Four keys to preparing for success in business

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Fulling_Management_Fulling_Management_Four_keys_to_preparing_for_success_in_business_quote_Scalable_Check_and_Balance_SystemHave you ever had a great opportunity drop in your lap? Not too many of us get a legitimate opportunity that can literally double our business over night. But that is exactly what happened to Nathan, a Fulling Management client. By preparing for success in business, Nathan was ready for the opportunity.

Nathan has owned Line-X of Olathe since 2000. Line-X sells spray-on bed liners for pickups and about every truck accessory you could ever want. The business has grown conservatively each year with few exceptions. That was until he received THE CALL that changed everything.

Fulling_Management_Four_keys_to_preparing_for_success_in_business_quoteThe caller was a fleet manager for a truck manufacturer. They had a huge surplus of new trucks that needed spray-on bed liners. Unfortunately for them, their normal supplier could not keep up with the demand. The manufacturer contacted Nathan’s competitors but they said it would take at least 30 days before they could be prepared to service the fleet work. The problem was the fleet manager needed the trucks processed quickly!

If this business opportunity would have come along a few years earlier, Nathan may not have been prepared for the workload. Fortunately over the past few years he has been focused on working not only IN his business but strategically ON his business.

[button color="#ffffff" background="#e77927" size="large" src="http://fullingmgmt.com/linex/" target="_blank"]Read how Line-X found renewed focus[/button]

4 Keys to preparing for success in business opportunities

  1. Develop a scalable check and balance system – Developing a scalable system for accounting, operations, and other areas of your business so that important tasks don’t fall through the cracks. Building a strong foundation for managing your small business efficiently will make it easy to say yes when you get THE CALL.
  2. Cash flow projections – Identify the timing of your costs as opposed to when you will get paid. The lack of cash flow projections is one of the top issues we encounter that keeps small businesses owners from preparing for success in business. Establish clear expectations with your vendors and customers to properly manage your cash flow.
  3. Consider “What if” scenarios – Dream a little. What if a big business opportunity comes along? Would you be ready? What steps would your business have to go through to take it on? Map out those steps now rather than scrambling when the opportunity arrives.
  4. Be prepared to say “No” – Sometimes those big opportunities, if you are not prepared, can devastate your existing business. If an opportunity comes along and you are not prepared, have the courage to say no and consider the “What if” scenarios so your business is ready for the next opportunity.

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[column col="1/2"]For Nathan, he didn’t have to say “No”. In fact, trucks from the fleet manager began arriving the next day because he was prepared for success.

[message_box title="Are you prepared for your big opportunity?" color="gray"] For more information on preparing for success in business give me a call at (913) 254-7300 or email me at rusty@fullingmgmt.com. [/message_box][/column]