3 Rules for 2017 Success in Business

As I close my third year in business, I reflect on 2016 with a lot of lessons learned. Now I don't want to bore you with lots of writing (and hence lots of reading on your part) but I do want to start by saying, if you want to be successful in your business in 2017 you will need to ask YOURSELF these questions RIGHT NOW!... and be honest with your answers.

Do YOU want to be out of DEBT?

Do YOU want to STOP struggling in BUSINESS?
 
Do YOU want more clients/customers?

Do YOU want more visibility and recognition for YOU and YOUR business?

Do YOU want to increase your income 10 times or MORE?

If you answered yes to one or more of the questions above like I did then you will need to MAKE UP your MIND that serious work needs to take place in 2017 and from the jump.

I will be the last person to fool anyone into thinking that running your own business is easy. Trust me it's not... but the old adage is TRUE! The risk is worth the REWARD because it is ALL YOURS.

Here are my TOP 3 RULES:

1. Set your mind that you are going to succeed no matter what.

The biggest hurdle in business is overcoming the limitations in your head. One of my biggest limitations was believing I could do everything by myself. 2016 was the year I brought in 3 new professionals into my business to help keep me on track and to help me increase my bottom line. With the addition of each new person I could visibly see progressive movement in my business... milestones being reached. But the biggest benefit has been in the renewed energy I feel.
Stay inspired and keep your thoughts focused on your dreams and why they are important to you.

2. Devise a comprehensive plan.. (and write it down)

Imagine you are throwing a baby shower for a friend and you want it to be an event that she will remember fondly years after. Imagine that you will have one of a kind games, serve great appetizers that your guests will rave about, the great decorations and atmosphere, and the wonderful conversation. Now think of putting that all together without a plan. You need to "plan" who is coming, what they will be eating, who is bringing what etc.
A business plan ensures that you:
Have clarity and helps to define your purpose.
It keeps you accountable.
It solves problems.
It lets you know what you can and can't do financially and helps you schedule your activities.
It helps you devise a PLAN B... just in case your PLAN A doesn't work out.

3. Stay in gratitude

I love this quote:
To educate yourself for the feeling of gratitude means to take nothing for granted, but to always seek out and value the kindness that will stand behind the action. Nothing that is done for you is a matter of course. Everything originates in a will for the good, which is directed at you. Train yourself never to put off the word or action for the expression of gratitude. -- Albert Schweitzer

Everyday that you are given life give thanks. Not only be thankful for the big things but give thanks for the smaller stuff. I say thank you EVERYDAY for parking, my car, the internet, my students, places to teach, a choice of shoes to wear, mentors, family and friends. Nothing is too big or small to give thanks for and when you get to a space of gratitude your life becomes more abundant.

We need to WAKE up, SHOW up and DON'T GIVE UP! My factors for success are not complex and they have worked for me. You need to be serious about your business in 2017 if you want to see it grow. All the best for 2017...

Article Source: https://EzineArticles.com/expert/Debbie-Ann_Jollie/2307107

How Break-Even Analysis Facilitate an Entrepreneur Aiming to Launch a Sustainable Business

Entrepreneurs are those who try to run a business through substantial risk and initiatives. Therefore to succeed, entrepreneurs should minimize the chance of failure through effective designing of a business plan and market analysis long before they launch their business. Break-even analysis for instance, is a great formula that thoroughly analyzes the costing and selling prices for running the business and therefore attempts to determine the costing and selling price of a product or a service to reach a point where the company will not suffer from loss. Not knowing proper break-even point at which a business can run sustainably, many organizations have dramatically increased the possibility of failure.

Determine the Minimum Sales Volume required to Avoid Losses: 

Break-even analysis can facilitate an entrepreneur to confirm the selling amount in units and in price for a range of products and services those are to be sold so far for the business to produce enough revenue to pay its expenses. Knowing what percentage or units should be sold to achieve the break-even can enable a businessperson to avoid suffering from losses in both the short and long run.

Know the Minimum Sales Volume required to Avoid Losses:  

Break-even analysis can facilitate an entrepreneur confirm the sales amount in units and in price or range of products and services that has to be sold for the business to produce enough revenue to pay its expenses. Hence, knowing what percentage units should be sold to achieve the break-even point can enable a businessperson to avoid suffering from losses at any given period of time.

Targeting the Profit Levels:  

Besides, break-even analysis permits an enterprise to grasp what proportion of profit it will earn at completely different sales volumes. Any sales volume or range of units sold surpassing the break-even point can eventually result to a profit. Likewise a number of different set of sales volumes can be employed to understand how much profit might be generated from each of these sets. This helps an -enterprise to determine sales targets which will let it reach desired profit levels. This is particularly going be helpful for determining a territory sales target.

Setting up the acceptable price: 

The price of the offering is one of the major factors that an organization should take into account. Once operation has started an appropriate pricing will spell the distinction between failure and success of an enterprise. Nonetheless, the impact of pricing on the possible profitability of the organization is to be studied accurately. Setting totally different price indexes and evaluating the break-even analysis at every level can facilitate an enterprise to study the result of every set of price level in relevantly different major factors like client affordability, market competitiveness and impact on inventory management.

Schedule Your Merchandise Inventory necessities: 

Break-even analysis can facilitate an enterprise schedule product inventory levels. Entrepreneurs should stock enough inventories to have products available for sale as required by the customers. In other words, if the offering is not adequately available, it may harm the overall branding of the enterprise. The number of products that are to be offered to customers at any given time and the schedule of further stock to be purchased or produced are very important and can easily be planned once the break-even analysis has been done. Once a clear idea is generated about the volume of inventory according to the figures provided by the break-even analysis, it becomes easy for the organizations to determine the initial stock.

Md. Amanat Ullah is a freelance researcher in the areas of business and marketing. Areas of interests are marketing and innovation, alternative medicine etc.

https://www.facebook.com/Marketing.Amanat.Me/

Article Source: https://EzineArticles.com/expert/Md._Amanat_Ullah/1617578