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03/19/2013

Seven Facts To Breathe Life Into Your Business

Just as there are facts of life that affect us personally, there are facts of business life that affect us as entrepreneurs. Bill McBean, author of the book The Facts of Business Life: What Every Successful Business Owner Knows That You Don�t (www.FactsOfBusinessLife.com), shares what he has learned over the course of a successful career to help you avoid common mistakes and steer your company in the direction you want it to go.

The following is an overview of McBean�s seven facts of business life, which he suggests will help you to build a strong, lasting foundation for your business:

Fact 1: If you don�t lead, no one will follow. Good business leadership begins with defining the destination and direction of your company and deciding how the business should look and operate when it arrives. It also involves developing and continuously improving on a set of skills in order to move your business from where it is today to where you want it to be tomorrow.

Fact 2: If you don�t control it, you don�t own it. Control is the owner�s management reality. If you don�t control your company by defining key tasks and dictating how they must be handled, then you don�t truly �own� the business.

Fact 3: Protecting your company�s assets should be your first priority. Basically, assets � which include both tangible and intangible assets � are what power sales, profits, and growth. Not the other way around.

Fact 4: Planning is about preparing for the future, not predicting it. Nobody knows what tomorrow, next week, or next year will bring for your business. But you can make educated guesses based on the most current, accurate information available as well as your own past experiences, and this should be an ongoing process.

Fact 5: If you don�t market your business, you won�t have one. Maybe working to market and advertise your product isn�t your cup of tea. Or maybe you believe your product is so great that it should speak for itself. If so, too bad � you�re going to have to do it anyway. The bottom line is, if people don�t know about your product, you won�t be successful.

Fact 6: The marketplace is a war zone. Every company has competitors, and if it doesn�t and it�s successful, it soon will. Successful owners know they have to fight not only to win market share but to retain it as well. That�s why you must develop a warrior mentality and maintain it for as long as you�re at the head of your business.

Fact 7: You don�t just have to know the business you�re in; you have to know business. In addition to knowing the inner workings and nuances of your particular industry, you also need to understand the various aspects of business as it is more broadly defined. That includes subjects such as accounting, finance, business law, personnel issues, and more, and how all of these impact each other and the decisions you make.

Canadian Bill McBean is the author of The Facts of Business Life: What Every Successful Business Owner Knows That You Don�t. A graduate of the University of Saskatchewan in Saskatoon, and Mount Royal College in Calgary, Alberta, he began his career with General Motors of Canada in 1976.

He is currently general partner of McBean Partners, a family-owned investment company, partner and chair of Our-Mentors, a company that works with owners to improve their businesses for long-term success, and Net Claims Now, which provides companies in the restoration industry with invoicing, accounts receivable collections, cash flow services, business coaching, and business lead generation services.



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