Managing Business Transition: From Start up to Growth

Discipline is a common trait of all successful business people. Having discipline means being very structured in our approach to reaching our goal. Discipline sometimes requires some sacrifice to reach the end goal.

Discipline is a common trait of all successful business people. Success just happens. We all want to get somewhere in life and business. We have goals and dreams. But why is it that only some people can get there?
Is it because of luck, circumstance, or talent?

Depending on the person it could be a combination of these elements. The one common theme that does come up when conversing with successful people is discipline.

Whether it’s a business person growing an organization or an athlete wanting to medal in a competition, discipline is the one element they all have in common. Discipline is a fundamental element in obtaining goals, dreams, and desires.

Good to great discipline is what keeps us going when times are tough and not going our way. It makes the bad times easier to get through. We must constantly practice, repeat, and believe in our purpose.

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Discipline sometimes requires some sacrifice to reach the end goal. Having discipline means being very structured in our approach to reaching our goal. An athlete will have a training schedule, competition, and diet plan.

They will follow this until they reach their ultimate goal. Because they know through disciplined practice they can hone their skills to be the best they can be, ultimately reaching their goal.

Discipline in business requires among other things:

1. Motivation and Personal Development

It is important for business owners to stay motivated and care for personal needs. Creating new personal and professional challenges can help an entrepreneur maintain his motivation.

Increasing professional knowledge with industry-specific training and seminars can help him stay current and implement new practices.

2. Teamwork

Employees are perhaps the most important assets in a business, so a group needs to work in sync.

By promoting and practicing teamwork, a business owner can take advantage of all the skills and talents within a team to raise productivity, quality, and efficiency.

Team-building activities can help ensure that employees work together like a well-oiled machine under a business owner’s direction.

3. Holistic Bookkeeping

An entrepreneur needs to know how to manage her business’ money. A business owner must always be aware of her business’s financial situation and cash flow so she can remedy money problems at the source rather than treat the symptoms.

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4. Creating a Vision and Plan

All business owners should have a vision, or a big picture when it comes to an entrepreneurial venture. Creating a vision or objective helps provide a focus and a framework on which to base important business decisions.

When developing a vision, an entrepreneur should consider the value he hopes the business will provide to formulate a corresponding business plan.

Developing a business plan should help a business owner limit unforeseen circumstances so she is ready for any unplanned events.

Marketing and Customer Retention
Before embarking on or investing in any marketing campaign, a business owner should have a clear idea about the desired product.

Every type of marketing solution a business uses should effectively communicate a clear message about a company’s goods or services to the appropriate customers.

When marketing, also consider ways to retain and satisfy current customers, keeping in mind that their needs and wants may change with time.

In conclusion, a formal business transition plan puts the goals, priorities, and strategies in place for a successful transition. Without a clearly defined plan, business owners are leaving their personal and financial future to chance.

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Discipline is a fundamental element in obtaining goals, dreams, and desires Discipline sometimes requires some sacrifice to reach the end goal. Having discipline means being very structured in our approach to reaching our goal.