factors for entrepreneur success

Position Your Company to Grow

While there are plenty of things that determine a company’s success, some factors are more important than others. If you want to succeed as a business owner, you’ll want to make sure that your company has all it needs to thrive. Here are a few of the most important factors in making sure your company prospers.

1. Cash flow

Money is what allows everything else in your life as entrepreneur to function. From the smallest start-ups to large growing companies, all require capital to run. Without cash flow, you can’t hire employees or expand your team, you can’t provide your service or product or grow your offering, and you may not even be able to take on larger projects.

Do whatever it takes to secure capital for your business. If it means fighting your introverted nature to deliver a powerful pitch that secures an investor, do it. If it means opening a line of credit, do that. If you are not able to qualify for a loan, you may want to consider alternative sources for funding.

All this also means proper money management. You can easily go into the red if you’re not careful. It’s important that you how to manage your money and if you are able to, hire an accountant to help you with this important task.

Whether your business is thriving and you can’t keep up, or you are waiting on clients to pay their invoices, Universal Funding can help your growing company. Call us at 800.405.6035 or complete our rate form today to learn more about invoice factoring and how it can improve your company’s cash flow.

2. Strong Leadership

Leadership is important for all businesses to succeed, especially early on. With the right leadership you’ll be free to focus more on larger issues because you’re confident your team has everything under control. The worse the company’s leadership is, the weaker all your systems will be as a result.

This goes not just for your managers, but for yourself. If you’re an inspiring leader, even you can move more swiftly against your competition. If you can’t communicate your ideas or get your employees excited, the best plans in the world aren’t likely to save your business from eventual failure.

3. A Well-Balanced and Skilled Team

No business owner does it alone. To push your business to greater heights, you’ll need a strong team of skilled employees. They’ll ensure that your plans are executed well. It doesn’t matter whether you’re starting with a handful of employees or if you need a massive team for your next growth spurt – each person should fulfill a role.

It’s tempting to let anyone into the team. Convincing top talent to work for a your company is a difficult task in today’s marketplace with unemployment at its lowest rate in decades, but it’s worth the effort. Finding the right talent increases the chances that your company will be positioned for growth for years to come.

4. A Good Plan

A good idea is not enough to make you a successful entrepreneur. You’ll need a good plan, and not just a business plan. You need a concrete set of goals, success metrics, operations, systems, and more. The more specific and considered your plan is, the better your odds of success.

The importance of a plan cannot be overstated. Success is not something that comes randomly. It requires a specific set of actions that work for you, your idea, and your context. Fail to plan and you’re planning to fail.

5. Effective Marketing

The good news is becoming a business owner is easier than ever. The bad news is everyone knows this. No matter what market you’re looking to penetrate, there’ll be a hundred others with a hundred ideas looking to do the same. Even if you have the best product ever made, you’ll have trouble getting noticed if you don’t have a strong marketing campaign.

Don’t lose to an inferior product or service because it has better marketing. Have your marketing team, outsource to an agency if needed, to develop your message and target the right audience. t seems unfair that a product can succeed or fail solely on how well it is marketed, but consider how consumers see the world. Every day there are hundreds of products and services vying for their attention. They’re not going to pick the well marketed product because they think it is better – they’ll pick it because it’s the one that stood out and resonated with them.

The Bottom Line

Entrepreneurial success is not the result of chance or random acts. It’s the product of a carefully constructed plan and a specific set of actions. Smart business owners know this and will make sure that the foundation for success is secure before they do anything.

About Universal Funding

Universal Funding is a private funding source that has funded thousands of businesses and more than $2 billion since 1998. We turn your accounts receivable into the funding you need through invoice factoring and can have capital in your hands in a matter of days.