Useful Information

See also Record Retention Schedule

Items of great importance needed to make a business successful

  • Have goals, a direction, a strategy, an anticipation, an intuition about the progress of the business and how it is going to operate in the business climate to come. Make sure the goals, plans and projections are updated continuously; at least yearly and implemented.
  • Management: The management team must be knowledgeable, have a heightened level of awareness about running a business, and have the ability to lead and motivate others.
  • The company needs to be well capitalized in order for it to have the financial ability to carryout its plans, goals, and realize its growth potential.
  • Maintain a constant vigil on cash flow. It has been stated by many experts that “Cash-Flow” is King.
  • The company must make all its employees and contractors feel important. That they are assisting in the goals the company has developed, and reward its employees accordingly. In addition, the working environment is important to employee morale.
  • The principles as well as all the important employees need to be technically aware of all new advances, new products, and new procedures that affect the industry and the business.
  • The company must be aware of the current market conditions, how to respond to these market conditions, anticipate future market conditions in a manner which will be to the greatest benefit to the company.
  • The company needs to rely on the advice, help, and assistance of outside experts; financial, legal, risk, technical, marketing, operational, information; human resources, and others.
  • The company must continuously work on improving relationships with suppliers and customers, and be as responsive as possible to the needs of customers. Also, a company needs to continuously work on improving its image to its suppliers and customers.
  • Management must retain focus on its operation and its direction: this includes maintaining high quality, responsiveness, and attention to detail including periodic financial reports and other information in connection with the current operations of the business.
  • Adherence to the many rules and regulations that are in place from a myriad of governmental organizations; federal, state, county, city, etc. This is one item rarely found in a list such as this, but just ask any owner of a business about the importance of this item.
  • it is not realistic to believe every business will always experience growth from year-to-year.
  • Each one of the above items is connected to a large body of knowledge of its own. Operating and managing a business is not easy. It is relatively rare for a small business to grow and achieve a degree of success without management having a great deal of awareness of most or all of the above disciplines, how to deal with them, and implement them to their best advantage.