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Four Keys to Building a Successful Business
According to the SBA nearly 60% of small businesses fail in the first four years.
To beat these odds, I’ll give you THE BARON SOLUTION “Four Keys to a Building a Successful Business.”
- A Proven Business Model
This is the foundational element of your success. Start with a detailed business plan and create a scalable model for your business. This will allow you to prove to investors, and yourself, that your business idea will work particularly in the face of competition.
- Experienced Management
You will need to train yourself in the processes and best practices of your field and as well as bring in other people who have operating experience in your industry. You can get experienced management personnel to sign a “Letter of Intent” if they believe in you, your idea and you can prove to them that you have a business model that works.
- Access to Capital
You should clearly understand the financing needs of your business as laid out in your business plan. With experienced management attached to your company and a proven business model you will have a much easier time raising money for your business.
- Strategic Partnerships
It is critical that you identify and forge any needed relationships necessary for your business to be successful. You can leverage your management team and investors to help you build these relationships since they already have a vested interest in your success.
The four keys to building a successful business are like the wheels on a car. If you are missing any one of them, you are unlikely to go very far. However, by effectively leveraging these keys in your business development strategy, you can reduce the odds of your business failing and significantly increase the magnitude of your success.
If you think any of these keys may be a challenge for you, remember that any situation of a lack can be solved through a partnership. You just have to figure out the value and benefit that can you bring to that partnership or relationship. The value you bring may be an idea, other partnerships, a required skill, etc. But it is through strategic partnerships that all lasting success is achieved.
Begin to master these four keys today to help ensure that your business survives and thrives for years to come!