Business Success Strategies

Tracy GuarinoSuccess in business depends on many factors. Having recently sold my company, I was happy to have the opportunity to share tips for fellow entrepreneurs for the SCORE on Business segment, hosted by Pete Hendrix, Chief Client Advocate & Founder of Integritec. It airs on Comcast Cable channel 250 in Nashville. Here are some tips from my first segment, and a link to the video clip.

Key Ingredients for Business Success

Motivation and passion. These are crucial to every entrepreneur’s happiness and success. Your passion will keep you motivated to move the company forward and inspire your employees. When you are enthusiastic about the company’s mission, you’ll be excited about putting your feet on the floor every morning.

A long-term strategy, roadmap and business plan. To effectively navigate new business lines, entrepreneurs must focus on their core capabilities first. Then, strategically connect with customers, identify their challenges and hone in on what you can and cannot reasonably address without losing focus. If you really understand where your revenue comes from and your costs, you’ll avoid problems later. Identify sustainable sources of revenue. Talk to customers, gather  intelligence and know your partners. Decide if you need financing or investors. Also, be sure to hire the right people to support your plans.

Mentors. I’ve had terrific mentors, and believe every entrepreneur should identify people to serve as a support system. You don’t need to know all of the answers; rely on mentors who have been in your situation in the past, and be comfortable asking questions. Nashville is a great community of entrepreneurs who are willing and eager to help other local businesses succeed. SCORE and the Entrepreneur Center are both terrific resources.

An exit strategy. Whether you plan to be in the business for many years or a short time, consider your exit strategy. Ideally, you’ll think about it from the beginning. However, at least two years is a necessary lead time to start planning to sell your business. Selling a business is more like a marathon than a sprint! Build your team, keep up with day-to-day operations and make sure you are prepared when the time comes for a sale.

View the interview on my Facebook business page — and please “like” the page while you are there.

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