10 Requirements for Business Success

Being a business owner requires you to wear many hats as you deal
with customers / clients, staff, suppliers…... However as you go
through your business cycle there remain ten core requirements in
order to make your business a success.

1. Passion
Having the entrepreneurial spirit, desire and dedication to
consistently be a student of entrepreneurship. Bringing passion
to your life and your business will determine how fast and what
direction you grow. Reading or listening to at least two business
books and four business publications each month are vital to
keeping your mind thinking like an entrepreneur. In addition, it's
extremely important to keep your physical body in shape as well.
The two key areas to keep passion in your life are the amount of
mental and physical activity you do. You should constantly keep
brainstorming new ideas and ways to improve upon all aspects of
your business. With the proper amount of exercise to your brain
and body, you will have plenty of creative juices flowing to keep
your business and your life ahead of the curve.

2. Capital
Have a clear plan to access capital and credit for future needs of
the business. Always expect more then you plan for. Having a
reserve of capital is critical to building a business. There can be
many times during the first few years of a business that cash
flow runs low. By having a source to tap into when needed, will
make the difference between failure and success. So don't spend
all your money or resources getting started. In addition, having
access to the right amount of credit without destroying your
personal credit is just as important. Using credit in your business
can improve cash flow and bring more opportunities to the
business. By creating credit under the business name you can
save your personal credit and create a solid image for your
company that is separate from you.

Davis Business Consultants Limited, Minley House, Newtownpark Avenue, Blackrock, Co Dublin
Tel: 01 288 5563 Email: [email protected]
www.davisbusinessconsultants.com
3. Structure
Have the proper entity, compliance, and research completed as
to not cause future problems due to lack of planning. In most
cases, we recommend that every business starts out as a limited
company. Some tax advisors suggest otherwise, however they
are only looking at the tax aspect of the business. If you consider
all areas: asset protection, personal liability, credit, taxes, image
and even more, there is no other answer then to incorporate
your business. Before you choose a structure to do business in,
you have to do research that will show you what other
companies are using your business name and what licenses and
forms you are required to file.

4. Support Team
Build a team of advisors, mentors, suppliers and staff that share
your values and vision. Surround yourself with those that share
your desire and level of success you aspire to. Limit your
association with people that are content with the status-quo or
low economic goals. At the same time know who you are friends
with and be sure that you share the same values. You must first
start by knowing your own. Actually taking the time to write your
own values and vision you have for your company and your life
will go a long way in building your success for the future.

5. Marketing / Business Development

Develop multiple sources for lead generation and sales while
developing a trusted brand for your business. Using only one
method of marketing to generate sales is the reason for failure
for many businesses. Marketing is an area of your business that
needs constant attention and new ideas. Using the same
methods of marketing year after year will only allow the
competition to catch up and in most cases, surpass your
business. Developing new products and services is also another
way to charge up your marketing. If you sell a specific product,
why not create a video on how to use that product or a book.
Something you can sell to your existing client base without
having to create new clients, is definitely worth considering.

Davis Business Consultants Limited, Minley House, Newtownpark Avenue, Blackrock, Co Dublin
Tel: 01 288 5563 Email: [email protected]
www.davisbusinessconsultants.com
6. Value
Create value in your products and services that you are able to
deliver and your clients are happy to pay for. The number one
request we receive from our clients wanting to learn more about,
is How to Create More Value for their customers. Adding more
value to what you provide will differentiate you from your
competition.

7. Freedom
Don't go it alone, always look for ways to leverage your time,
money and other resources in the business in order to enjoy
your life. Are you going to have a job or be an entrepreneur?
Many business owners believe they are entrepreneurs but are
only employees of their own business. If you work IN your
business you are not a true entrepreneur. Just creating a
business so you have a job is not the reason most people start a
business. The reason most start a business is to have the
freedom. Freedom comes with leverage. Leverage is defined in
the dictionary as “Positional advantage; power to act effectively.”
By using leverage in your business you will gain a competitive
advantage and act more powerfully on a day-to-day basis.
Several businesses have failed the day the business owner is no
longer able to keep up with the day-to-day activities only
because they didn't take the time to leverage their resources.

8. Financial Reporting
Have the ability to manage the business by looking at financial
statements and make decisions that will positively impact the
future success of the company. If you are unable to read a
financial statement, or don't know what one is, you find yourself
amongst many small business owners who have failed in their
first year in business. Knowing if your company is profitable on a
yearly, quarterly, monthly and even daily basis is vital to the
survival of your business. By reading financial statements, you
will know where your business is at all times, and know where to
make changes when necessary. Knowing how to read the
financial statements will also stop anyone from trying to rip you
off from a sale of the business or partnership in the business.

Davis Business Consultants Limited, Minley House, Newtownpark Avenue, Blackrock, Co Dublin
Tel: 01 288 5563 Email: [email protected]
www.davisbusinessconsultants.com
9. IT Systems & Procedures
Create operational systems that the staff follow, so they are not
making up their own rules as the company grows. Systems are
vital for any business with employees. It's so easy when you first
start out to do everything yourself. You know exactly what you
want, when you want it and where it goes. When an employee is
hired to now do a job you once did, how do you know they are
doing it the way you want? When people don't know the rules,
they make up their own. Having a written method to every task
in your company will save you frustration, time and money.

10. Exit
Have a clear direction and plan for the company. Then develop
an action plan to achieve it in a specific period of time.
Developing business and life plans will determine your direction.
The majority of businesses operate without a plan. Imagine
yourself playing golf in the dark – if you can’t see the tee, what
have you got to aim for! The majority of people operate without
a plan. Could you imagine the Directors of Coca-Cola addressing
their investors in a shareholder meeting with, "Sorry no plan this
year?" How would their stock price react to that? Yet, businesses
and people neglect this vital point everyday. Business owners in
many cases, also neglect to write out their exit strategy for the
business. What happens to you if you are not on this earth
tomorrow? Do those around you know what to do with the
business? Do you know why you are in business in the first
place? Do you want to build a legacy for your family, go public or
just run a small little shop? Without having an exit strategy, how
will your employees be able to share in your vision?

For more information about our services, visit our website www.davisbusinessconsultants.com or
email us at: [email protected] or call: +353 (0)1 288 5563.

Copyright © Davis Business Consultants all rights reserved.

Davis Business Consultants Limited, Minley House, Newtownpark Avenue, Blackrock, Co Dublin
Tel: 01 288 5563 Email: [email protected]
www.davisbusinessconsultants.com