In this recipe all the ingredients listed will be needed to run your business however the quantities needed for each business may change depending on the type of business and industry.
If you have a current business, then measure it against my “”Recipe” below. If you are thinking about starting a business then make certain you have the “Ingredients” before you start.
- A minimum of one person with drive, self confidence and determination. Must be willing to take advice, see and convey the big picture plus understand their own strengths and weaknesses as they work in a team environment towards becoming a success.
- A written plan that incorporates the vision for the business with the “What” we will do, the “How” it will be achieved and “When” to know that we have achieved our goals.
- A customer base that you will know, understand and cherish. You will fulfil their needs, desires and expectations. Don’t stop having a conversation with them and listen to what they are telling you.
- A set of excellent systems that gives current information on what is happening financially and also systems that make the business run efficiently. These systems also tell you about the Debtors, Creditors, Work in Progress, Stock and Cash.
- A group of staff members that have an attitude that is positive towards the business, are involved, know what is expected of them and are appreciated for their work.
- An amount of cash sufficient to start the business and to ensure there is some working capital.
- Another amount of cash similar to No.6 above as the amount that you previously calculated will not be enough.
- Have an open mind to detect opportunities and move quickly when an opportunity is recognised.
- Set your prices based on an efficient system and a predetermined profit. Review them to ensure they are reasonable in the market.
- Get a friendly banker who understands your business and believes in you. You will need this support to borrow funds as you grow your business into a success.
- Talk regularly to your accountant or business coach about your current financial position as well as other business advice which they can give.
- Develop extensive networks which involve similar business operators, other business people, suppliers and business advisers.
Take the above ingredients and knead them gently together. Mix it with a bit of fun and enjoy what you are doing.
Each business does take time to develop, show patience and determination to achieve the vision that you have for the business.
Give us a call if you want to discuss my “Recipe”.
Phone 027 43 43 431. Paul Rosanowski – email@example.com
Phone 027 58 21 219. Gilbert Robertson – firstname.lastname@example.org