More than 25 million people living in the United States run a business or plan on starting one in the coming months. Some of these businesses will succeed, while others won’t. So, what is it about specific companies that enables them to thrive and continue having success for years? While the demand for a product or service provided by the business has a lot to do with it, there’s a lot more to it than that.
Entrepreneurs with hopes of starting a business and eventually earning six figures or more from it must put thought into developing an effective business plan. A lack of planning or a poorly executed plan often leads to the demise of companies trying to make a name for themselves. In addition to developing a well-thought-out business plan, business owners should also prioritize team building and the use of proven systems.
Most entrepreneurs rely on a handful of individuals working collectively as a team to help get things started. However, this becomes an issue when they’re not on the same page. For that reason, team building plays such an essential role in the success of a business. When focusing on team building, individuals can collaborate easily while sharing innovative ideas that often work in favor of the company. In addition to better collaborations, team members avoid conflicts, learn to trust one another, and become better at communicating.
The foundation of any company also relies heavily on proven business systems, but not all entrepreneurs understand why. Proven business systems connect the critical parts of a company and include valuable tools that increase efficiency, help with problem-solving, and reduce costs. When teams work better together and rely on proven systems to complete daily tasks, the businesses can increase their monthly profits and reach goals.
When businesses don’t utilize these integral techniques, they’re putting themselves at a disadvantage and are more likely to struggle. Finding that perfect balance allows entrepreneurs to crack the code of building a business from the ground, ultimately taking it to the next level.
John Lewis, a successful entrepreneur and the owner of the Virtual Legacy LLC, is an example of a business professional prioritizing team building and proven systems for success. As a native of New Orleans, he felt inspired by a business mentor he met at 19 and decided to become an entrepreneur focusing on building a company in the online marketing space. “While I decided to become an entrepreneur at an early age, it wasn’t until I was 25 that I started to connect the pieces and crack the code to building a business,” shared Lewis. “I discovered the importance of relying on systems and processes for convenience and efficiency while offering great training and building a solid team. When we emphasized team building and proven systems, we reached our goal of making six figures in a week. Now, I educate others on how to do the same!”
If you’ve thought about starting your own business, be sure to apply these principles to your business plan. It’s the best way to set yourself up for success.