Monthly Archives: July 2012

Are You Breaking The Rules?

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We all have rules we live by most of which are unwritten rules, the same principle applies in business.  We start out with ambitious business strategies to take the world by storm.  We put most of this information down in a business plan and edit as we go.  But do we actually look back after a while and ask ourselves “is it time to change the rules”?

Business development needs flexibility.  The world economics is always changing and sometimes we can be stuck with business ideas and plans that work against us.  Even though our business requires structure, we need to adapt a flexibility mode as we grow.

Tip: Do not cast your business rules in stone rather be open-minded about the endless possibilities of your business idea. 

For example: If you set out to meet the needs of mothers with young kids and you get more enquiries from fathers with young kids, you need to ask yourself if it is time to change the rules.

Emotions can get in the way of your business idea, so be careful how you analyze your aims and objectives.   Yes, I know your business dream is to always meet the needs of moms with young kids but if the market doesn’t make that demand on you, you might need to change the rules.

I started out with Business First Steps from a very different platform.  I have an idea of what I wanted to do, but could not grasp the full picture at the time. As I progressed in business, I found out soon enough that some rules had to be broken. Yes my ideas in the beginning seemed great, but holding on to them will do my business more harm than good.  Emotions had to give way to common sense and good reasoning for my business to grow.

Action Plan:

If you have your business aims and objectives written down, now is a good time to revisit them and align them with the reality of your business operations.

If your aim and objectives are in your head, please take time out this month to write them down and post them somewhere conspicuous so you can see them every day.  This will help your business tremendously as you will know when it is time to change the rules.

I wish you good success

Temi Koleowo

www.businessfirststeps.co.uk

Business Tools and Brainstorming sessions for Business Start-up, Development and Growth.

Photo courtesy of iamwahid sxc.hu

Waiting for the Perfect Moment

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I love this quote as it resonates with me in every way.  As someone with a melancholic personality, I tend to want everything to be perfect before I make a move.  Years gone by I wanted the perfect business plan, perfect location, perfect set-up etc before I could even consider launching a business. But when I started out in business, I was quick to realise that if I stay in the place of “wanting to be perfect”, I will lose my place in the queue.  Guess what? Someone, somewhere will surely come and take my place soon enough, then the idea I thought was going to be perfect will now be common!

Sometimes we need to start from where we are at so we can grow as we gain more experience.   I am not advising anyone to go out and start a business without adequate research, planning and good business advice.  But some of us just refuse to set out of the boat to check if the water is tepid or cold!

  • What business idea have you  been thinking about?
  • What expansion plans do you have for your existing business?
  • If you were going to take the first step what will it be?
  • Can talking to someone else about it help you put things in the right perspective?

One of the actions that helped me when I started out in business is getting my idea out there into the open by telling people (trustworthy ones) about what I want to do. Once it gets out there, you are somewhat committing yourself to act and do something about that idea.  You can bet the people you told will be asking you about that idea and what you are doing with it.  A few years down the line, I still follow the same process in developing new ideas for my business. This is where a business mentor or even a business consultant’s help can come in handy, it might be worth investing in one.

Write It Down, Make It Plain

You should also commit to writing down your ideas, invest in a journal or a notebook. Date your entries so you can look back over time to see how far you have come.  Write the inspirational information down as it comes to you and do not worry about format or frequency.  You can also create a mind map for yourself, with you in the middle and the potential of your ideas branching out from you like a spider web.

Take Small Steady Action

Developing an idea needs action on your part, ‘thinking it’ cannot make things happen.  There is room to daydream but you now need to progress from that place to the next room of ‘taking action’ to realise your dream.  Start a to-do-list of what you want to do with your idea. Do not develop long term goals just now as you might find it overwhelming.  Begin the process with a weekly plan, then monthly, six months, one year etc.

Go online and research the prospects of your idea/passion using various related keywords.  Check out your competitors and even patronise them if you can afford to and think of how you can differentiate your idea. Create a folder for the information you gather online/offline and bookmark useful websites.

Remember the journey of a thousand miles begins with one step.  If you already run a business, what are your ideas for expansion?  Starter? What ‘Business First Step’ are you going to take to develop that passion/idea lying dormant within you?

I wish you great success

Temi Koleowo

Business First Steps offers a FREE exploration session in addition to business start-up packages, eCourses, eBooks, business start-up one2one program, brainstorming sessions and other services.  We are passionate about developing new and existing SMEs and will love to be a part of your success story.

Photo culled from Shoreline Neighbours FB page.