Success is the accomplishment of a goal, either for personal or for other reasons. Of course, success is different for everyone, since people have their sights on various things. Maybe it’s for profit, for fame, for career, or even more. Everybody aims for success; this includes every business owner, and their aspirations for their business.
However, success doesn’t come overnight, and it takes a lot of effort, not to mention time. It also takes a lot of practice, and constantly being mindful of the mindset you’re adopting. The path to success is a long and winding road, riddled with challenges at every corner. But it is worth it, and along with it, you get to become a better individual as well. Don’t worry though, there are certain keys to a successful business and today, that’s what we’ll be introducing to you.
The Habit of Negotiating
Most of the time, the success of a business lies on your ability to negotiate effectively. You should aim to be a good negotiator, saving your business up to 10 (sometimes 20) percent and more, on every financial transaction. A helpful habit that you have to develop is asking for lower prices when you’re purchasing, and asking for higher prices when you are selling.
Practices that Promote Business Success
- One of the keys to a successful business is to exercise frugal living by learning how to save a fixed percentage of your income every month.
- Perform a total financial analysis on your life and daily expenditures. Discover your income and expenses, future possibilities, and net worth.
- Create an agreement with yourself that you are going to accrue more than a million dollars in the coming years. Write that agreement down, formulate a plan, and then act towards attaining it daily.
- Practice being wise with the things you purchase. Learn not to buy something brand new, if there’s a second-hand item available. Learn to negotiate with prices, and get yourself a discount. Learn to get a hold of yourself and give your mind ample time to consider things, before diving into major expenditures.
- Organize all of your finances, including personal ones, with proper estate and insurance, a family limited partnership to keep your assets safe, and help from from financial advisors if necessary.
- Always investigate first, before you invest. Get to know the ins and outs of the business, and be sure to exhaustively get an understanding of how your money is going to be utilised, and how you will get it back.
- Create a specialized “Financial Fortress,” bank account and start pouring cash into, whenever there is an opportune moment. The money inside it should only be used on investing and growth, nothing more.
The fate of your business revolves at the palm of your hands. Whether it becomes successful is entirely up to you. Take the initiative and apply these keys to a successful business, and watch your business grow to something bigger than you. Watch and savour the satisfaction of watching it grow larger than life itself.
Sharon Kaibel is a performance and productivity coach. Sharon helps business owners create the strategy, structure and systems to build and grow a profitable business. Join her Closed Facebook Group, the #ACHIEVERNETWORK for the community, resources and trainings to become an extraordinary achiever.