When you started your business did you think of it lasting 100 years or only lasting until your last day, the day you quit, retire-out or burn-out? One of the first things a business student learns in Business Law class is, a business is a person, an infinite immortal person. This means that businesses are formed to last for many years, even generation to generation, per Spiceda Jackson, CEO of eXFinancial Inc and former Big-4 accounting firm CPA. She is also an experienced financial professional, certified accountant, and business consultant and coach. As a Business Financial Advisor, Jackson is trying to shift the small business mindset beyond being an income replacement for owners, but a source of generational wealth. With any business that will run for years to come, it is important to protect and prioritize your wellness both physically and mentally. By prioritizing your wellness, you will be able to efficiently run your company with the utmost enthusiasm that will increase your productivity and creativity.
There are many companies that have been operating for over one hundred years, but how did they triumph past the first 7 years, where most businesses succeed or fail, into the 100+ glory years of success. What makes a business last beyond the business owner’s retirement?. It isn’t rocket science per Spiceda, the keys to a 100+ year business lie in four key areas of business: structure, strategy, people, and systems. By incorporating these tips it will not only allow you to have a long and successful business but also protect your wellness and mindset in the end.
A Proper Structure Is Key
A business is an asset, much like a building, a home, or a machine and just like those assets, a business must be built. At the start of your business, you must establish your Entity, Tax, and Accounting structure. These are the key structures required in every business to generate recurring profit and establish longevity in business. I have established an ETA2x® system to help my clients build profits, manage all their business numbers, and reduce taxes. Being able to put a proper structure in place will put your mind at ease and allow you to place your creativity in different areas of the business. To learn more about my Spiceda Jackson’s ETA2x® system and to determine if your business has the right ETA go to www.BuildWealthThroughBusiness.com
Outline and Implement A Clear Strategy
Without vision, people will perish…the same is true for a business. The CEO holds the vision, but without a strategy to execute the vision of the CEO and the Company, there is no plan for success or a clear path to profit. A business should have a 1 year, 3-year, and 10-year vision coupled with a strategy to execute the vision and oversight over the execution. This is true from product roll-outs to hitting revenue goals. Establish the goal or the vision, create a strategy to execute, actually execute and oversee your execution. By outlining and implementing a clear strategy for years to come will reduce your stress and frustration of worrying about keeping your business on track.
Hire The Proper Professionals
Just because a business is small, they should not settle for any person to do the job. Small businesses often settle when it comes to engaging and hiring the right person or professional to help them achieve their profit and long-term goals. “For example, many small businesses don’t hire an experienced accountant or firm to do their accounting or taxes, instead, they will do it themselves, hire someone from the internet without checking their experience, or hire the cheapest person, which in my opinion cost you so much more in the long run” Says Spiceda. Hiring the proper professionals will allow you to take time to yourself and focus on things outside of your business. This will also let you see the bigger picture for your business because you are not having to worry about every minuscule detail.
Have A Manageable System In Place
System, systems, systems are the next important implementation for businesses. With the proper systems, the business can and will operate outside the capacity of the owner and individuals working in roles. With established processes and systems, a business can run on autopilot. Systems are the engine of business without them you are peddle pushing to profit, like the Flintstones. The sooner you establish systems in your business, the sooner you establish a work-life balance. Having manageable systems in place will allow you to optimize your business, which will reduce stress but increase productivity and efficiency not only for the CEO but also for your employees as well.
These tips are essential for all entrepreneurs that want to see their business have a long and successful life. A successful business that outlasts you is possible. To learn more information about how to Build Wealth Through Business contact Spiceda Jackson by visiting www.BuildWealthThroughBusiness.com or her website http://www.exfinancialcpa.com/index-1.html.