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BFS Capital Blog

7 Things That Can Make or Break a Business

January 16, 2015

Anyone who says that running a business is easy is either lying or hasn’t ran a business for very long. Every entrepreneur and business owner goes through their trials and tribulations at some point in their business lifetime. There are hundreds and thousands of articles and resources to help avoid some issues but they can’t all be dodged. Do what you think is best for you and your company and if you have to learn the hard way, there’s no problem with that.

Here are seven things that can make or break a business.

    • Talent Acquisition – Hiring employees is an investment for both the business and the person being hired. The company needs to put time and money into training someone, giving them direction, and making them feel important. In return, the employee should dedicate their time and efforts into their learning and work. Don’t settle with someone just because they are affordable. Make a strategic investment and find exceptional talent that can grow alongside your company.
    • Infrastructure – If you’re planning for growth, you are going to need technical and human infrastructure to support the rapid development of your organization. Your software and networks should be up-to-date and strong enough to handle data in fast and large bursts. Meanwhile, employees that are brought on board should be able to train and develop an effective staff that can maintain alignment with company goals.
    • Definition of Success – Owners and leaders of a business should be on the same page when it comes to defining success. When the definition is clear, consistent and communicated, employees are able to understand their place in the company and how their talents and efforts are essential to the process.
    • Focus and Prioritization – Staying focused can be difficult; especially when a million things are happening at once. It’s important to keep short and long-term goals in mind and prioritize the opportunities that should be pursued now and those that can be pushed back for later.
    • Commitment – Whether your business is all the work you have or it’s a side gig, know that the first few years are going to be demanding and incredibly exhausting. There are no shortcuts to success. You have to be committed to your vision and goals, and make sure that the people working with you understand that there will be challenges and that their dedication is important.
    • Discipline – For some, your company might be your baby. You’ve put all your hard work and passion into your business. You see the opportunities and potential more clearly than anyone else. When everything is looking good, it’s looking real good to you. But what happens when things go wrong? It’s important to have a trained mind and be disciplined enough to make tough decisions; know when a once-promising opportunity turns into a lost cause, or be able to cut a project or department if the return isn’t there.
    • Change – It’s inevitable; in all aspects of a business. The goals you set for your company will constantly change. They will be modified, moved around, and some may even be removed completely. Your mission, your vision. Those will change, too. The key is to understand that things will change and that it is 100 percent acceptable. Adjusting to it is what will hurt or help you.

Every great company will go through rough times, but the greatness is reliant on a strong system: personnel that turns effort into results, disciplined leaders that maintain focus and commitment, and a company that can adapt to change. Ralph Waldo Emerson said, “Life is a journey, not a destination.” But when we are talking about a business, it’s both.