You are an entrepreneur, and you want to succeed in business. You have built your business, it’s your baby, and you give it lots of attention. But how you define business success is essential. You may define success through consistently high revenues, an elite clientele list, office location, media exposure, or other personal choices. Everyone defines success differently.
Melissa Houston Contributor
I write about business and personal finance for women entrepreneurs.
The universal marker of business success is that your business is earning a profit, year over year, allowing you to stay in business for the long term.
Businesses face challenges regularly, and it’s important to be on top of those challenges. As we learned in 2020, anything can happen in business. Your business success will be determined by how you react to risks and threats against your business.
Here are some top tips on ensuring business success in 2021:
1. Know your business numbers
Money management is one of the top skills you need to master in business. Every successful entrepreneur and business owner needs to understand their business numbers. Knowing your business numbers allows you to make informed business decisions that you know will impact the business’s profitability. You are the CEO of your company, so it is your responsibility to be informed. You can hire help and guidance, but ultimately you are the one responsible for making these decisions. Nobody will care about your business as much as you do. Never give your financial power away.
2. Build your network and business relationshipsI always say the gold is in the network; however, it is essential to note that those business relationships are based on reciprocity. You need to help others just as much, if not more, as they help you. Always be willing to return the favor or a nice gesture. Show value to your network, and they will show it back.
3. Own your unique giftsWhen you step into and own your unique gifts, you can put yourself out there with confidence. By living your true, authentic self, you will attract more interest in your offer because you will draw people to you. If you are pretending to be something that you are not, people will notice that and trust you less.
MORE FOR YOUWhy Faking It Fails And How To Start Banking True ConfidenceTop Investors Advice To Prepare For The Next Decade3 Ways Data Is Helping To Improve Business Efficiencies
4. Keep your mindset in checkThere will be failures. The majority of entrepreneurs will tell you that there were many flops before (and after) they had big wins. Not everything is going to work, but the key is in trying things out. When you have the right mindset it ensures that you will never give up.
5. Make more and spend lessDon’t succumb to an inflationary lifestyle as your earnings increase. An inflationary lifestyle means extra purchases such as luxury cars, bigger houses, more flash that are eating away at your earnings, so you never get ahead financially. By earning more money but keeping your spending low, you are in financial control of your business, and you can make those extra purchases when you are genuinely financially ready for it.
The bottom line is that after the year most entrepreneurs had in 2020, the idea of success in 2021 is exciting and feels attainable. When you follow the top tip of managing your finances well, you will be setting yourself up for success. Financial mismanagement is one of the top reasons businesses do not succeed.
Read more from Forbes