As a brand strategist, I get the opportunity to work with entrepreneurs who have built amazing businesses. Nonetheless, many are quick to tell me that it took a lot of sweat, tears, and determination to bring the vision of the business to life. In reflecting on stories that they have shared with me over the years, I thought about the secrets to their success.
In this post, I share 3 essential principles to keep in mind for entrepreneurs who want to reach new and higher heights for their business.
1) It’s not personal; it’s business.
Many new entrepreneurs tell me they were too nice when they first launched their business. In an effort to maintain good relationships with potential customers or vendors, they bent the rules (their rules) at times when they should have put their business first. You must value your business first. You may have times when being flexible can help your business, but you must know when to draw the line.
2) Money must be managed. It should not manage you.
Whether you are a new entrepreneur or your business is overflowing with financial success, don’t lose sight of your financial budget. Each month you should know your mandatory expenses (rent, utilities, vendors, etc.) and what you must save (taxes, reinvest in the business, etc.). With that being said, you must be willing to shop around for vendors that not only do great work and complement your business, but also work within your budget. Again, it’s not personal, it’s business—thus, it’s about actively seeking the vendors who offer the best price and value for where you are at this stage in your business.
3) Brand clarity positions you to excel.
Be clear on what you stand for and know what you want your company to communicate. Who are you? What value do you bring to your industry? What is your unique point of view? What group is your product and service designed to reach? What message do you want potential clients to absorb? What difference will your brand make in the marketplace? There will be many other businesses that offer similar products and services, but be clear on what sets you apart.
What are your essential principles for success? Would you add anything to this list? Leave a comment below or tweet them to me @BoriquaChicks.
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