As a business plan writer, I’m always working with clients to create a sustainable business. I was sent this list of 30 things we as business owners should do to thrive for the long term.
30 Years of Minority Business Development – Lessons Learned on How to Build a Successful Enterprise By Dr. Fred McKinney Tuck School of Business
- Have a Well-Articulated Strategy
- Think of Culture in the Beginning
- Create a High-Quality Board of Directors or Advisors
- Have the Capital to Sustain Yourself for the Bad Times – “Winter is Coming”
- Get to Know Your Banker, Your Accountant and Your Lawyer
- Hire the Management You Cannot Afford
- Be Careful of Hiring Family – They are Hard to Fire
- Have Transparency with Your Spouse and Family
- Set Short-Term Goals Consistent with the Long-Term Strategy
- Learn How to Say No – Every Deal is Not a Good Deal
- Know the Difference Between Economic Profits and Accounting Profits
- Get Certified and Learn How to Use the Certification
- Have a (Social) Media Plan
- Read the Wall Street Journal Daily
- Listen More – Talk Less
- You Are Always On
- Convince Yourself that Entrepreneurship is For You
- Become an Industry Expert
- Join Your Industry Association and Be Active
- “Sharpen Your Saw”
- Celebrate Your Uniqueness Give Back Until it Hurts – Paying it Forward Pays Off
- Continue Your Education
- Mentor Your Replacement
- Look to Collaborate
- Get on a Plane and Visit Places Where You are a Stranger
- Put Yourself in a Leadership Position Outside of Your Business – Become a Board Member of a Local Non-Profit
- Pay Your Taxes
- Experience Temporary Failures and Set-Backs
- Anticipate the End
- Pray
