Five Critical Steps to Business Success

In my article, Five Critical Steps to Business Success, I share important steps to help you build sustainable success in business even during the most challenging of economic times. These steps below are employed by some of the most successful businesses in the world.

Step #1: Have a mission that defines where you are headed. You should know where you want to go with your business.

Step #2: Create a strategic plan for the year. Start by identifying the 3 most important things your business should focus on in order to meet the mission you defined in Step #1.

Step #3: Have an operating budget – successful companies do budgeting. This process allows you to identify the specific financial goals of the year.

Step 4: Be clear about who is responsible for what within your company.  Have an organizational chart that identifies positions and major responsibilities within each position.  Then create job descriptions that clearly spell out the desired results of that position.

Step #5: Have a good feedback system – successful businesses manage by results. Know your numbers and regularly interact with your staff to gauge performance.

Read the full article Five Critical Steps to Business Success.