5. Testing

If you can start your business with a clear idea of how you are going to monitor your systems, resources and assets then you will be well ahead of the pack. When most business owners are confronted with questions about their average transaction value, sales conversion ratios, enquiry and lead generation rates - they come up with varying excuses or reasons as to why they don’t know or have this vital information.

DON’T MAKE THE SAME MISTAKE!!

You need to be able to calculate your ROI (Return on Investment) for everything that you do on a regular basis.

To do this develop a set of KPI (Key Performance Indicators) that are appropriate for your business - don’t go overboard - just focus on the information that you need. Remember that 80% of your results come from 20% of your activities! The key is to discover the 20% and keep improving them...

The other benefit of testing is that it encourages us to recognise mistakes and move on - this is a vital part of the growth process. Without action, mistakes and growth we stagnate and/or wither at the vine!

6. Efficiency

Hard work doesn’t guarantee success or profits - look at how wealth is apportioned in the world and this soon becomes apparent - 80% of the wealth is controlled by less than 10% of the population.

Personally, it took a long time for this penny to drop! The first business I owned was really just a job in disguise. I was caught in a trap that confronts many small business owners - working IN the business, rather than ON the business.

This is a critical distinction...

If significant profits and growth are what you desire, then it is critical that you become efficient and develop systems that will allow your business to work for you and not the other way around.

There is one key concept to remember when implementing anything...

7. Lag

Lag is the concept that you ‘reap what you sew’. In other words, if you follow the principles suggested here and persist - you will succeed!

However, your business life is going to provide you with numerous challenges and obstacles to overcome. The biggest difference between successful people and the rest is that successful people look at upsets as a chance to grow and learn rather than as failure.

When confronted by a setback, rather than giving into fear and quitting you must continue to persist. Why? Because if your principles are sound, all you have to do is keep adjusting your methodology until you have a formula for success.

You will have a much greater chance of success in business if you keep the principle of Lag in the back of your mind, stay focused and never give up!