- Stay focused - Stick to basic, do what you do best, make sure that you know what your goal is. Your goal should guide your actions.
- Complete the business plan preparation before taking any action. Well plenned business saves a lot of money and frustration.
- Conduct a comprehensive market analysis that includes products, services, costs, prices, distribution, advertising and quality.
- Make sure you can finance the business activities according to the business plan you have prepared and a bit more for unexpected expenses.
- Quality of your product/service should be according to the requirements and needs of your target market.
- Monitor and control financial aspects. You can catch financial problems while they are small.
- Define in advance Key Successful Factors (KSF) - make sure that you know to measure successful/failure activity.
- Make sure that roles and responsibilities are clear within your business and with any interaction with customers/suppliers. The expectations of bothe sides should be clear to any of the parties.
- Build network of contacts. All your connections, both business and social are your windows of opportunities, every window that you open is another building block in you success.
- Periodic status evaluation of business plan's milestones with actual results. This will enable you to deal with small problems before they are getting bigger.
Assaf Katzir is owner and CEO of Katzir Soze Investments Ltd |
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