Four Keys to Building a Successful Business

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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.”

  1. 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.
  2. 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.
  3. 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.
  4. 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!

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William R. Patterson

About William R. Patterson

William R. Patterson is CEO of The Baron Solution Group, a Top 100 MBE. He is a four-time award-winning lecturer and international best-selling author. He has shared the stage with billionaires, presidents, and Fortune 100 CEOs. William is an internationally renowned business and wealth coach who has created over 150 products and has been a featured guest on over 500 television and radio programs. He delivers solutions to millions worldwide — from individual investors and small business owners to corporate boards and CEOs. William’s breakthrough book, "The Baron Son" has been translated around the world and featured in the Forbes Book Club. He is winner of over twelve Web awards for excellence including: Best Wealth-Building Site; Best Business Advice & Development Site; Best Author; and Best Speaker and Lecturer. For more information visit, BaronSeries.com | Google

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