10 BUSINESS TIPS TO CONSIDER

1. Do one thing perfectly, not 10 things poorly. 

1. Businesses built around your strengths and talents will have a greater chance of success.

1. Always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.

1. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. 

1. Your wallet is your company's life-blood. Practice and perfect the art of being frugal.

1. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute.

1. Find ways to prove your business model on a shoestring budget.

1. Entrepreneurship is a lifestyle, not a 9-to-5 profession.

1. Know when it's time to walk away. If your idea doesn't pan out, reflect on what went wrong and the mistakes that were made.

1. Failure is not inevitable. A true entrepreneur will prevail over adversity.

SUCCEEDING IN BUSINESS IN THE 21ST CENTURY

Executives, entrepreneurs and luminaries committed to advancing a transformation of the working world are redefining what it means to be a successful company in the 21st century.

Convening the exchange of leading practices, deepening research and recognizing those on the leading edge of forward thinking transformation, futurists aim to catalyze a global shift toward humanity in business, inspiring and enabling organizations to cultivate purpose-rich cultures that better serve their employees, customers and the world.

Its original research and year-round events, including at global forums such as the Clinton Global Initiative Annual Meeting and the World Economic Forum, are bringing together a diverse mix of business leaders, academics, scientists, entrepreneurs and storytellers to advance the science and execution of purpose in business.

More and more, customers are making their buying decisions based on an organization's stated aims and more millennial's are choosing their employer based on its purpose. Now that companies are armed with the impetus and the business case to transform around purpose, the discussion needs to shift from ‘why’ to ‘how.’ And this is where forward thinking planning and strategies comes into play. The old quote by Mark Twain: "To stand still is to fall behind",  is more relevant today than it has ever been before.

IT'S HERE NOW

IMPROVING YOUR COMPANY'S BOTTOM LINE

There are two basic methods for improving the bottom line of any business. 

1. Lowering overheads / costs.
2. Increasing cash flow. 

The former is a great deal easier to accomplish than the latter. Increasing cash flow means developing new business, finding new customers / clients or providing more products or services. The latter is a relatively simple exercise if you do not know how much revenue you have to generate each month to make a profit.

If you plan on reducing costs as a first stage, you need to know what your monthly "nut" is. The monthly nut is the amount of money required to operate the business month to month including every business cost down to the cost of toilet paper and excluding the business owners or partners salary or draw. That can be included in the monthly total if you wish.

In the businesses I have owned, I have always wanted to know what my monthly cost is before my draw. How much money do I need to bring in over the next 30 days to cover my company expenses.

If you don't know what your business overheads are, how will you know if your business is profitable? First step; create an Excel spreadsheet and list all your expense categories. Next step is to ensure you get receipts for every purchase whether it is paid by cash, check or credit card. With items like parking, if you just use coins, keep a small notebook in the car and write down the amount you paid the meter. If you do a lot of driving and a lot of roadside parking, you will be surprised to see how much you spend on meters. Keep in mind, this amount comes off your business taxable income. Same with meetings over a coffee. Or buying a train ticket, as examples.Get a receipt and keep a file folder for the receipts. Total them up at the end of the month. Carry out this exercise every month for the next 3 months and then do an average. 

Costs that have to be paid annually, divide over 12 months in your spread sheet. At the end of 6 months, divide by 6 and at the end of the year, divide by 12. 

Now figure out what you (and your partner or partners) need to draw each month. Add this to your monthly total and now you know exactly how much revenue you need to generate each month. From this, you can deduce if the mark-up on the products you sell  or the hourly rate you charge for your services is is sufficient. 

You do not need an MBA to carry out this business analysis. 

BUSINESS IN THE 21ST CENTURY

Adaptability to the ever-changing marketplace is a characteristic that will help 21st century businesses thrive. The ability to innovate and execute is essential, but without adaptability, your business will fall behind in our rapidly evolving world. Exploring creative solutions to challenges is fundamental in the 21st century business world because businesses constantly face trade-offs. A successful manager will be adaptable by being open-minded and bringing in new perspectives to confront new business challenges.

New forms of marketing including advertising, improving customer satisfaction, competitive product or service pricing, staff training, taking advantage of new technology and trimming overheads are just a few of the many challenges facing today's business owners and managers.

Accurate foresight is another essential trait for 21st century business people. You need to have a clear and forward looking vision of who you are, your business goals, and where you see you and your business develop. Many managers spend their days dreaming about the future without taking initiative. Articulate a compelling future vision, develop an operations strategy, and execute that strategy. As a part of the aforementioned adaptability trait, reevaluate your strategy from time to time so it stays current with the changing times in which we live.

And update your business plan or business model as you proceed. If you don't know where you are going, you won't know when you have arrived. The old adage; "the only place success comes before work is in the dictionary" is so very true. 

And often, it is not a matter of working harder, just a matter of working smarter.