. Openly ask for advice in verbal or written form, as well as through customer newsletters and specialized online forms. If you are unable to comply with suggestions, explain your reasoning to reassure everyone that you are not simply ignoring their feedback. You can then offer alternative ways to meet the expectations of those who provide feedback.

6. Avoid micromanagement.
Starting a small business can be a lot like nurturing a child and watching them grow to be successful. Similar to that of a loving parent, you might unknowingly hover over your business and staff. If your staff is properly trained, they should be able to be successful without you micromanaging their actions. You should be responsible for handling the larger aspects of your business, while placing a healthy amount of trust in the people that work for you.

7. Remain competitive.

All successful businesses have a competitive edge, and whether it is a unique product or service, or the ability to provide exceptional customer service, it keeps them ahead of the competition. It is important to find ways to stay competitive with businesses that provide similar services or products. Use promotional discounts, exclusive services or products, or even customer appreciation events to keep your business relevant and successful within its industry.Starting a successful business requires careful vigilance. Start by following these seven steps, and your business will see continued prosperity and growth.

Champion Football Team Strategies: Lessons You Can Apply to Your Small Business

Small business owners can find inspiration and guidance in many places. Whether you like tackling books for entrepreneurs or watching shows about successful figures, you can learn valuable business lessons through a variety of entertainment channels. In fact, you can even gain leadership insights by watching an NFL team battle its way through the playoffs. Here are some small business strategies that you can learn from a champion football team.

1. Protect the ball

The NFL teams that end up on top are often those that can control the ball and avoid turnovers. After all, when it comes time for the big game, one interception can cost a team the title, as was the case for the Seattle Seahawks in 2015. Instead of sticking to its winning game plan, Seattle took a chance, and it cost the team the championship when the New England Patriots were able to capitalize on their error.

When you dictate the terms and pace of play, you are less vulnerable to risk and have more opportunities to win. The same goes for small business owners and their clients. You should strive to protect your relationship with your best clients at all costs. If your business experiences a downward slump, these core accounts can keep you going until you are able to return to better days.

2. Play as a team

As a small business owner, it is important for you to accept that people make mistakes. The sooner you forgive and move on, the sooner your team can get back to achieving its goals. While it may be difficult for many athletes to accept weakness, you will find that the best teams are ready to support one another when a receiver drops an easy pass or the quarterback misses his wide-open target.

Members of a champion football team are quick to shrug off lapses. This approach keeps confidence levels high and communicates the need for unity above all. Small businesses thrive on the same sense of mutual support. You should strive to project confidence in your employees' abilities and move past mistakes quickly. After all, people can do their best work when they are not held back by the fear of failing.

3. Master the art of preparation

Football is a game in which strong coaches dominate. Those who are prepared to maximize their team's strengths and exploit the opposition's weaknesses tend to win. This makes preparation crucial, especially when it comes time to face the best teams in the playoffs. While you can take pride in your ability to improvise, this skill is no substitute for thorough preparation when you have an important meeting or presentation ahead.

4. Learn from defeat

Great teams are not afraid to look in the mirror after failure, and this approach serves small business owners in the same way. When you find yourself down after losing an account or missing a key deadline, huddle with your staff members and find out what happened. Once you determine what you did wrong and fix it, you can lower your chances of repeating the mistake.

5. Be able to improvise

You have to attack every day, game, or quarter with a solid plan, all the while understanding that your methods and systems should be subject to change. Great coaches have a fallback plan for every calamity that might set in, and the ability to improvise can often make all the difference in the big game. As a business owner, you too should know when to change gears. Have a plan but be nimble enough to adjust it as circumstances change..

As a small business owner, you can learn many things from a champion football team. The next time you encounter a problem at work, try thinking about how your favorite football coach would tackle the situation.

6 Perfect Cities for a Start-up Business

Once you have an idea for a business, you have to know where to launch. After all, location is an essential ingredient for successful companies. In fact, it is hard to imagine Tesla Motors succeeding without the network of tech businesses surrounding it in the San Francisco area. The same applies for famous coffee roasters who got their start in Seattle and brewers who launched in Burlington, Vermont. Here are six perfect cities for a start-up business.

1. Raleigh-Durham
When you are thinking about the perfect city for your new venture, it may be important to keep the proximity of well-known universities in mind. As Duke, Wake Forest, and the University of North Carolina all converge in Raleigh-Durham, entrepreneurs who set up shop in this city have access to top talent coming straight out of these schools. Furthermore, due to the large student population in this area, 42% of adults in this city have a college degree and business costs are 18% below the national average, according to Forbes.

2. Boston
In terms of academic talent, no city can beat Boston. With many of the nation's best universities in town, start-up owners will have no shortage of potential hires to tap. Meanwhile, the city's urban density attracts young employees. Boston's public transportation infrastructure serves as another big draw for potential hires. According to Entrepreneur, Boston start-ups have ample access to venture capital as well.

3. New York
Over recent years, New York's Silicon Alley has nearly caught up to the Bay Area's pace of innovation. Group work spaces have emerged across the city, and entrepreneurs are becoming increasingly likely to choose the Big Apple over the West Coast. In terms of quality of life and networking opportunities, New York has no equal. Naturally, investors abound in the finance capital of the United States. Furthermore, companies that plan to do business overseas can benefit from New York's increasingly diverse population.

4. Chicago

Chicago remains one of the best cities for entrepreneurs to call home. A progressive local government has enacted policies that promote green living, making the city popular among new college grads and innovators. Furthermore, a solid transportation infrastructure, a lower cost of living than coastal cities, and great networking opportunities make Chicago a great option for any start-up.

5. San Francisco

When it comes to the perfect cities for a start-up business, it is hard to beat the San Francisco Bay Area. Between the city proper, Oakland (across the bridge), and Silicon Valley (a short drive south), entrepreneurs are guaranteed access to the talent and investors that a growing business needs. Furthermore, businesses that take off from Silicon Valley tend to get the highest valuation. While it is important to note that living in this area can be quite expensive (and likely requires access to a car), the payoff may be too great to ignore when you have a groundbreaking new business idea in the works.

6. Los Angeles

Do not forget to consider sunny Southern California, as well. With rents lower than New York or San Francisco and creative talent everywhere, the City of Angels is a strong contender for new start-ups. In particular, fashion and entertainment businesses truly have a chance to thrive in Los Angeles, but tech companies (such as Tinder and SnapChat) often find a good home here, as well. One potential downside to an LA office is the need to drive and deal with heavy traffic. However, ride-hailing services have been improving many freeway commutes over the last few years.