10 Business Street Smarts

Many business owners or people who are about to start a
business have idealistic views about their new venture.

People who are experienced in business know that there are
some basics and some fundamentals that you must get right
if you are to succeed. This article outlines a list of
"Street Smarts" which have been distilled from the
knowledge and experience of many successful business
people. Read them carefully!

1. The fatal mistake of many business people - thinking
that because they are a good mechanic, baker, accountant,
that they understand what it takes to run a mechanical
business, bakery business, accountancy business. The most
important skill for any business person is to know how to
run a business. How much management & business & marketing
training have you invested in yourself?

2. Make sure you clearly understand the concept of working
on your business as distinct from working in your business.
The most successful business owners spend a great deal of
time working on their business - learn from them! Read The
E Myth by Michael Gerber - a must read!

3. Work out what it would take in dollars to pay someone to
do what you do, for the hours you put into your business.

Are you paying yourself the same amount? If not, why not?
You are clearly worth it! Many people would argue that if
you are not paying yourself that same amount, then you
don't have a business, you have bought yourself a job - and
perhaps a low paid one!

4. Learn from other people, especially their mistakes - you
cannot live long enough to make them all yourself! This
means that you must be willing to embrace change - in every
aspect of what you do. The one certainty is that change
will continue and increase! The definition of insanity is
"doing the same things in the same way and expecting
different result." If you want a different or better
outcome - change!

5. Can your business run without you for up to a month? If
it cannot, then you have a job, not a business. Are you
taking a holiday each year? Why not, your staff do! If you
are a one or two person business, then bring in a relief
person for the time you are away. Pharmacists, doctors, &
dentists, do it all the time - why not mechanics, bakers,
accountants or home based businesses?

6. Prepare yourself for this one! If you have had the same
accountant, for more than 7 years, then get "a second
opinion" from a completely new source. Evaluate their
advice against your "regular" and see which is more likely
to deliver the lifestyle you want. Two important things to
note about this: a) if your adviser advises you against
this - what does that tell you? and, b) if your accountant
does not understand how and why a business should "deliver
a lifestyle", then it's time to update your advice.

7. Embrace technology at a personal and business level. If
you are not on email and checking it at least every day,
then the world is passing you by and you don't even know
it! Among other resources, there are literally thousands of
free email newsletters available which will help you make
your business more profitable - mechanic, baker, accountant
or farmer!

8. To get where you want to go, mix with people who are
already there. Talk to the best people in your business -
you will learn from them. Avoid the negative complainers -
they'll drag you down. The majority of business today comes
from networking.

9. It doesn't matter how much money your business makes.
What matters is how much you keep! Turnover is a very
misleading measure of the success of a business. Do not
fool yourself (and others) by thinking that a "large"
turnover necessarily means a great business.

10. If you are in business, then you are in marketing. The
more time you spend on marketing your business, the more
profitable your business will become. The single greatest
skill to develop and learn and keep developing is
marketing. 11. Bonus Point! What have you read or listened
to this month? Become thirsty for knowledge and both you
and your business will grow.

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David Julian Price is an experienced business coach and
mentor. He trains, coaches and consults with businesses and
business owners in Australia and throughout the world on
how to market their business and grow their business to
where they want it to be. He is an accomplished speaker and
coaches people all over the world to speak about their
business. David can be contacted at
http://www.davidprice.com or email at david@davidprice.com.