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.