We all want to have a successful business, don’t we? But, what tools do you need to have for a successful business?
Many of us focus too much on the money part and neglect other important ingredients of a successful business.
Yes, I know and understand that money is important so are the tools you use to generate it. Any business cannot generate enough revenue without tools.
In this article, I discuss a list of key ingredients for a business to succeed. These I have proven and think they will be helpful to you, especially if you are just starting out.
Time
You must understand that time is money and it is of the essence. Time is an important tool in anything we do. In business, your main objective is to make money period.
How do you make money? You utilize time accordingly. But the question is how do you productively convert your time into money?
Are you making full use of your time or do you just let the time pass by you? Time is a commodity that once lost it cannot be recovered.
How much money you make depends on how good you are at converting time to money.
If you are already productive, then you may want to ask; what are the things you can do to improve further. Remember time is the most valuable asset and once it’s gone, it cannot be recovered.
Time is also the fairest distribution of resources every human being receives. If there is anything God has given us all in equal proportion it is time.
Everybody on earth experiences the same hours of day and night; The same seasons in a particular area. I have never heard of anyone saying that they enjoy more time than 24 hrs per day.
Human Resource or Capital
The second tool for me is human resources or human capital. To be successful in business, you must have people connections.
I mean the right people. People consist of customers, suppliers, partners, staff, and associates.
I cannot imagine a business that is successful without people. If there are no people connected to your business I can guarantee you that you are wasting your time.
One thing that you must not leave out is your mentor or coach. Having genuine mentors or coaches is very important and it can make a very big difference in your business.
What a mentor does is that they will help you grow through your business. You will gain valuable knowledge if you have a good mentor.
You should also have a mentor not just for your business but for your personal growth.
A mentor does not necessarily have to be a person you know. You may not even be in a position to meet them physically. A mentor is someone you look up to.
To make sure that you have more profit, you must serve people well. Organize your database of people connections. By simply knowing who does what, who supplies what, who needs what, where to get what takes you miles ahead of other people.
Even if you are doing affiliate marketing you need to know the needs of your affiliates.
Knowledge and Skills
The third tool you need is a combination of a set of knowledge and skills.
When I talk about knowledge and skills, I am not referring to academic knowledge that you find in schools or colleges including universities.
What’s more important to you is knowledge and skills that can bring you the kind of results you want and usually these are not found in schools.
How many MBA holders, do you know of, that have become business owners and have made tons of money or are running successful businesses?
That shows you that getting the right knowledge and skills is important. Don’t blindly go after the knowledge that will not add value to your skillset.
Go for knowledge and skills that are universally tested and proven. Get knowledge that is relevant to your business. Study what other related businesses are doing and do it better.
Examples of the right knowledge and skills are where to get what from who, money-making trends, marketing strategies, the art of dealing with people, negotiation skills, selling skills, skills of managing and growing money, investment skills, universal laws of success, and more.
Don’t waste time on unnecessary knowledge. There’s only so much that you need to know and learn. Be sharp and focused when you acquire knowledge and skills.
Don’t follow what normal people do. Above all put your knowledge and skillset to practice.
Personal Health
You cannot make money when you are in bad health. My number 4 tool is good personal health. In fact, this is the most important tool of all.
How can you run a business without a healthy body? In order to maintain optimum health, you have to provide your body with proper nutrition and sufficient exercise.
And also don’t forget about your emotional well-being don’t let anger and other negative emotions control you.
This is where positive and empowering attitudes come into play. Maintaining your body is just like maintaining your car. If you send your car to a workshop for regular service and pump petrol regularly, why don’t you do the same for your body?
It’s something for you to think about. Don’t be stingy over spending money for your own health because physical and mental health can cost you a lot of money in the long run if your body is not taken care of properly.
Financial Resources
Let’s face it. It takes money to make money even if all you need is a little. But you might not need a lot of money to start a business because there are many ways to start one with low capital, I recommend affiliate marketing programs.
I meet a lot of people who want to be rich but are not willing to invest time and money. You must invest in something in order for you to get something out.
The law of sowing and reaping is at work. Don’t expect something without investing anything. Money is one of the investments you need to make.
Even though you don’t need to have a huge capital for your business, but at least you must be able to cover your expenses while building your business, and this costs money.
You also need resources to buy products to stock up and other stuff. So, you must at least come up with whatever amount that you have to start a business.
Conclusion
These are the five basic tools you need for business success. I call them tools because you need to use them in order for your business to succeed.
Do your best to acquire or grow or invest in these personal tools. These tools have worked for me even in the area of personal development.
But the good thing is you don’t need to have a perfect combination of tools to get started. You can still perfect the tools along the way.
Somehow, get started with what you’ve got. Remember to always “standout tall and be counted.“