IBA SUCCESS MAGAZINE Volume 6 Campaign 1 | Page 10

EXPERTS LANE n FINANCIAL HEALTH Do You Want to Know How to Run a Successful Business? Here’s What You Need to Know! By Nesterine Blair, WFG Associate which are contained in the financial section of the business plan. From there you can determine ways to make your business more profitable by increasing sales, reducing losses, or cutting ex- penses. If you want your business to be more successful, you need a plan to get you there. 3. Register your business. a. Check with your County Tax Collec- Here are seven tips that will help to ensure your business is a success: tor to see if you need a license. b. Register your business with the De- partment of Revenue. c. Register with the IRS. d. Corporate entities or fictitious name registrants should register with the Department of State. 1. Have a written plan. 4. Keep detailed records. Without a plan, it is merely a dream. It doesn't have to be a book, but you need a few pages outlining specific objectives, strategies, financing, sales, marketing plans and a determination of the cash you need to get things done. Writing it all down is a crucial first step. 2. Create a financial plan. You did make a business plan before starting your business, right? The finan- cial health of your business is summa- rized by the income statement, the cash flow projection, and the balance sheet, 8 IBA Success Magazine n VOL 6, Issue 1 All successful businesses keep detailed records. By keeping detailed records, you'll know where the business stands financially and what potential challeng- es you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. 5. Be Consistent. Consistency is a key component to mak- ing money in business. You have to con- sistently keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run. 6. Delegate to employees and avoid micromanaging them. A manager's job is to delegate and then inspect progress. So, don't be a control freak. Keep the business orga- nization flat. If you delegate effectively, you will get more and better then you expect. Have an actual written training and orientation plan so your employees know what is required of them. This also gives you the time and flexibility you need for other tasks. Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and suc- ceed in this downsized economy if you fol- low the right path. For further information or discussion on how to run a successful business, please contact Nesterine Blair at 321-438-6228. Nesterine Blair, Broker Blair Realty Group, Inc., 407-210-3944 NesterineBlair@gmail.com  www.BlairRealtyGroup.Com “Our Experience Will Be Your Best Investment.” ADOBE E ntrepreneurs—whether you’re an unemployed person starting on your own or a seasoned vet trying to get the mojo back again—you must do things differently to survive. Everyone must change, especially small-business owners. Luckily, basic business fundamen- tals have not changed. Successful entre- preneurs almost always possess—tenacity, commitment and vision, and basic busi- ness skills. I have had a chance to develop and implement these strategies first-hand during the recession and its aftermath—and have employed them myself. I have a good idea of what works and doesn't work today.