business

HOW TO WIN IN BUSINESS

Winning feels awesome! When companies win, its people thrive and grow. There are more jobs, opportunities and rewards for everyone. Winning lifts everyone it touches, helping them feel better about the future and giving them the resources to live better lives.

Success is a mindset, it happens by design; winning implies making a choice to do the things your competitors are not willing to do. Winning businesses seek to create their own outcomes, irrespective of the economic situation. Winning is not a sometime thing; it’s an all the time thing. You don’t win once in a while; you don’t do things right once in a while; you do them right all of the time. Winning is a habit. Unfortunately, so is losing.

It has often been stated that the business organization is one of the greatest ways to make the world into a better place, enabling people to unlock human potential. However, the success or otherwise of a business often turns on the following factors;

What you need to win in business

1. A Timely Idea

A hostile market environment can spell doom for even the best ideas. For instance, video streaming services launched before the proliferation of broadband internet suffered failure. The lesson here is that you must constantly monitor your business environment to ensure that you are not operating on the wrong side of the market.

A strong team that knows how to execute ideas and can adapt to market changes in a timely and efficient manner

The best entrepreneurs view businesses as a game; they understand that the value of their business is highly dependent on the skills and attitude of their teams. They understand that like any sports team, the team with the best players invariably wins! As a result, they are constantly on the lookout for great people who can upgrade the performance of their team.

A Business model that shows a clear path to profitability

Your business plan must make the case that the business is a good use of an investor’s funds or the attention of other external stakeholders.  A clearly written business plan, which articulates the vision and future plans of the firm, helps the employees of a firm operate in sync and move forward in a consistent and purposeful manner.  A business plan rings hollow if it is based strictly on what an entrepreneur or team of founders “thinks” will happen.

Sufficient Cash to start and run the business .

Cash is King!!

Cash flow is the lifeblood of business. If your business has a strong business model, it should either generate sufficient internal revenue to drive the operations of the business on an ongoing basis. At the least, it should create a foundation for projecting that the business will generate substantial profits for investors and financiers.

Grit:

Research by Angela Duckworth suggests that highly successful business people have a kind of ferocious determination, derived from a deep understanding of what they wanted and the end goal they were pursuing. This understanding motivates them to become unusually resilient and hardworking. Without grit, small setbacks feel like crushing defeats; tiny slights turn into serious confrontations and undue stress sets in, often leading to disillusionment and failure.

It is a reality of life that men are competitive and the most competitive games draw the most competitive men. That’s why they are there – to compete. The object is to win fairly, squarely, by the rules – but to win.

We provide startup advisory services to business owners who desire to win in business. Contact us by email on upscale@upscale.com.ng or give us a call at +2348188474167.

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